Page 32 -

Build W ealth—My W a y

I remember negotiating with someone I didn’t like very much, which put
an invisible wall between us. Then I discovered that he was an avid golfer,
like me. Suddenly we had something to talk about that we both enjoyed.
Negotiations went much better after that. Comedians know how to play to
their audience, so do the best public speakers. Learn from them.
Businesspeople see me as a master negotiator because I usually wind up
with what I am aiming to get. I negotiate to win, and then I win. From the
outside looking in, it looks simple, but I spend a lot of time preparing for any
negotiation.
The first step is knowing exactly what you want. Be clear about your own

goals. Then know what the other side wants. Now give that some thought.
Whether you’re in baseball or in business, you’ve got to know the strengths
and weaknesses of your opponents to negotiate effectively. No two teams or
companies are exactly the same.
Don’t rely on generalizations. Find out for yourself.
For example, when I was hoping to acquire 40 Wall Street, I learned as
much as I could about the Hinneberg family, who owned the building. Inter-
ested buyers, including me, were told to deal with the family’s agent. But I

wanted to know the Hinnebergs personally, to figure out what they wanted. If
you want the truth, go to the source. So I flew to Germany and met with

them. I told them I would turn their property into a fi rst-class offi ce building.
Then I outlined my plans, step by step. I was prepared, and it showed. It also
landed me the deal. That’s how deals get done.
Negotiating isn’t about calling all the shots—it’s about ability: the power
to convince people to accept your ideas. Present your ideas in a way that
won’t intimidate them. Let them think the decision is theirs. Bulldozing
people into accepting your ideas is a recipe for disaster.
I walked into one deal with an aggressive plan in my head, but had to
change my strategy when I met the individual in charge, who came from a
prominent family. He was insecure and unassuming, not at all the powerhouse
type I had expected. So I immediately started thinking how I could build up
his esteem enough to get him into the negotiating arena. I could tell that he
would walk away to avoid confrontation. I gained his confidence by building

up his self-esteem.

Sometimes, you have to be a psychologist to figure out the best approach.
Sometimes you have to be stubborn. Sometimes you have to be a chameleon
and change your mind. What I’m saying is: Don’t limit yourself.
Learn to balance passion with reason; you need both to negotiate suc-
cessfully. Passion gets your adrenaline going, but reason keeps you on track.

9

8/23/07 2:59:59 PM
c01.indd 9
c01.indd 9 8/23/07 2:59:59 PM