Did you realise that many if not most of the interactions we have with other people involve some form of negotiation? From the small (who does which household duties) to the large (how much of a raise you’ll get) to the huge (how much money you will get when you sell your business), we negotiate all the time.
How can you negotiate most effectively? Our experience working with millionaires and billionaires suggests the best approach is to make sure everyone involved in the deal making comes out of feeling like a winner. In other words, you should be looking to help the other person win even as you work to get the terms you want for yourself.
- Get clear on your goals – and work to discover the goals of the other person – in any negotiation.
- When possible, leverage enlightened self-interest – areas where your goals and their goals overlap and align.
- Help other people get what they seek and you’ll find them taking actions that will put YOU in the winner’s circle.
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Other notes and risk warnings
This article is distributed for educational purposes only and must not be considered to be investment advice or an offer of any security for sale. The reference to any products is made only to make educational points and must, in no circumstances, be deemed to be any form of product recommendation.
This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed.
It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.
Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.
Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.