The Common Pitfalls of Negotiation

Unfortunately, there isn’t a set of magical tactics and countertactics that will make you a legendary dealmaker. Negotiators don’t fail because of a lack of special knowledge regarding tactics and countertactic. They failed for 6 deeper reasons: lack of preparation; ego; fear; rigidity; losing your objectivity, and lack of integrity.

1. Lack of preparation: Eternal preparation: Do you know who is on the other side of the table? Have you researched the company, industry, current market and recent deals? Have you accounted for cultural differences? Internal preparation: Have you done the deep inner work to get clear on why you are doing the deal, what your objectives are and exactly what is acceptable and unacceptable on each material deal-term?

2. Ego: Check your pride at the door, forfeit your need for approval and own your value. Your goal in a negotiation is to meet your objectives; it should never be to win.

3. Fear: Fear creates nervous energy. It causes you to talk too much, listen too little, and concede to terms from a position of weakness. Determine where your fear is coming from and work through your fear before you go into the negotiation.

4. Rigidity: You are at a major disadvantage entering a negotiation with a rigid mentality about price, pace, and timing. Eliminate your preconceived notions and open yourself to new, creative ideas.
Lack of objectivity: You can’t let your emotions control the negotiation. The only time they will serve you is by signalling if something is off. Otherwise your emotions will prevent you from negotiating with a sense of clarity

4. Lack of integrity: If you enter a deal that does not align with your inner truth and moral values, it should be a signal that something is wrong. It doesn’t mean you should walk right away, but you might need time for deliberation or clarification. If it doesn’t feel right, don’t move forward.
If you listened to my last solocast, it is important to note that the top 6 reasons negotiations fail are closely tied to the fundamental framework of negotiation. If you are entering a negotiation with a sense of clarity, detachment, and equilibrium, it will be easier to avoid these pitfalls and meet your objectives. If you are interested in learning more about why negotiations fail and want to hear examples, listen to my podcast episode, The Top 6 Reasons Negotiations Fail, with Corey Kupfer.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out how deal-ready you are, take the Deal- Ready Assessment today!