Time Is A Negotiation Strategy - Hard Money Bankers
Time is on your side only if you arrange to be. Time is one of the most powerful tools to use in a negotiation and should be considered. After reading Warren Buffett's autobiography, there was a particular section that stood out. Warren was being asked to make a large acquisition. He knew what price he wanted it for and he moved his mental chess piece in such a way that he felt bringing 'time' into the negotiation was a smart move. He made an offer on a company but only extended the offer for a period of time. He did this because he didn't want to leave the seller an exit from his bid and allow them to shop his offer. This was a great strategy because he also knew there were only a few other buyers that had the capability to make the same purchase. He made the seller outweigh the fear of losing his money versus the greed of shopping his offer. It is a fairly advanced strategy to use in a negotiation but given the right circumstances and planning, it can work very well in the tool box of techniques.
Ian Walsh
215.839.3271
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