It's the second edition of our podcast. This time, Barbara McFadden, one of the smartest attorneys I know (and I know a lot of them) talks with me about planning for the "best alternative to a negotiated agreement"--meaning, planning in advance what you are going to do if the deal you are trying to close doesn't (or shouldn't) happen.
You work on a deal for months, and then, something goes wrong. The other side changes the terms it wants. Or asks for another price concession. It may make sense to walk away, but if you haven't thought about Plan B already, you may feel forced to continue. At best, the deal will be less attractive than it could have been. At worst, you have gotten your company into a long-term, painful engagement that will take years and $$$ to unwind.
She also talks about how good negotiating teams work, and how to determine who will lead a negotiation.
So, listen to Barbara. The fifteen minutes you spend could save you a few dollars.
Download the podcast by right-clicking on this link.
If you want to get hold of Barbara, you can email me and I can help you connect with her.
(Photo: "Vintage 1" by coscurro via stock.xchng)
podcast legal negotiation preparation strategy