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Page 7 of 7
Negotiation
6. Finishing Up
You have done the deal. Do not throw away all that hard work.
6.1 Look after the pennies.
You clinched the deal without promising any extras, so do not throw them in now.
- If someone is buying your premises, offer the carpets separately - for more money. The buyer may be willing to pay £1,000 for carpets that are worth nothing to you.
6.2 Verbally summarise the agreement reached.
- Make sure you both agree on all the points covered.
6.3 Shake hands on the deal.
- Nobody likes going back on a handshake.
6.4 Emphasise the benefits to the other side.
- Even if you have negotiated a deal which is very much in your favour, present it as a 'win-win' outcome so there will be enthusiasm about dealing with you again.
6.5
Any important agreement must be in writing - even if it is with your best friend.
- This makes sure both sides are clear about what has been said. And it helps stop people wriggling out of the agreement later.
- Send a letter summarising any concessions you have won in a meeting - even if no overall agreement was reached.
6.6 Deal with any last-minute changes. Some negotiators will let you think the deal is done and then ask for another concession.
This is done in the hope that you will panic at the thought of losing the deal and cave in immediately.
- Remember that they have invested as much time in the deal as you have.
- Stay calm and keep negotiating as before. This is a chance to improve your position.
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