Recap: Small Business Member Meeting - Negotiation - Kenny King, The Ezra Company - February 19, 2014

Posted Date: 
February 19, 2014

February 19, 2014
Guest Speaker: Kenny King, Senior Vice President, The Ezra Company

Lisa Cines, Chair of the Small Business Committee welcomed MCCC members and introduced the speaker, Kenny King, Senior Vice President, The Ezra Company. King presented about the approach, techniques and tips for successful negotiation. In his 32 years with The Ezra Company, King has successfully negotiated over 500 lease, acquisition and disposition transactions.

King offered a number of important strategies which included:  Approach the meeting with a strategy. Understand the other party and every aspect of the product or service you are buying or selling. Know your starting position, fallback position and the least favorable position for which you are willing to settle. Prior to beginning negotiations, be aware of the most important terms to the party you are representing. Be prepared to create leverage by demonstrating current market conditions, trends and other options available to you or the client.

King said the first party to speak will lose. Let the other party present the first offer. The worst case scenario is that the first offer is accepted. You don’t want to be left wondering if you could have gotten a better deal, so don’t be afraid to counter with an aggressive offer. Do not weaken your offer by offering further explanation. Wait for the other party to respond before offering reasoning. 

King provided tips for successful negotiation including:

  • Befriend the person with whom you are negotiating
  • Don’t disclose your budget/limitations
  • Be confident and ask for what you want
  • Ramp up your listening skills
  • Be prepared to walk away

In conclusion, King reiterated that it is always best to aim for a win-win solution. Remember, negotiation is not about winning or losing, it is about meeting an objective.

 

Tagged in:

MCCC Strategic Partners