What do you do if your business partner isn't playing fair in negotiations?

Review Agreements: Examine contracts to identify discrepancies. Legal Consultation: Engage top-tier lawyers to explore enforcement options. Financial Audit: Conduct audits to uncover hidden discrepancies. Direct Negotiation: Hold meetings with data-backed presentations. Mediation: If direct talks fail, involve a mediator. Leverage Influence: Use your network to apply subtle pressure. Professionalism: Avoid public confrontations, maintain a calm demeanor. Internal Transparency: Keep your team informed and aligned. Exit Strategy: Prepare to dissolve the partnership or buy out shares if needed. Future Protections: Improve due diligence and strengthen contract safeguards.

You can't be 100% sure when assessing your business partner's INTENT. So instead, it'll be more accurate for you to ASSESS their NEEDS and WANTS from your business. You leverage the SIMPLE QUESTIONS like, "What is the IDEAL outcome you are expecting out of this?", "What do you think I should do that'll make you happy?", "Would you think the ask is fair?" Changing your perspective of assessing their INTENTS to assessing their WANTs and NEEDs will tell you the whole story which you can leverage in your negotiation.

Define Non-Negotiables: Clearly outline core values and criteria for business dealings. Communicate Clearly: Provide a written outline and have direct conversations to communicate your expectations and limits. Establish Consequences: Include conditional clauses in contracts for penalties or termination if boundaries are crossed, and be prepared to enforce them. Create a Reference Framework: Develop written guidelines for what is and isn’t tolerated, and use them during negotiations. Protect Your Position: Ensure measures are in place to avoid compromising excessively. Aim for agreements that respect both parties' boundaries. Regularly Review and Adjust: Monitor adherence and adjust boundaries based on evolving needs.

If direct communication fails to resolve the issue, consider seeking a neutral third-party mediator. A mediator can facilitate discussions, ensuring both parties are heard and working towards a fair outcome. This step can help de-escalate the situation and provide an objective perspective to the negotiations. Mediation is a valuable tool to preserve the business relationship while addressing the unfair practices observed. By involving a mediator, you can work towards a resolution that maintains integrity and fairness for both parties.

Having a LEGAL MEDIATION is a mandate in most of the BUSINESS NEGOTIATION. But in some cases, the partners START TO ARGUE out of the blue and that results in UNFAIR NEGOTIATIONS. When you can spot that, DEFUSE the SITUATION to let it SIT for the night. Plan a legal mediation the next day, if the PARTIES seem not to find a COMMON GROUND.

The most effective BARGAINING CHIP you can have in ANY NEGOTIATIONS is the courage to "WALK AWAY" from the deal. This will TURN the TABLES in some NEGOTIATIONS, where the OTHER PARTY will start to SHIFT themselves first to find the COMMON GROUND. Also, it should not be FOOLISH "WALK AWAY." If you don't have any alternatives or the alternatives are not as effective as this UNFAIR deal. You should take the deal anyway!