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Setting and Enforcing Limits

Q: Which quote from the Texas billionaire Nelson Bunker is important to the negotiater?

'There is always another deal around the corner.' Poor negotiators tend to attach themselves to the notion that they must close every negotiation with a purchase or sale. Good negotiators, on the other hand, often walk away. Walking away from a bad deal is just as important - maybe more important - than closing a good deal.

4 important questions on Setting and Enforcing Limits

Why is setting limits worth the effort?

People who consistently make bad deals usually don't set limits before the negotiation starts. They don't know when to walk away. You must know your limits and know how to enforce them. Knowing that you're prepared to walk away gives you the strength and confidence to be firm, even if the other party isn't aware of your limits or your ability to enforce them.

Which quote from the Texas billionaire Nelson Bunker is important to the negotiater?

"There is always another deal around the corner."

Poor negotiators tend to attach themselves to the notion that they must close every negotiation with a purchase or sale. Good negotiators, on the other hand, often walk away. Walking away from a bad deal is just as important - maybe more important - than closing a good deal.

What are the two incentives to walk away from a bad deal?

You aren't stuck with the headache, financial stress, or other difficulties associated with the bad deal.
One of your competitors will end up with the job, while you are off chasing the good job, the profitable job, the job with the clients who are easy to work with.