David Rosen - 99 Negotiating Strategies: Tips, Tactics & Techniques Used by Wall Street’s Toughest Dealmakers

Keep this playbook with you for every negotiation.Talk about an unfair advantage.DAN KAUFMANN, PROFESSIONAL NEGOTIATOR 99 Negotiating Strategies TIPS, TACTICS & TECHNIQUES USED BY WALLSTREETS TOUGHEST DEALMAKERSDAVID ROSEN 99 Negotiating Strategies 99 Negotiating Strategies TIPS, TACTICS & TECHNIQUES USED BY WALLSTREETS TOUGHEST DEALMAKERSDavid RosenNew York, New YorkRoss & Rubin, PublishersNew York99 Negotiating StrategiesTips, Tactics & Techniques Used by Wall Streets Toughest Dealmakers. Copyright 2016 David Rosen. Published by Ross & Rubin, Publishers, New York, New York. All rights reserved. No part of this book may be reproduced in any form without permission in writing from the publisher. ISBN-13: 9781537116945 ISBN-10: 1537116940 Disclaimer N o part of this publication may be reproduced or transmitted in any form or by any means, mechanical or electronic, including photocopying or recording, or by any information storage and retrieval system, or transmitted by email without permission in writing from the author or publisher. While all attempts have been made to verify the information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions or contrary interpretations of the subject matter herein.

The views expressed are the personal views and opinions of the author. The reader is responsible for his or her own actions. Adherence to all applicable laws and regulations, including international, federal, state and local governing professional licensing, business practices, advertising and all other aspects of doing business in the United States, Canada, or any other jurisdiction relating to the practice of law is the sole responsibility of the purchaser or reader. Readers should be governed by the rules and regulations pertinent to the jurisdictions in which they practice. Neither the author nor the publisher assumes any responsibility or liability whatsoever on the behalf of the purchaser or reader of these materials. Any perceived slight of any individual, organization or culture is purely unintentional.

First published in the United States September 2016. About the Author D avid Rosen has been described by his peers as one of the toughest negotiators in the United States. Rosen has negotiated deals involving major legal disputes involving the worlds largest companies; represented individuals on the Forbes 400 list of the wealthiest Americans; and helped close commercial real estate deals in some of the most popular destinations in the country. He is often asked to consult on upcoming negotiations being handled by others, and to join negotiations already in progress where it appears an impasse is likely. Professional negotiators themselves often quote and use Rosens strategies to help bring disputes to an end. He has handled hundreds of federal and state cases on behalf of both plaintiffs and defendants in multiple courts and jurisdictions.

Authors Note & Disclaimer A s I began nearing the end of a long career as a top dealmaker, I decided to write this book to share the confidential, extremely-successful deal making techniques I and my colleagues used to out-negotiate everyone we encountered. These tactics are in use in Wall Streets most elite firms and have been for decades. Negotiating is part art, part science and part street fight. Unfortunately, many negotiators who see themselves as savvy, aggressive persuaders are nothing of the kind. At least one key study showed that negotiators who self-identified on questionnaires as aggressive, shrewd or highly-effective were viewed as bordering on ineffective when scored in confidential peer reviews. I decided to share the tactics I have used to great effect with the hope of contributing to the body of knowledge in the field.

New York City has a reputation for being the toughest place in the world for good reason. Almost every deal negotiated on Wall Street involves huge sums of money and can make or break companies on a national and global scale. Dealmakers inside Wall Streets elite legal and financial institutions are shrewd, hard-core negotiators who steamroller lesser adversaries. For the first time, this book collects their best insider negotiating tactics and strategies. Every one of them works, individually or in combination. You and you alone must decide whether a specific technique will work in, and is appropriate for, a specific situation.

Not all are suitable for every circumstance. Legal or ethical rules may govern what is fair game and what is not. In my own practice I pick from among, choose and often combine strategies to ensure that in the deal at hand, I remain fully compliant with the rules that bind me. I use the generic term target throughout the book to describe the person or organization with whom you are negotiating. I do this because in some cases you will be negotiating with an adversary and in some with your own client, your colleague, a neighbor or a family member. The principles work across all spectrums.

You should adapt them as you deem fit. Lets talk about lying. Lying is bad business. I do not advocate lying within my own organization, I do not tolerate it from colleagues, and I do not tolerate it from my own family. You might in some cases see a deal as a one off encounter with the target, but you would be wrong. We all run into each other over and again, sometimes directly and sometimes indirectly (through dealings with affiliates or friends of the target).

Outright lies will ruin you. To paraphrase a popular saying, people wont be upset you lied to them; theyll be upset that from now on they cant believe you. Bluffing, on the other hand, is distinguished from outright deception because, as in the case of adversarial negotiations, for example, both sides know the other is likely engaging in some degree of misstatement, is concealing some facts, and is likely exaggerating about those facts it is revealing. Some even consider bluffing to be lying, and further claim even white lies those intended to protect others from emotional distress, for example are still unacceptable dishonesty, plain and simple. These folks may also say poker players are liars (because they equate bluffing with lying), diplomats are liars (for not revealing government secrets) and that all criminals are liars when they plead not guilty. This is a book on negotiating, not ethics.

If I intertwined the two, it would be a thousand pages long. Bluffing is situational and contextual, but, of course, can devolve into lying depending on the situation and context. Whether, when and to what degree you opt to bluff a target is your decision and responsibility. Plainly, most negotiators, colleagues and family know there will be instances where full disclosure is unlikely. Given this reality it seems inappropriate to infuse all negotiations with bright-line morality principles. As a British statesman once said, falsehoods cease to be falsehoods when it is understood by all involved that absolute truths are not likely to be spoken.

Two other thoughts. First, I recommend you use this book to develop your own negotiating style. Choose an approach and toolbox of techniques that work for you. As you build your skill set, I recommend that you avoid asking others whether to use a particular technique. Many professionals you may associate with are surely good in their fields, but they might be poor negotiators. Thus their opinions may not have the value you perceive as to the utility and effectiveness of a particular tactic.

Others may also disapprove of a tactic you like merely because of their own, unduly restrictive view of negotiations which may be hampering their own effectiveness or because they didnt think of it first. I generally do not ask others to tell me what works for me. Some negotiators may find ideas in this book too aggressive, but that is a matter of perspective. Remember author and X-Prize Foundation chairman Peter Diamandis famous observation: The day before something is truly a breakthrough, it was a crazy idea. It is not a matter of right versus wrong, or ethical versus unethical. One may be a principled and hardcore competitive negotiator or an unprincipled, unethical collaborative negotiator.