Considering that I’m the one who is selling the filling station, so I recommend that I make the first deal. Very first offer I made was $1,000,000 due to the fact that my target is $800,000 and likewise I told her the reasons why I believe the station is worth that amount of money.
Yulin said that’s difficult because she didn’t have so much money because she is simply the agent of the oil business and she had budget. I thought her and make a $100,000 concession. And she continued stating she hadn’t had that much money for me. So I ask her the price she can give me. She stated she can give me $450,000 at a lot of which even was nearly 100,000 dollars lower than my booking point. Obviously I said no.
Then settlement entered into a deadlock. But the critical turning point came that Yulin asked me why I wished to offer the station if it was so good. I said I require money to start my dream trip around the world.
Then Yulin asked me if I can lower the cost under the condition that she used a job for me after I come back from the trip. I stated if I didn’t collect enough cash, I even can not begin my journey, not to mention the job things. Then another pivotal moment came: we recognized that this case had a negative bargaining zone which is different from the ones prior to.
So we chose to give our reservation rate and also see if there was something other than the money that she can provide me. So she wanted to provide me $450,000 money with a $50,000 each year task after I return. But even my booking price minus the money that I might need after coming back without job was $488,000 which is more than $45,000. So I ask her if she can offer me some extra benefits to me or give me some other cash ahead of time due to the fact that I really require this journey. So she stated she can hire me as supervisor now and permitted me to go on my journey with pay and likewise she can offer me the free oil present card for my boat each month. Then we reached an arrangement.
In this negotiation, I did something without comprehensive consideration. At first, after I made my first offer. My partner didn’t agree with that and she said she can give me job after I come back but I must lower the price. But I refused that immediately without thinking. And we back to the cash problems and in the end. Fortunately my partner mentioned the job thing again and I consider that and think that can be my choice. After the negotiation, I thought if I can consider the advice that my partner said, maybe our negotiation can go through better and faster.
In the negotiation, sometimes we should try to understand each other’s situation. And see if we can both reach what we want under the negative bargaining zone. Besides I should try to avoid coming into an impasse. During this negotiation, I also try the theory that I learned in the classes before: I highlight my strength of BATNA when my partner said she had not had that much money. I could not accept that price.
So I said if below my BATNA price, I will not sell my station at all. I think that was actually worked because my partner said she can give me some benefits for example going on trip with pay and gift cards of oil. I think my partner did very well in the negotiation. She is very cooperative which means when we come into deadlock she is willing to cooperate with me to solve the problem and expand the pie without knowing that theory. In addition, she also asked me why. So more information is put on the table and we had the opportunity to shift the positional to principled bargaining. And she is very gentle, easily to touch with. Those are good personality worth me to learn.
Before the negotiation, I prepared well, I read the materials for several times and made sure what was my reservation price and target price. Besides I also decided, under the special situation, how much concession I can make. I assumed my partner’s reservation price too. Even though I made all the preparation I could, I still felt a little worried because I haven’t done well since the beginning. But during the negotiation, I not only felt worried but also confused, because I found no matter how much concession I was willing to make could not change the fact that our bargaining is negative. Fortunately, we find some way except cash to handle that problem but not an impasse.
After the professor announced the data about the negotiation and do some explanations about the case, I felt happy because we did the right thing: talking about not only the cash. About my partner, she is a very nice girl. When she couldn’t give the price that I want, she didn’t lower the price immediately. On contract she asked me why I ask for so much cash and why I sold the station for, which make a pretext for the following information. She also told me her difficulties in cash. We both understand each other’s situation. We negotiated in a very peace atmosphere. I thought a peaceful mood is beneficial to the process of the negotiation.
What I will do the same in the future is always thinking intigretaively and try to expand the pie all the time. Besides, I should always keep the confidence and try to attract other side’s attention to other things when coming into an intense atmosphere. And what I should keep in mind is there is no right answer in a negotiation and there are maybe a range of possible settlements. And before I make some decision I should make a comprehensive consideration to avoid regretting to refuse a maybe good suggestion.
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