Contractor Growth Network Lecture with Chris Voss

Introduction

• Host: Logan Shinholster
• Guest: Chris Voss, former FBI hostage negotiator and author of Never Split the Difference: Negotiating As If Your Life Depended On It
• Topic: Strategies for high-stakes negotiation in business and life

Key Points Covered

Mindset for Negotiation

• Importance of curiosity and playfulness
  • Curiosity removes judgment and helps see things better
  • Playfulness creates a positive frame of mind and increases collaboration
• Example: Negotiating a medical bill with a playful tone

Myths Around Negotiation

• Misconception: Be the biggest jerk in the room
• Examples from Donald Trump and aggressive negotiation tactics leading to long-term issues
• Short-term gains vs long-term collaboration

Space Between Yes and No

• Use probing questions like, How am I supposed to do that?
• Shifts conversation from yes/no to problem-solving
• Use collaborative tone to engage in a constructive discussion

High Value Trade vs. Compromise

• Compromise: Blending of different ideas, often leading to suboptimal solutions
  • Example: Wearing one black shoe and one brown shoe
• High Value Trade: Both parties meet their needs through fair trade
• Importance of being collaborative rather than aggressive or greedy

Assessing Proposals and Vendor Selection

• Many proposals do not ensure a better chance of success
• Assess previous relationships and the strength of referrals
• Be mindful of being the “competing bid”
• Use gut instincts to evaluate the likelihood of winning a bid

Negotiating in Family-Run Businesses

• Emotional dynamics are heightened in family businesses
• Importance of listening and making the other party feel heard
• Summarize the other person’s point of view to ensure mutual understanding

New Era of Negotiation

• Use of empathy and emotional intelligence in negotiations
• Integration of neuroscience with negotiation principles
• Movement away from purely academic approaches to emotion-based decision-making

Conclusion

• Importance of evolving negotiation strategies with empathy and emotional intelligence
• Announcement of the New Era of Contracting Virtual Summit on January 24th and 25th