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Walk Away from a Bad Deal—Even if it HurtsBy Terry Bragg Too often, negotiators are so worried about making a deal that they make bad deals. A bad deal is worse than no deal. Learn to walk away from bad deals. I can hear the voice in your head saying "Terry, that’s easy for you to say, but you don’t understand my situation. Walking away may be easy for you, but I need this deal." Hey, I know how hard it is to walk away from a deal. I also know how much grief a bad deal will create for you. So forget that voice in your head and walk away from bad deals—even if you cry while walking away. Let me share a recent experience of my agony while walking away from a bad deal. A major publishing company contacted me about writing a book on conflict resolution. The book was part of a series of business books they publish. I told them I was definitely interested in this project. I sent them an outline for the book and a sample chapter. They liked both and asked me to write the book. I was ecstatic. Getting a book contract with a major publisher is a big break for a professional speaker, writer, and consultant. My mind enjoyed flights of fantasy as I imagined the book rising to the top of the best seller list. I began to get dollar signs in my eyes. I was elated until I got the contract in the mail. As I read the contract, depression and concern replaced my elation. Briefly, the contract required me to give the publisher everything while getting little in return. The deal was bad concerning the rights I would give away and the compensation I would receive. I didn’t know what to do. I want to publish the book but I also want a deal I feel is fair and that I can live with over time. So I contacted people I know who have published books and whose opinions I respect. Every person I talked to about this deal told me two things: (1) getting published by a major publisher is important even if you don’t make money on the deal, and (2) the contract I had in my hands was the worst deal they had ever seen. I discussed the terms with the publisher, and they were willing to make minor concessions but would not change the rights they wanted to the book. Not getting a deal I could live with, I walked. I was not happy about walking away. I wanted to cry. Tough choice, but the right decision. When evaluating a deal, consider several things. 1. What are your priorities? What’s really important to you and to the other party? Make sure the deal satisfies your top priorities. Don’t expect to get everything you want, but make sure you get what’s important to you. Make sure your important needs are satisfied and that you can live with the deal. 2. What are your alternatives if you walk away from the deal? What will you do if don’t reach agreement? If your alternatives are better than the deal on the table, then you are better off walking. 3. What can you live with long term? Regret is common both in sales and in negotiations. Make sure you can live with the deal. Also, consider the opinions of your constituents and stakeholders. Can they live with the deal? 4. Remember, negotiation is not just agreeing. It is about making workable deals. If the deal will not work for you, then walk. 5. If the deal doesn’t work for the other party, then it really doesn’t work for you, either. If you force someone into an agreement that isn’t in their best interest, they will jump at their first opportunity to get out of the deal. Deals are broken every day because the negotiating parties should never have made them in the first place. Persist until you get an agreement that everyone can live with. Although it may hurt and will not be easy, walk away from bad deals. You will suffer less over time. I know. I walked and still have my integrity and an unpublished manuscript. Terry Bragg and Peacemakers Training offers a variety of tools for promoting, maintaining, and recognizing excellence in your workplace. We also offer tools for helping you achieve and maintain personal excellence. To learn more about these tools, click here: Tools for Workplace and Personal Excellence To find out more about Terry's book, 31 Days to High Self-Esteem, click here: 31 Days to High Self-Esteem To learn more about onsite seminars and
workshops for improving interpersonal relationships, resolving conflict, and
promoting and maintaining excellence in your workplace, click here: Seminars
& Workshops ©2000 All rights reserved Terry Bragg•Peacemakers Training Terry Bragg runs a company called Peacemakers Training in Salt Lake City, Utah, and is the author of the book 31 Days to High Self-Esteem. He works with organizations to create a workplace where people want to work, and with managers who want their people to work together better. If you want your organization or your people to have more energy, more trust, more respect, and more meaning, please contact him at: Peacemakers Training Subscribe to our Free |
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