NEW YORK, Feb. 24, 2011 /PRNewswire/ -- Jack Nadel, who has closed thousands of deals, reveals his strategies for practicing the art of the deal in his newest book, Use What You Have To Get What You Want (www.ideasthatmeanbusiness.com). With over six decades of business experience – and a resume that includes brokering deals in 50 countries – "trader" Jack offers dozens of negotiation techniques that he's built his business (Jack Nadel International) on. His tips include:
- Find ways to agree as early as you can in negotiations. A positive attitude at the outset indicates that you are reasonable and sympathetic to the needs of the other party. It sets the stage for getting over the thorny problems that are sure to come later.
- Fear strikes out. All deals must be made when you are completely confident in your position. You have a much better chance of getting what you want when you are willing to walk away if it doesn't happen. Don't even start to try to make a new deal if the counter-offer will be a disaster for you and you have no place to go. It is better to make no deal than a bad deal.
- Never issue ultimatums. When you say, "This is my final offer," there is no room to back away. There are times when that is exactly the way you feel. But, before you utter these words, understand that you could be ending the negotiations.
- Keep the door and your options open. No matter how strongly you feel that a failed deal is over forever, time has a habit of changing things. You always want to leave open the option of going back to the bargaining table at a future date.
- After you negotiate the best deal, give a little extra. The act of doing something nice that was not necessary creates enormous good will. It helps to ensure that the deal will be executed with the same spirit of cooperation that existed when the deal was made.
- Try to settle all disputes out of court. It takes great discipline to make unjustified concessions, but it is often the best course. The cost of litigation is usually far greater than the cost of an early settlement. Quite often, the only winners are the lawyers.
Jack Nadel is represented by Brian Feinblum and Planned Television Arts (www.plannedtvarts.com)
SOURCE Jack Nadel