Why do so many deals that look good on paper end up in tatters? Deal makers often treat the handshake or signed contract—getting to "yes"—as the final destination in their bargaining journey rather than the start of a cooperative venture.
Even worse, most companies reward negotiators on the basis of the number and size of the deals they're signing, giving them no incentive to negotiate deals that actually work.
In The Point of the Deal, Danny Ertel and Mark Gordon explain how to transition from a dealmaker mentality (focusing on making the agreement) to an implementation mind-set (ensuring the deal generates value for your company after the ink on the contract has dried). The authors show you to:
–Treat the deal as a means, not an end, by asking what you need from your counterpart over and above a "yes."
–Consult stakeholders, determining whom you'll need to get to "yes" and beyond
–Set precedents that will help guide joint behavior after you've signed the deal
–Air your concerns in ways that still get you to "yes" and beyond
–Help your counterparts avoid overcommitting—maximizing the likelihood they'll be able to deliver on their part of the bargain
–Run past the finish line by articulating how you'll get from "yes" to your final destination
With a wealth of examples from multiple industries, countries, and functions, the authors illustrate how their approach to instilling an implementation mind-set works in all kinds of familiar contexts for business deals—including mergers and acquisitions, joint ventures, alliances, outsourcing arrangements, and customer and supplier relationships.
The Point of the Deal not only offers crucial advice for individual negotiators and teams, it also enables managers to treat negotiation as a critical business process that drives real value for their organizations.
"Ertel and Gordon are right: it's not only the deal that matters, but what happens afterward. The Point of the Deal provides practical advice on how to negotiate when implementation matters."
Download and start listening now!
-Douglas L. Braunstein, Head of Americas Investment Banking, J.P. Morgan Securities, Inc.
"In this important and refreshing audio book, Ertel and Gordon remind us all: in every negotiation, know your purpose and don't forget it."
-Roger Fisher, Coauthor of Getting to Yes