Mastering the Art of Negotiation

Transcript

Andy and Jessica welcome you to another episode of The Deal Board Podcast. In today’s episode, they are discussing what to do when, without anticipation, the seller or the buyer is forced into a negotiation and how to slow down and strengthen your position in order to reach the best possible outcome. They are also accompanied by Aurora Winter, who is an expert in human communication, which is really the basis for everything we do, both in life and in business.

Listing of the week: Marty Fishman (South Florida) is selling sign, print, and specialty vehicle rep business established for 12 years; the owner is ready to retire and has hundreds of clients. The business is making over $1 million in sales and $275,000 of profit. The owner is asking for a 50% down payment. Call Marty at (954) 296 2995 or email [email protected]

Key Takeaways

[1:57] Tip #1: Stay silent and calm.

[2:58] Tip #2: Walk away.

[4:06] Tip #3: Ask a calibrating question.

[5:32] Tip #4: Setting an extreme anchor.

[6:44] Tip #5: You can pivot.

[8:50] Tip #6: Flinch! Show you are in some kind of distress.

[14:22] Deal of the week: Gary Goldwasser (Rocky mountain) just sold an advertising agency to a strategic buyer who was also in the advertising industry, with an SBA loan; it sold at three times SDE. Price: $500,000.

[15:54] Aurora Winter joins the podcast to share some tips about the art of negotiation.

[16:34] Aurora shares about her career journey.

[17:49] What does it mean to communicate more powerfully?

[20:34] Why do people tend to overlook the power of communication?

[22:08] Aurora talks about the neuroscience of communication.

[24:06] How to communicate with the reptilian brain first, then the midbrain (the social one), and later with the part that makes the decisions.

[28:20] People buy with emotion.

[29:10] Look for the right fit.

[29:40] Aurora shares a great story.

[33:50] Aurora shares another example.

[35:18] Learning to negotiate and communicate is a process, you need to continuously practice it.

[35:56] Aurora speaks about the importance of framing.

[39:01] Aurora talks about her latest book.

[40:27] Listing of the week: Marty Fishman (South Florida) is selling sign, print, and specialty vehicle rep business established for 12 years; the owner is ready to retire and has hundreds of clients. The business is making over $1 million in sales and $275,000 of profit. The owner is asking for a 50% down payment. Call Marty at (954) 296 2995 or email [email protected]

Mentioned in This Episode

• The Deal Board Podcast
• Subscribe to The Deal Board Podcast YouTube Channel
• Transworld Business Advisors
• The Deal Board on LinkedIn
• The Deal Board on Facebook
• Book Suggestion: 'Never Split The Difference: Negotiating As If Your Life Depended On It' by Chris Voss with Tahl Raz
• Check out Aurora Winter's published books
• Aurora Winter on LinkedIn