WSBA CORPORATE COUNSEL SECTION WHAT’S YOUR NEGOTIATION IQ? Paul W. Boyer Negotiate Solutions LLC Tina Davis Boyd Navia Benefit Solutions June 7, 2016

Let us never negotiate out of fear. But let us never fear to negotiate Let us never negotiate out of fear. But let us never fear to negotiate. - John F. Kennedy

SUBSTANCE & RELATIONSHIP

THE ROUTES TO INFLUENCE Coercion / Convincing / Competition Forcing them to accede Understanding / Creating / Collaboration Finding ways to meet both parties needs

IT’S ABOUT THE PEOPLE (and opening them to influence) Build rapport and trust – make a connection! Listen - make them feel heard Acknowledge their perspective/concerns

PREPARE TO SUCCEED Specific goals (top 3) Information is power Anticipate concerns and objections Get clear on your BATNA (and theirs)

POSITIONS v. INTERESTS (What I Want) INTERESTS (Why I Need It) Telecommute 2 days a week My husband can’t pick my kids up from school on Monday and Friday Go to dinner at Seastar I’m hungry for crab cakes and would like to see a movie at Bellevue Square $90,000 as my starting salary I want to feel valued by the company and I have big student loans Liability cap of $5M My boss says we’ve never agreed to a larger cap and I worry I’d look bad if I have to go back to her to request an exception.

FOCUS ON INTERESTS Ask questions…especially why Find the common threads An investigative journey

GET CREATIVE TO EXPAND THE PIE Trade items each side values differently Avoid one-issue bargaining – add issues and keep all issues tentative until final agreement Create options - innovate and brainstorm

PERSUASIVE TECHNIQUES The 3 reasons rule Refer to precedent Reciprocity principle Power of silence Say no convincingly

PAUSE & REFLECT Review the deal in its entirety Assess against your BATNA Post-closing analysis

3 KEYS TO MAKING A NEGOTIATION SUCCESSFUL Help the other party be open to influence Find creative ways to satisfy both sides interests Communicate your interests persuasively