390 GID 3 Numbers You Should Know Before Negotiating

Modern Mentor

Macmillan Holdings, LLC

Careers, Business, Management

4.3 • 720 Ratings

🗓️ 4 January 2016

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

How to prepare for a negotiation includes knowing critical numbers: your reserve price, your dream price, and your goal. Read the full transcript here: bit.ly/1RjuNVg

Transcript

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0:00.0	This is Steva Robbins.
0:04.4	Welcome to the Get It Done Guys quick and dirty tips to work less and do more.
0:08.2	It's an exciting day.
0:09.8	Bernice is working on her wedding plans and she's choosing a mariachi band.
0:14.0	Her friend Alex is in the garage band, The Palmetto's, and is offered to play the wedding reception for $100.
0:20.2	On principle, however, Bernice wants a professional band.
0:23.4	She's heading out now to negotiate.
0:25.5	What are you going to negotiate? I asked.
0:28.2	I will know when I get there, she replied.
0:31.1	The goddess will guide my negotiations.
0:34.0	Ah, okay.
0:36.8	An hour later, the shouting has died down, and Bern Bernice emerges with only a small lock of hair out of place.
0:42.6	In the background, I can see what looks like two band members sneaking out the back door holding crumpled sombreros.
0:47.9	The goddess has led me to negotiating success, Bernice serenely informs me.
0:53.1	Only $120 for a professional band. Really? Which band?
0:59.1	The Flying Cucaraches? Have you ever listened to them? No. Why? Because, my dear Bernice,
1:06.3	the Pomeadows are a cover band. They specialize in music by the flying cucarachas, only they're much
1:11.4	better musicians. Bernice paid an extra $20 for an inferior product, all because she didn't
1:18.4	prepare correctly for the negotiation. While it's nice to trust the goddess, just to be on the safe
1:23.5	side, you and I are much better served with the right preparation before walking into a
1:28.1	negotiation. What's the right preparation? There are many pieces, but today we'll concentrate on
1:33.4	the most important pieces. Know your numbers. The first important number is your reserve number.
	...

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