The importance of preparing for negotiation and how we all can improve our negotiation skills

As searchers we will negotiate with people that will be likely way more experienced  than us (investors, business owners, professional services providers, etc.).

I found the HLS Program on Negotiation's blog very useful. It provides a lot of useful advice that can be applicable to all search fund's stages.

You can check their site. It contains many articles to improve your negotiation skills.

https://www.pon.harvard.edu/blog/

Some of the takeaways I took for my search can be summarized as follows:

- Build a strong and active deal pipeline so you have a strong BATNA (best alternative to a negotiated agreement). "Fall in love with three", not only one company (https://www.pon.harvard.edu/daily/negotiation-skills-daily/negotiation-skills-are-you-really-ready-to-negotiate/)

- Know the other party's alternatives to understand the motivations (BATNA)

- Know how to fight a high valuation expectation -anchoring effect- (https://www.pon.harvard.edu/daily/dealmaking-daily/dealmaking-grappling-with-anchors-in-negotiation/)

- Be aware if you are committing too much time to certain deal (https://www.pon.harvard.edu/daily/business-negotiations/beware-the-pressure-of-sunk-costs/)

- Use conditions to navigate the agreement process (https://www.pon.harvard.edu/daily/dealmaking-daily/deal-negotiation-techniques-and-closing-the-deal-negotiate-conditions-to-create-value-in-negotiated-agreements/)

Hope it helps!