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What negotiation tactics are most effective in franchise contract negotiations?

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Franchise contract negotiations can be challenging and complex, especially for new or inexperienced franchisees. You need to balance your interests and goals with those of the franchisor, while also considering the legal and financial implications of the agreement. In this article, we will share some effective negotiation tactics that can help you achieve a fair and profitable franchise contract.

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Samir Sanghvi

Co-Founder - In.Corp Advisory Services Private Limited

1 Know your BATNA

BATNA stands for best alternative to a negotiated agreement, and it is a key concept in any negotiation. Your BATNA is the option you have if you walk away from the negotiation, and it determines how much leverage you have. The better your BATNA, the more confident and assertive you can be in the negotiation. Therefore, before you enter a franchise contract negotiation, you should research and compare different franchise opportunities, assess your financial situation and goals, and have a clear idea of what you are willing and able to accept or reject.

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2 Prepare and prioritize

Another important tactic is to prepare and prioritize your issues and interests in the negotiation. You should identify what are your must-haves, nice-to-haves, and deal-breakers in the franchise contract, and rank them according to their importance and value to you. You should also anticipate what are the franchisor's issues and interests, and how they might respond to your proposals or demands. By preparing and prioritizing, you can focus on the most critical and beneficial aspects of the contract, and avoid getting distracted or bogged down by minor or irrelevant details.

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Samir Sanghvi

Co-Founder - In.Corp Advisory Services Private Limited
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Value proposition on either side - on which entire crux of franchise agreement is based. The best of both parties shall be kept on table, it may be strategic capabilities, networking, execution skill, marketing and PR etc…Rest all can be secondary and can be aligned in line with first priority.

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3 Build rapport and trust

Negotiation is not only about numbers and terms, but also about relationships and emotions. You want to build rapport and trust with the franchisor, so that you can communicate effectively, understand each other's perspectives, and find common ground. You can build rapport and trust by showing respect, empathy, and professionalism, by asking open-ended questions and listening actively, by acknowledging and addressing concerns and objections, and by expressing appreciation and recognition. By building rapport and trust, you can create a positive and cooperative atmosphere, and increase the chances of reaching a mutually satisfactory agreement.

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Samir Sanghvi

Co-Founder - In.Corp Advisory Services Private Limited
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In negotiations, lots of stuff move around softer aspects like behaviour etiquette, empathy, professional and time bound approach towards building trust and comfort amongst parties.

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4 Be flexible and creative

Another tactic is to be flexible and creative in the negotiation. You should not be rigid or stubborn in your positions, but rather be willing to explore different options and alternatives that can satisfy both parties' interests and needs. You should also be creative in finding ways to add value to the contract, such as by offering or requesting non-monetary incentives, concessions, or guarantees, by proposing trade-offs or contingencies, or by suggesting win-win solutions. By being flexible and creative, you can avoid impasse or deadlock, and create more value and opportunities for both parties.

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5 Know when to close

The final tactic is to know when to close the negotiation. You should not drag out or rush the negotiation, but rather recognize the signs and signals that indicate that both parties are ready and willing to finalize the deal. Some of these signs and signals include reaching agreement on the major issues, having a clear and written summary of the terms, having a positive and constructive tone, and having a sense of urgency or commitment. When you see these signs and signals, you should confirm the agreement, express your satisfaction and gratitude, and initiate the next steps to formalize the contract.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What negotiation tactics are most effective in franchise contract negotiations?

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2

3

4

5

6

1 Know your BATNA

2 Prepare and prioritize

3 Build rapport and trust

4 Be flexible and creative

5 Know when to close

6 Here’s what else to consider

Management Consulting

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What negotiation tactics are most effective in franchise contract negotiations?

1

2

3

4

5

6

1 Know your BATNA

2 Prepare and prioritize

3 Build rapport and trust

4 Be flexible and creative

5 Know when to close

6 Here’s what else to consider

Management Consulting

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