Page 64 - How To Get Rich

quickly and move forward in unexpected ways—unexpected to the other
party as well as to myself. That’s one reason I find negotiating exciting.
Perhaps because I’m a Gemini, I believe there is a duality to
negotiating. You have to balance reason with passion. Reason keeps you

open. Passion keeps your adrenaline going.
Before you begin any negotiation, write down your objectives. Then
try to anticipate what the other side might want. Find a way of talking
about the deal and setting up parameters that will keep either of you from
getting locked into an impossible position.
Know what you want, bottom line, but keep it to yourself until a
strategically necessary moment. Once all of the issues are on the table,

you’ll have a better approach to navigating your way to your desired
solution.

Make Sure Both Sides Come Out Winning
InThe Art of the Deal, I described how I acquired the Hilton property
in Atlantic City, now known as Trump Marina, for $320 million. It was the

biggest gamble of my career at the time, and it became front page news
because the property was also sought by Steve Wynn, the largest casino
owner in Las Vegas, who launched a hostile takeover bid before Hilton
chose me as its white knight.
I like all of my Atlantic City hotels, but Trump Marina is where I
prefer to stay when I’m in town, because acquiring this property was a
victory to savor. It reminds me of an essential negotiating skill: Let

everyone come out a winner. There was no rancor in this triumph.
There was drama, however—especially when Steve Wynn got
involved. It became a competition of heavy hitters, and I loved every
minute of it. I’ll bet Steve did, too. To this day, we are good friends.
Interestingly enough, we are now both fodder for an HBO movie in

development about Atlantic City. I got a copy of the script and it takes
plenty of shots at me and Steve. It is highly inaccurate.
Steve, in essence, provided a catalyst for both the Hiltons and myself
to get what we wanted. Was Steve the loser? No. I got the property I
wanted, but Steve is thriving. The battle for the property enlarged his
reputation and probably helped him move on to even bigger deals.
If the HBO movie ever makes it to the small screen, don’t believe what
you see. You’ll get a better view of reality from other TV shows on the air.