A potential partner wants to work with your business. The opportunity looks promising, and both sides are ready to discuss the terms. Before the meeting, however, your leadership team needs to agree on what it is prepared to offer and what it needs in return.
That can be harder than it sounds. Your commercial team may want to move quickly, while operations is concerned about capacity. A commitment that looks attractive in the meeting could put pressure on the people expected to deliver it.
Wave Advisory’s senior strategic counsel and negotiation support address the preparation behind these conversations. We support leaders in examining their priorities, understanding the people involved and developing a position they can explain and sustain.
Agree on what matters before discussing terms
Imagine a company negotiating a long-term partnership with a regional distributor. The distributor wants exclusive rights, while the company wants access to new customers without restricting its future growth.
Before entering the discussion, leaders need to establish what a worthwhile agreement would achieve. They also need to identify which commitments require more consideration and where they have room to adapt.
Exclusivity, for example, raises questions about geography, duration and performance. The company should understand what it would gain in exchange and what happens if the partnership does not produce the expected results.
Wave Advisory supports leaders in making these priorities and trade-offs clear before they become decisions made under pressure.
Understand what is driving the other side
A request can have more than one explanation. The distributor may want exclusivity because it expects to invest in local staff, promotion and customer relationships. Understanding that concern creates a more useful discussion about how both parties can make the investment worthwhile.
Preparation should separate what is known from what is assumed. Previous conversations, relevant research and knowledge of the organisations involved can inform that assessment. Questions that remain unanswered should be taken into the negotiation.
Wave Advisory brings stakeholder understanding and experienced judgement to this work, supporting leaders in considering the interests and constraints behind a stated position.
Prepare options your business can deliver
Leaders need to understand the practical consequences of the options they discuss.
A narrower territory, a limited initial period or an arrangement reviewed against agreed performance could each provide a basis for discussion. Their suitability depends on the business, the relationship and what both sides can realistically undertake.
The internal team should agree on who can approve a revised proposal and which questions need to return for further review. This gives the person leading the negotiation a clear understanding of their authority.
Rehearse the difficult parts of the conversation
Preparation also involves explaining the position clearly and responding when it is challenged.
Why is the proposed scope appropriate? What evidence supports the expectations? How would the business respond if the other party asked for a larger commitment?
Wave Advisory’s communications expertise can support leaders in preparing those explanations and testing whether their reasoning holds up under questioning. A well-prepared leader should also be comfortable identifying an issue that needs further consideration.
Our role is to support the strategic choices, relationships and conversations behind the negotiation. The aim is a clear, considered position and a practical understanding of what an agreement would require.
Explore Wave Advisory to discuss preparation for your next important negotiation.