Negotiation Strategies You Must Know (Part 1)

Transcript

Andy and Jessica welcome you to another episode of The Deal Board Podcast. This week, they are discussing the best negotiation strategies they have learned over the years. Andy has taught negotiation tactics for almost two decades to people in the business brokerage field and contractors, inspectors, high schoolers, and nonprofit executives. Andy and Jessica share the most interesting business examples, showing how to apply these strategies and the benefits resulting from their usage and detriment when ignoring them. Stay tuned for the second part of this conversation with five more invaluable strategies you will immediately incorporate into your personal and professional practice.

Listing of the week: JT Tatem (South Carolina) sells a Home Health Care business located in Greenville. The listing price is $2.1 million. This company has $1.8 million annual revenue. Husband and wife started it 4 years ago and it now has 35 caregivers plus an office manager. Medicaid just increased its budget and handles checks to this business every single Friday. Buyers don’t need a healthcare background. Find more about this amazing opportunity; call JT Tatem. (864) 315-8998 or email him at [email protected].

Key Takeaways

Key takeaways:
[4:29] Negotiation Strategy #1: Shut up! Or Listen 80% of the time.
[8:04] Negotiation Strategy #2: The extreme anchor.
[10:28] Negotiation Strategy #3: The flinch.
[15:16] Negotiation Strategy #4: Feed the ego.
[19:06] Negotiation Strategy #5: Be professional.
[21:31] Hire an intermediate if you want to remove yourself from the negotiation to make sure you won’t become emotional.
[22:42] Deal of the week: Matt Manavi (Orange County, California) shares how he sold an HVAC in the most interesting way. Buyers paid $5.25 million upfront, all cash.
[26:01] Listing of the week: JT Tatem (South Carolina) sells a Home Health Care business in Greenville. The listing price is $2.1 million and has $1.8 million annual revenue. Husband and wife started this company 4 years ago; it now has 35 caregivers plus an office manager.

Mentioned in this Episode:
Call us at Transworld Business Advisors — (888) 719-9098
Email us [email protected]
Reach out to Matt Manavi at [email protected] or visit tworld/orange
Call JT Tatem. (864) 315-8998 or email him at [email protected].

Mentioned in This Episode

• The Deal Board Podcast
• Subscribe to The Deal Board Podcast YouTube Channel
• The Deal Board on Facebook
• The Deal Board on LinkedIn
• Transworld Business Advisors
• Transworld Business Advisors on LinkedIn
• United Franchise Group
• Never Split the Difference: Negotiating As If Your Life Depended On It, by Chris Voss