The Trump Blog

Ideas and Opinions from Donald Trump and TrumpU Faculty.

Home : Negotiate to Win

Negotiate to Win

Negotiating wisdom from Negotiate to Win, Trump University's new bootcamp course on negotiating

While you were growing up, you probably negotiated with your parents about your chores, your allowance and your curfew. If you were like me in school, you negotiated for homework extensions with your teachers. In your family today, you negotiate about vacations, budget and other issues. And I'd be willing to bet that that you negotiate pretty hard when you're buying a car or a house.

You and I are already seasoned negotiators. In one way or another, we have been negotiating every day of our lives and we have gotten pretty good at it. Or so we believe.

The problem is, the tactics that have worked so well for us in our personal negotiations can turn out to be disastrous in business. And few people realize that. Consider scenes like these:

  • To get a car salesman to accept your offer, you stood up and headed for the exit door. It worked beautifully. But if you try the same tactic when you are buying a business, you will probably kill the deal. It is wiser to wait out the other side by keeping the conversation going, even when it seems to be headed nowhere.
  • When you were selling your house, you sealed the deal by offering to pay for a new roof or a new furnace. But if you are selling a business, making concessions like those too early can undercut the value of what you have to sell. You are literally giving away your money. If you bite you lip and wait for the other side to offer the first bargaining chip, you will do better.

Becoming a great negotiator means understanding your personal strengths and weaknesses as a negotiator. That is the reason we have a lot of self-analysis into our newest bootcamp course, Negotiate to Win.

Yes, there is an experienced negotiator inside you. The question is, is he or she the right one for the negotiations you will enter into tomorrow or next week? Ultimately, your success depends on having a large repertoire of tactics you can call upon as the situation requires.

David Highbloom is Chief Operating Officer of Trump University.

David Highbloom is Chief Operating Officer of Trump University.
Permalink |  Email this |  Add to Del.icio.us  Digg it!  Add to reddit  Add Newsvine  Add to Technorati  Add to FURL

6 Comments   Post a comment

[-] Posted by Richard Guyon on 08/01/2006 12:34 AM
Mr. Highbloom, this topic is one of the keys to building a successful Entrepreneurship business. As an Entrepreneur every transaction with another business you want to close becomes a negotiation. I have found this trait to be an asset to be a strong negotiator key in closing every contract I've gone after. Some of the strengths I find to being an able closer is to be prepared for anything the client might throw at me, and have an answer ready. Doing this provides the client with assurance that you have considered more than just a deal, and gone that one step further to provide solutions to the clients needs. Before going into any negotiation, I will talk myself through any ideas, concepts or potential problems, Why? Have you ever heard of an actor trying to do a movie/play without memorization of script lines, adlib doesn't come across as prepared, especially in business. Some quick tips: a) Study your client and observe his business from every possible angle before going into negotiations b) determine how you can be of benefit to this bottom line c) speak the truth when making deals d)Be honest, if you don't know exactly a good solution, a good answer is I'll look into that for you e) make good eye contact, this lets your client know you care about what THEY are saying as well f) rehearse what you plan to talk about, have a script well played out in your own mind before even speaking to a client. Personally I love to go into a face to face negotiation, it allows my leadership ability and strength of conviction shine. Negotiations are like a well played out battle plan, and I play to win, always.
[-] Posted by Deedee on 08/01/2006 2:56 AM
I learnt from my experience for do business with one under developed country. Actually, this person have a good brain for do business in his country. And his sister only have influence and good communication. Then this man asked me to send things to his country as his business. Frankly, I just want to support him without plan to go to his country. So, he forced me to do things for do business through his sister. And inside business process, so many excuses and silly reason to follow through this business. Suddenly, I lost my patient and I said to myself that I cannot continue business with this kind of behaviour. I left this business and I continue my local business. I am more happy with my own local business instead overseas investment. But those person keep asking to continue business with them. My decision is, I will continue do business with them but I choose to calculate the risk that I will face in the future. I believe with Columbus words "World is flat" mean all country around the world have the same opportunity to build prosperity if the people keep their words and follow through what they do in this life!
[-] Posted by Deedee on 08/01/2006 3:29 AM
I remember with my past time when I was so eager to win my business. My friend said I am too ambitious and no emphatic to people surround me. Well, actually, this is not about that I dont have emphatic to people surround me or I am too ambitious. I believe my life is for work. My happiness is when I can contribute something in this life. But finally, I learnt it. That most people took my ideas and left me like that. I understand now that people scared to impress their ideas because so many idea thieves in this world. There is no appreciate at all! Apparently, I change now! When people describe their difficulty or their concern to me, I am not reactive at all. Now, I will ask to them "What happened?" and "Why this happened?" Suddenly it creates ideas to them and they can solve their own problem without my assistance and I can continue what I want to do in this life! Thank you to read my ideas on this forum!
[-] Posted by George Robertson on 08/01/2006 8:16 PM
I call business owners for a living, and enjoy inviting business owners to our workshop, the real fun part is negotiating them to go, sometimes it is very easy and other times it is very hard. But I have a knack for for it and I sometimes call that person back at least a couple times. Sometimes though you do have to head to the exit door.
[-] Posted by learner on 08/03/2006 11:15 PM
Thank you Mr. Highbloom for letting us post comments to your article. I have learned something new from each person that has posted so far. From a past learning experience I would match myself better with Deedee's recommendation on my situation. I negotiated a $250,000 deal to sell a private investor's development. I was going to work in the position as a Lic. Realtor for a broker. He already had most of his marketing plan so I just listened. Then he asked what different marketing my broker did. I told him. He seemed very interested. I opened my mouth to tell the broker about this huge development and she wanted to meet the developer. I was supposed to be the exclusive agent to sell the houses, then about a month later we were having a meeting and they stated they were not going to use me. Unprepared for this comment, but I held up my chin said "OK". Then later outside I asked the broker why that happened and she stated he said "you acted too eager to sell his development". So that being said, everyone comes from different ideas of how a person should conduct during negotiations. I later found out why this happened to me. I told the broker about the development and she went and made a "sweeter" % fee with the developer, cutting out the messenger! So that is why I tend to agree with Deedee "don't open your mouth". She did not even know there was going to be a development. I could have sold each house for 6% on my own. I have done some evaluation about losing this hard negotiated deal and realize that it is up to the motives of the person that you are negotiating with to give you the clue. Most developers have now cut staff, home building is cooling off, and you would have thought that they saw interest rates rising and would appreciate someone's eagerness to move their properties. But to this developer it was how cheap he could negotiate. With the competition they have now had to make huge cuts $30,000 off, no closing costs, (look at all the new mailers you get in the mailbox each day). I think differently than this person I was negotiating with. I would have hired myself sold the houses cheaper than now all these rebates to the customer. Would you say that he already had his mind made up how he was going to negotiate?
[-] Posted by kent knowles on 08/04/2006 8:58 PM
is this course a certificate course
Get the Feed
AddThis Feed Button

Please send me Trump University's weekly e-newsletter Inside Trump Tower and let me know about special offers.


See how you stack up against Donald Trump take our FREE entrepreneurship test.

Blog Roll

Trump's Official Apprentice Blog

Trump U's Marketing Blog

Common Sense Guy

Seth Godin's Blog

How to Change the World

Tom Peters

Conversation Marketing

Pogue's Posts

Beyond Branding

Freakonomics

Marketing Excellence Blog

Clear Blogging

Rajesh Shakya

 

TrumpU Books

Trump Wealth Building 101 Trump University Wealth Building 101 Your First 90 Days on the Path to Prosperity

Trump 101 Trump 101 Author: Donald Trump Publisher: Wiley

Trump Marketing 101 Trump University Marketing 101 How to Use the Most Powerful Ideas in Marketing to Get More Customers

Trump Real Estate 101 Trump University Real Estate 101 Building Wealth with Real Estate Investments

Trump Entrepreneurship 101 Trump University Entrepreneurship 101 How to Turn Your Idea into a Money Machine

Trump Asset Protection 101 Trump University Asset Protection 101 Tax and Legal Strategies of the Rich