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    My Top 5 Negotiation Techniques for Success in Business and in Life

    My-Top-5-Negotiation-Techniques-for-Success-in-Business-and-in-Life Chad McMillan

    Find the way to win-win.

    I have negotiated dozens of transactions including multi-million-dollar financings, corporate mergers, acquisitions, joint ventures, employment and contractor agreements, and community agreements. Along the way, these five principles have become hallmarks of how I approach negotiation.

    1. Calm the emotions

    Important negotiations can become emotional quickly. Creating enough space to separate the decision from the immediate reaction usually leads to better judgment.

    2. Sit in the other party’s shoes

    Try to understand what the other side actually needs, what they are protecting, and what a successful outcome looks like from their perspective. Objectivity creates options.

    3. Structure agreements for balance

    The strongest agreements are generally built to work for both sides. I look for structures where the incentives are aligned and each party can see a credible path to a win.

    4. Slow the process down when necessary

    Speed can be useful, but rushing a material decision can be expensive. Taking enough time to understand the details, consequences and alternatives can dramatically improve the quality of a deal.

    5. Be prepared before you show up

    Preparation changes negotiations. Know the people, the assets, the numbers, the alternatives, the leverage points and the outcome you are trying to achieve before the conversation begins.

    Continue exploring business strategy and dealmaking

    Negotiation is one part of a larger process: understanding the opportunity, structuring the deal, aligning the people and ultimately getting it closed. Read How to Build Strong Relationships in Business and How to Build World-Class Companies, Products, and Ventures.

    If you want to work through a negotiation, transaction, company or strategic decision with me, book a 1-Hour Strategy Call β†’

    Chad McMillan, creative entrepreneur and strategic advisor
    Chad McMillan

    Chad McMillan is a creative entrepreneur and strategic advisor with over 20 years of experience in and around the capital markets, focused on finding hidden potential in companies, ideas, markets and people, and advancing what they can become.

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