EPIC Toledo to host pro negotiator at leadership eventWritten by Casey Harper | | firstname.lastname@example.org
Most people go into negotiations underprepared and leave money on the table, according to negotiation expert Bob Yonker. He said just a little more preparation could make all the difference.
Yonker will give listeners the keys to negotiating success at the EPIC Toledo Leadership Unplugged event June 11 at the Toledo Club, 245 14th St. Downtown.
“People negotiate every day of their life whether it’s with their child, spouse, coworker or car dealer, but we don’t really think about how we can get better,” Yonker said. “We settle for deals that are OK but if we put a little bit more effort into it we could greatly increase the value of the deal.”
Yonker is an associate professor of management at the University of Toledo College of Business and Innovation. He said he plans to explain how negotiators can get the most from their deals.
Yonker said the key to getting what you want in a negotiation is preparation.
“Approximately 80 percent of your time should be preparing for a negotiation, and the other 20 percent of your time is spent physically negotiating,” he said. “Most people think the complete opposite and it really hurts them in terms of their outcomes.”
When preparing, negotiators should ask themselves a few big questions.
“What is your target point, or in other words, in a best case scenario what does the outcome look like?” Yonker said. “Also, you rarely get what you want in a negotiation if you don’t think about what the other parties want out of a negotiation. Through research, anticipate what the other parties want.”
He also outlines some of the biggest traps naïve negotiators fall into.
“We sometimes walk away from the table because our pride gets in the way,” Yonker said. “Feelings get hurt and we let that get in the way of a good deal. It could be the best deal we have but we’ll walk away from the table out of our pride.”
On the other hand, Yonker said fear of hurt feelings can cause a negotiator to get a bad deal.
“We settle for terms that are worse than if we did walk away because some people don’t want to disappoint other people,” he said. “They don’t want to say no, and that’s irrational.”
To avoid these traps and be more prepared, Yonker recommends practicing a “reverse negotiation.”
“What you do is you get a friend to play you in a negotiation and you play the party that you are about to negotiate with,” Yonker said. “This forces you to be in the other party’s shoes, and it really helps you have a good perspective going into the negotiation. It will be strange the first couple of times you do this, but it will pay dividends in the end.”
The EPIC Toledo event will be at the Toledo Club’s Belvedere Room from 5:30-7 p.m. Registration is free at www.epictoledo.com.
“It gives us a chance to have our members as well as anyone else come together to hear about what’s going on with EPIC, hear from great speakers on topics of interest and participate in group discussions as well as professional development,” said EPIC Toledo Director Sara Swisher. “The event is going to be very fun and interactive and not a lecture style by any means, so I think the members will really enjoy that.”