Failing to maintain your composure during business negotiations can lead to missed opportunities. In this video, commercial solicitor Isobel Willoughby explains why it’s important to remain clear-headed to retain a strong position and get your desired outcome.
Maintaining Composure During Business Negotiations Transcript
I have been so excited about season two of Last One Laughing UK, and it has not disappointed me. The whole premise is simple: keep a straight face, no matter what’s thrown at you. And, in a slightly different way, that’s not a bad skill to have when it comes to business, either — particularly when it comes to negotiations.
Because when you’re buying or selling a business, there’s often a lot going on: new information coming out through due diligence, expected points being raised by the other side, last-minute changes to documents. And it’s very easy to react too quickly, to concede something just to keep things moving or to push back on principle without really thinking through the consequences.
But the strongest position in a negotiation is usually the one that’s measured. Taking a step back, understanding what actually matters and not reacting emotionally in the moment. Because sometimes, the first person to react is the one who gives away the most.
So, while keeping a straight face might make good television, in business it’s about keeping a clear head. If you’re in the process of negotiating a deal and things are starting to feel a bit reactive, take advice before making your next move.
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Speak to our corporate law experts for more information about negotiating business deals. Newtons Solicitors can assist you with drafting contracts, structuring transactions and performing due diligence. Please contact us today or visit our blog for more legal advice.