The Art of Negotiation
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The Art of Negotiation

How to Improvise Agreement in a Chaotic World

Michael Wheeler
Simon & Schuster, 2013
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Editorial Rating

8

Qualities

  • Innovative
  • Applicable

Recommendation

Sports great Arthur Ashe enjoyed a lucrative endorsement contract with Head, the firm that supplied his tennis rackets, but the company wanted to stop paying his 5% sales royalty. During discussions, the chairman of Head barged into the room. “Outrageous!” the chairman yelled. “He’s making 10 times what I’m making!” “But Pierre,” Ashe’s agent said, “Arthur has a much better serve than you do.” His comment broke the tension, and Ashe and Head worked out a mutually beneficial deal. Harvard Business School negotiations expert Michael Wheeler uses colorful and instructive anecdotes to illustrate his hundreds of suggestions on what does and doesn’t work during negotiations. getAbstract recommends this fun and highly useful manual to anyone who must negotiate.

Summary

Unexpected Reversals

Investment firm manager Jay Sheldon and his partners paid $8 million for a Midwest cable TV company. After a year of profitable operations, they decided to broaden their business. They approached a cable company in a nearby city, planning to offer $11 to $12 million for the firm. The Sheldon group and the cable company’s owner could not agree on a price. “I didn’t post a For Sale sign,” said the owner. “You came to me. You’d have to dump $15 million in cash right on my desk to tempt me. And I’d probably kick myself if I took it.”

For most negotiators, this would be a dead end. Sheldon replied, “If you think your system is worth $15 million, how about ours?” The man replied: “About $14 million.” Sheldon reversed the negotiation dynamic. He became the seller, not the buyer. Thanks to his quick thinking, Sheldon and his partners sold their firm for far more than they paid for it. Sheldon’s adaptability and creative thinking distinguish a master negotiator.

Improvisation

No one can predict how any negotiation will unfold. You can’t dictate the other party’s attitudes, ideas or agenda. Unforeseen objections and special opportunities will...

About the Author

Harvard Business School professor Michael Wheeler is a member of the school’s Negotiation, Markets & Organizations unit, editor of the Negotiation Journal and co-chair of the board of the nonprofit Consensus Building Institute.

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