Negotiation

If you have ever traveled to a vibrant City in South East Asia you will have most certainly been approached by a street vendor selling “branded’ watches offering you a Rolex for $20. These guys are great negotiators – when – you show any interest. My first business trip to Hong Kong, over 30 years ago, introduced to me the great art of street-negotiation.

One of my biggest as well as riskiest ventures in the 80’s involved a series of negotiating deals over a 6-week period. I had good motivation: if I did not succeed I was ‘dead in the water’ from a business perspective. I had initially negotiated a large portfolio of property that included a cinema housed in the Former Town Hall, a hotel, and dozens of properties with sitting tenants and shops.

The portfolio had been built up by a tough former ‘traveler’ who had been forced to sell due to another deal he was involved with turning sour. I negotiated the finance – well at least the deposit of 10% as I was confident that I could back to back some of the deals contemporaneously (sell the contracts on at the same time as I completed). Because of my knowledge of the portfolio vendor’s situation I tried to negotiate accordingly – wanting an even better deal than first offered – by attempting to use that knowledge...

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