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Pearls of Negotiation Wisdom
Pearls of Negotiation Wisdom
155 Strategies for Success in Life
“Pearls of Negotiation Wisdom” delivers 155 proven negotiation strategies in 5-minute reads from one of the world’s leading negotiation experts and some of history’s greatest dealmakers – from Benjamin Franklin to Walt Disney – and the very first one could help save thousands of dollars, land a life-changing deal, or repair a relationship that matters most.
About Author Martin Latz
A Harvard Law honors graduate and former Teaching Fellow at Harvard’s Kennedy School of Government (one of his students was President Barack Obama), Marty has taught more than 200,000 lawyers and business professionals in over 30 countries to negotiate more effectively. His clients include many Fortune 100 companies and the world’s largest law firms.
Marty has also negotiated for the White House on its Advance Teams, served as an adjunct professor at Arizona State University’s College of Law, founded an e-learning software company, and regularly consults on negotiations involving major deals and the sale of private businesses.
He has appeared as a negotiation expert on CBS, CNN, MSNBC, and FOX, and has written a negotiation column since 1999 — now published on Substack and emailed to thousands of subscribers worldwide.
Marty, his wife, and their two kids live in Scottsdale, Arizona.
FAQs
10 Suggested Interview Questions for Marty Latz
What’s the most common negotiation mistake that people make, and did this lead you to write "Pearls of Negotiation Wisdom"?
The biggest mistake people make when negotiating is to wing it and negotiate instinctively – not strategically. Let’s say Pat is sitting at his desk Monday morning, his telephone rings, and it’s Jane, his potential business partner, calling to see if he can talk about her proposal. Because he’s mostly up-to-speed on it, he jumps right in. Who has the advantage here? Jane. Pat’s biggest mistake – a mistake millions of people make every single day: Pat agreed to speak with Jane before he had strategically prepared. Most individuals negotiate instinctively or intuitively. It’s natural. It can also be devastating. Here’s what Pat should have said: “I’m right in the middle of something. Can I get back with you in an hour?” Then he should have strategically prepared. It’s this common lack of strategic negotiating that largely caused me to write “Pearls of Negotiation Wisdom.”
What will people learn from "Pearls to Negotiation Wisdom"?
I wrote this book for busy people, as it includes 155 proven negotiation strategies that can be digested in 5-minute chunks – and the very first one could save them thousands of dollars, land them a life-changing deal, or repair a relationship that matters most. They’re about to walk into a salary negotiation. Buy a car. Close a deal with a difficult client. Settle a disagreement with their spouse. Talk to their teenager about curfew. Every single one of those moments is a negotiation. With only 5 minutes a day, in less than six months readers will have 155 powerful tactics the world’s top negotiators use to get what they want.
Why should non-business people hone their negotiation skills? Don't people only need to negotiate major purchases like homes and cars?
No. We negotiate constantly – with everyone. It’s true, business professionals and lawyers do spend hours every day negotiating. But kids also play their parents off against each other. Families try to reach consensus on where to vacation. Whether you’re arguing with your spouse, buying a car, or selling a product or a house, you’re negotiating. Here’s the deal: if you’re talking with someone and you want something and they want something – you’re negotiating. It happens millions of times every day in almost every conceivable context. Incredibly, though, few have ever learned the strategies and techniques of effective negotiation. Even fewer have mastered them. That’s where Pearls of Negotiation Wisdom comes in. It’s based on the latest research and experiences of the most successful negotiators – in a wide variety of contexts. And it lays out a practical strategic template you can use in every negotiation.
What do people who negotiate for a living, like lawyers and salespeople, gain by studying your "5 Golden Rules"?
Two points. One, I know beyond a shadow of a doubt that there’s always more to learn about negotiation. That one new strategy or tactic they gain from this book may make the difference between their walking away a winner and leaving empty-handed. The margin of difference can be infinitesimal, yet the ramifications are often huge. Two, experience does not equal expertise. I have worked with some of the most experienced and successful business professionals and lawyers in the world – and few started out with any real strategic and comprehensive framework for their negotiations. And huge issues were at stake.
What are some of the best ways for people to gather information when entering into a negotiation?
Say you enter a negotiation with zero or negative leverage. How can you "level the playing field" to secure a beneficial outcome? Is it all relative?
What advice do you have for people who hate to negotiate?
Treat it like a game. Don’t take it personally. And study it so you will be able to recognize what’s being done and why. Knowledge of the process will increase your comfort level and your ability to get what you want. Negotiation is a part of life. Like any life skill, you can improve it with understanding, knowledge and practice. Make no mistake: Everyone can improve his or her negotiation skills. Each negotiation presents unique and challenging situations no matter what your level of experience or expertise. Yet common strategies and tactics underlie success in almost every negotiation. Pearls of Negotiation Wisdom will familiarize you with the latest and most common negotiation strategies and tactics. Next time you see them in action, you will know how to respond and will be more comfortable with the process. Your increased confidence will improve your ability to get what you want.
What are the keys to negotiating a better salary?
This is one of the toughest negotiations you will ever face. Yet it is also one of the most significant. What are the keys to success in salary negotiations? One, don’t wing it. O.K. may be the two most expensive letters in the alphabet because it’s what most people say when offered a raise. Don’t. Resist the urge. Strategically figure out before you’re offered a raise how you want to respond. Perhaps even practice your response with a friend. Two, find the “fairest” standard out there and use it to justify what you want. Research your market value. Ask a human resources expert for his or her opinion of what you should receive. Consider how much profit you made your company in the previous year. Find out applicable precedents and traditions – what your company has provided to others in your position in the past. Finally, when in doubt – don’t start out. Let your employer make the first offer if you’re not sure what you should receive. You may be pleasantly surprised by how they value your services.
How do you handle aggressive negotiation and people’s personalities during a negotiation?
Research their reputation and negotiation personality and find out what has worked against them in the past. Then use this critical strategic information to design your most effective counter. Let me give you an example. Let’s say you’re getting ready to negotiate a new lease on some office space, so you speak to several of the tenants who have recently renewed their leases. In your conversations, you find that the building’s owner is known to adopt a very aggressive negotiation stance at the beginning. But he almost always caves in at the end, especially on the non-rate issues. How should you make use of this information? Stand firm on the issues to the end and make sure you ask for significant concessions on a number of non-rate issues.
Who do you consider to be Master Negotiators in business or politics?
In business, Bob Iger – former Chairman and CEO of Disney and now co-owner of the Los Angeles Lakers. Iger negotiated some incredible business deals with Walt Disney’s nephew, Apple’s Steve Jobs, Star Wars’ creator George Lucas, and always kept his eyes on the ball and knew how achieve his business goals despite the extraordinary egos involved. In politics, former U.S. Senator John McCain. He had rock solid integrity and knew how to effectively work across the aisle to get things done even with people he disagreed with ideologically.
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Testimonials
“Practical. Powerful. And packed with fascinating stories, compelling examples, and proven strategies and negotiation nuggets you can immediately apply to achieve great results in business and in life.”
“Negotiation is art and science. And we can all improve. Devote just five minutes a day to this excellent easy-to-read book and you will walk away every time with one or two of Martin Latz’s Pearls of Negotiation Wisdom. Bottom line: Put these bits of wisdom into practice and you will achieve life-changing negotiation success and close more and better deals!”
“Martin Latz’s Pearls will empower you with the tools and tactics to get terrific results in all negotiations. This incredible investment will pay you dividends for years!”
“What a fantastic resource! I have been litigating cases for over 40 years and have negotiated settlements and deals with some of the world’s most formidable lawyers and business professionals. I wish I had this book when I was starting out. Martin Latz’s Pearls breaks negotiation down to its core elements, uses highly accessible examples, and provides straightforward steps you can take to enhance your negotiation abilities and results, no matter how experienced you are or how skilled your adversary.”
“This is an exceptional book by a person recognized as one of the most significant negotiation experts in the world. Martin Latz has served as a bargaining consultant for many parties, and has taught negotiation skills to over 200,000 lawyers and business leaders. The book contains numerous sections which address important negotiation issues. It provides many examples of specific bargaining interactions that demonstrate the concepts being explored. This book will significantly help readers improve their negotiation capabilities.”
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