Mastering Financial Negotiations

Mastering Financial Negotiations

Euromoney Training
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Every year millions of dollars change hands on mergers, acquisitions, joint ventures, alliances, management buyouts, share issues and financial restructuring. The high stakes, extreme time pressure and psychological stress involved in these negotiations can and does cause mistakes, misunderstandings and destroy potential deals. These deadlocks and stifled opportunities, can and do result in money being left on the table. This Euromoney Training course aims to provide insights into the methods adopted by outstanding negotiators with the aim that you will learn to reduce your risk of failure whilst at the same time greatly enhancing the potential of signing mutually beneficial agreements. How …

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Every year millions of dollars change hands on mergers, acquisitions, joint ventures, alliances, management buyouts, share issues and financial restructuring. The high stakes, extreme time pressure and psychological stress involved in these negotiations can and does cause mistakes, misunderstandings and destroy potential deals. These deadlocks and stifled opportunities, can and do result in money being left on the table. This Euromoney Training course aims to provide insights into the methods adopted by outstanding negotiators with the aim that you will learn to reduce your risk of failure whilst at the same time greatly enhancing the potential of signing mutually beneficial agreements. How will this course assist you? A 3-day high-level negotiation course for senior managers in banking and finance, you will: Gain insight into the key psychological principles involved in achieving win/win financial negotiations Discover a simple powerful seven-step method for planning financial negotiations Learn how to use the power of suggestion to set a positive tone for face-to-face meetings Acquire a 'toolbox' of tried and tested skills to break deadlocks Understand the 'dirty tricks' used by unscrupulous negotiators and how to deal with them Who should attend? Investment Bankers, Project Financiers and Syndicators Traders and Sales Directors / Managers Board Directors Heads of Business divisions Business Development Executives M&A Strategic Planning Executives Lawyers, Corporate Financiers and Consultants Methodology This highly practical and accessible 3-day course will reveal the secrets of successful negotiation in financial markets. Using research from the fields of social psychology and Neuro Linguistic Programming (NLP) Lectures, case studies and practical exercises will enhance your skills to make an immediate impact on your business dealings.
Day 1 Values and integrity in a negotiation Understanding how the party’s behaviour and actions during a deal is driven by their underlying patterns of motivation. Being aware of our own core values and having a sense of the other side’s mind-set is crucial to interpreting what is happening during the deal and to presenting a sincere and professional ‘face’ to our negotiation partner. The hierarchy of negotiation The ‘zero sum’ fallacy Values alignment, self confidence and psychological congruence Ten fundamental principles of effective negotiation Pairs exercise: Values alignment exercise Persuasion strategies ‘Social compliance’ is the ability to get our negotiation partner to agree to a proposal as a result of the way that it is presented or explained, rather than on the basis of the content alone. A set of tools designed to influence the other side into saying “yes” to our requests. These tools will later be applied to the planning and the face-to-face meeting process. The power of friendship People do things for people they like and who they believe are ‘on their side’. By acting in a cooperative manner we can persuade people to make far more concessions and to be much more open. The three components of liking Mirroring values (the power of empathy) Bonding through ‘small talk’ Reading body language to assess the other party’s reactions Summarising to create rapport Hierarchy of ideas to generate understanding and cooperation Pairs exercise: Practising question skills to develop a hierarchy of ideas The reciprocity principle There is a strong inbuilt desire in human beings to repay a debt. This ‘debt’ can take the form of matching a concession that we make or reciprocating a ‘favour’ that we do for the other party. Formulating trades using conditional language The Three Step Assesrive Technique Tag questions Pairs exercise: Formulating and presenting possible trades Scarcity People are more anxious to have things that they think are rare or are in short supply; as opposed to those things they think are plentiful and easy to come by. This means that by focusing our negotiation partner on what they might lose we can increase our chances of doing a deal. Negative Consequences Pattern Unique Sales Propositions Pairs exercise: Developing negative consequences patterns The power of expertise These ‘tools’ are concerned with demonstrating our technical authority and expertise in a particular area because people are naturally inclined to believe what an expert tells them. The Self Introduction Template Trust Builder Technique Pairs exercise: Conducting self-introduction drills Pairs exercise: Role-play using the Trust Builder Technique Commitment & Consistency People like to act in a way that is logically consistent with their previously stated arguments and commitments. By encouraging people to take small steps in a particular direction we can lead them to agree to proposals that match those public commitments. Behaviour labelling Directional language Pairs exercise: Gaining commitment with behaviour labelling Social proof Our negotiation partner will feel inclined to accept our suggestions if they feel that our solutions are tried and tested. Demonstrating that an option or proposal is something that many people have adopted leads to the greater likelihood of them buying into it. The Case Study Method The Feel/Felt/Found objection handling method Pairs exercise: Practising the Feel/Felt/Found objection handling method Day 2 The Seven Step negotiation planning process Successful deal making involves thinking through all the key issues before we get to the negotiation table. Proper planning and preparation in advance of a face-to-face meeting can make sure that we are ready, willing and able to handle each topic as it arises. • Setting clear outcomes • Putting yourself in the other person’s shoes • The power of synergy • Being in charge of your language and where it takes you, both in planning and the actual negotiation session • Batna’s and their role in understanding who has the most power • Identifying the settlement range Case study one: Planning a Loan negotiation between a banker and a corporate client. Developing a team approach and agreeing the meeting format Being aware of how to start the negotiation before arriving at the actual meeting. Key team roles and how to assign them Developing credibility Setting the tone in advance of the meeting (understanding the power of suggestion) Getting the agenda approved Introducing our team to the other side Case study one: Getting the agenda approved & setting the tone for a Loan negotiation Running the face-to-face meeting Using the information developed in the planning phase and the key persuasion strategies to manage the face-to-face session in a way that maintains momentum and control. Understanding the issues Making proposals Receiving proposals When and how to close Capturing the details of the deal and keeping control of the paperwork Case study one: Conducting a Loan negotiation Case study two: Putting it all together Planning and running a meeting to deal with a negotiation concerning an acquisition Day 3 Handling ‘dirty tricks’ Understanding some of the more common ‘dirty tricks’ and gambits that are used by unscrupulous negotiators. Assessing how the persuasion strategies can be used to defend against manipulation. The psychology of tricks and ploys Common gambits explained Counter measures Group exercise: Sharing scenarios and discussing solutions Case study: Dealing with a ‘dirty trick’ Spotting the ‘deal killers’ Realising the mistakes and behaviours that can destroy a deal, and having a sense of how to avoid them. The six ‘classic’ errors Spotting the warning signs Corrective action Case study: Finding the deal killer and advising on the remedy Breaking deadlocks What to do if the meeting pace becomes slow or grinds to a halt over a particular issue or concern. Two ways to gain more time for thought and reflection Three ways to change their mind Two ways to alter the nature of the negotiation Pairs exercise: Discussing how to apply the tools to ‘real life’ investment banking issues. Exit Strategies Sometimes it becomes apparent that, depsite the best efforts of all those involved in a negotiation, the deal is just not going to happen. When this occurs the skilled negotiator has a number of ways of elegantly bringing matters to a close. Group exercise: Brainstorming possible Exit Strategies Case study three: Deveoping a deeper understanding of the negotiation process: Planning and running a meeting to deal with a negotiation concerning a Rights Issue. Course summary and close
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