Negotiating in the Time of COVID As a business lawyer, I’m used to receiving frantic calls at all hours about any number of business issues, from the mundane to the bizarre. But over the past eight weeks, as PPP has run out and many business owners and CEOs are facing seemingly insurmountable challenges, these calls have overwhelmingly focused on one topic: business divorce. Due to the prolonged economic disruption of COVID-19, the reality is that many business partnerships will disband. …
Category: Articles
“When I let go of what I am, I become what I might be.“ — Lao Tzu Originally published by Express News Group Leaders aren’t born — they are made by the times they exist in and how they rise to the occasion. Let me back up. The richness of Long Island lies not only in its real estate and school districts but also in its innovative businesses, restaurants and hospitality. Small businesses are the backbone of our economy and must survive. …
Clammy handshakes, a scratched mahogany table with papers strewn about, laptops fighting for space with half empty cups of coffee, and that awful fluorescent lighting above – sounds pretty great right about now, doesn’t it? In this unprecedented time of social distancing due to the coronavirus pandemic, negotiations are still happening every day (and they must, for our economy to recover) – they just look different. Critical tools in the negotiator’s toolbox involving nonverbal cues, such as body language and …
You’ve just left the negotiation table, and you know it went well – it’s in the bag! Except it’s not, and later it turns out that the deal is dead. Confidence is a critical quality in strong negotiators, but too much can cloud your judgment. Consider the steps below to rein it in and ensure your confidence is an asset, not a liability. Embrace the unknown. Sure, you’re a great negotiator, you did your research, and you’re feeling completely prepared …
Ever negotiate a deal and happily put it to bed, only to have to revisit it months or years later? Every negotiator has ended up with an agreement that no longer suits their needs, or their adversary’s, and must go back to the table to turn the lopsided deal right again. But the dynamics of renegotiation aren’t the same as negotiating for the first time, and renegotiating what you thought was a done deal comes with its own set of …
The Chinese general and military strategist Sun Tzu famously wrote that the “supreme art of war is to subdue the enemy without fighting.” Using empathy at the negotiation table is the modern-day embodiment of this strategy. A fundamental human need is to feel accepted, validated, and understood by others. This reality means that negotiation strategy is really about psychology. To get from Point A to Point B, the skilled negotiator must exploit psychological principles – and this means empathy must …
When it comes to negotiation, sometimes you have to just walk away. When a negotiation is going well, and you and your adversary have reached a win-win (or at least a win-not lose) deal, it’s obvious when to stop negotiating. But when a negotiation turns tense or difficult, how do you know when to push through and keep going, or stop and move on? Here are some signs it’s time to call it quits. “It’s just not fair!” It’s human …
You’ve heard all about the importance of preparation, knowing your BATNA, active listening, and other critical tools to maximize your chances of success in any negotiation. But negotiators often overlook a vital aspect of deal-making that could make or break their success: the location. If you think a conference room is just a conference room, think again. Location means far more than the pictures on the wall and the wood color of the table. Whether your exchange takes place in …
Imagine you walk into a bar and see a couple that’s clearly on a first date. You can almost always tell if they’re interested in each other, even if you can’t hear the conversation. If he’s leaning forward and making eye contact, it’s probably going well, but if she’s constantly checking her watch, the feelings might not be mutual. Body language is an important way for us to pick up on emotions. Though we like to think we base our …
Jack Welch, GE’s larger-than-life CEO for over 20 years, transformed the company into one of the world’s most successful businesses. Revenues grew five-fold, from $25 billion to $130 billion; income grew ten-fold, from $1.5 billion to $15 billion; and the company’s market capitalization had a 30-fold increase of more than $400 billion. How did he do it – and what lessons can we all learn from his leadership style? Welch knew that revolutions begin at the top. He made GE …