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3-d Negotiation: Powerful Tools to Change the Game in Your Most Important Deals Hardcover – October 1, 2006
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"...a first-rate piece of work. I recommend it highly." -- Peter G. Peterson, Senior Chairman and cofounder, The Blackstone Group
"...the clear and innovative concept has contributed invaluably...to many agreements that are critical to Novartis." -- Daniel Vasella, MD, Chairman and CEO, Novartis AG, Switzerland
"3-D Negotiation is a brilliant and rigorous exposition of key bargaining strategy techniques from two masters of negotiation." -- Paul F. Levy, President and CEO, Beth Israel Deaconess Medical Center
"At last, practical advice on how to overcome obstacles that prevent us from getting to yes." -- Roger Fisher, coauthor of Getting to Yes
"Lax and Sebenius capture what I've seen great deal makers take years to perfect." -- Stephen Friedman, former Chairman and Senior Partner, Goldman Sachs & Co.
From the Back Cover
“Lax and Sebenius capture what I've seen great dealmakers take years to perfect.”
—Stephen Friedman, (former) Chairman and Senior Partner, Goldman Sachs & Co., Chair, President’s Foreign Intelligence Advisory Board.
“. . . a first-rate piece of work. Readers facing tough deals, along with generations of Harvard MBAs and executives, will benefit greatly from this lucid book and its highly relevant case studies. I recommend it highly.”
—Peter G. Peterson, Senior Chairman and cofounder, The Blackstone Group, one of the world’s largest private equity firms.
“I have worked directly with the authors on some of the most challenging negotiations of my career. Their 3-D approach was important in helping to deliver hundreds of millions of pounds of value for shareholders.”
—Philip Yea, CEO, 3i Group plc, a FTSE 100 venture capital and private equity company that has invested more than £26 billion in more than 14,000 businesses.
“. . . the clear and innovative concept of 3-D Negotiation has contributed invaluably . . . to many agreements that are critical to Novartis.”
—Daniel Vasella, MD, Chairman and CEO, Novartis AG, Switzerland
“[The] 3-D approach is in use at many levels of the Estée Lauder Companies with excellent results. This down-to-earth book is packed with striking examples . . .”
—William Lauder, CEO, the Estée Lauder Companies
“At last, practical advice on how to overcome obstacles that prevent us from getting to yes.”
—Roger Fisher, coauthor of Getting to Yes
“3-D Negotiation is a brilliant and rigorous exposition of key bargaining strategy techniques from two masters of negotiation. . . . I have used their advice to great success in the complex health care environment
—Paul F. Levy, CEO, Beth Israel Deaconess Medical Center, Boston
“3-D Negotiation is simply the most sophisticated and practical guide to negotiation ever written. Its many fascinating case studies show you exactly how to apply its powerful method.”
—Mathias Doëpfner, CEO, Axel Springer, one of Europe’s top media companies
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This new third dimension includes, among other things, "acting to ensure the right parties have been involved, in the right sequence, to deal with the right issues that engage the right set of interests, at the right tables, at the right time, under the right expectations, and facing the right consequences of walking away if there is no deal."
Here is real-world example of acting to ensure the right parties and the right sequence: A US firm was looking to establish a joint venture in Mexico and had identified three potential partners (one excellent, one good, and one that barely meets the set criteria). Should this firm start negotiations with the best prospect, and if those negotiations fail, then move to the next, and so on? Or wouldn't it be far better if this US firm makes it known in the industry (in Mexico) that they are looking for a joint venture partner, and induce these three prospects to come to the US firm? Negotiating simultaneously with the three potential partners was indeed better, especially that the US firm set up the negotiation conditions whereby the three Mexican prospects were rushing to compete for the joint venture!
Although this book introduces a third dimension to negotiation, the other two dimensions are also well covered by the authors, with a large number of real-world examples. The second dimension covers designing value-creating deals, including the traditional concept of enlarging the pie, and how to make lasting deals. The first dimension focuses on the tactics at the negotiation table, including problem-solving tactics such as shaping perceptions, setting ambitious target prices, interpersonal skills, cultural empathy, and many other tactics familiar to those who have read traditional negotiation books.
In short, 3-D Negotiation is a welcomed addition to the topic of negotiation, especially due to its strategic approach to negotiations. I particularly like the idea of backward mapping the negotiation process, starting with the desired target or outcome, then mapping all the parties, their interests, no-deal options. I was also intrigued by the authors' philosophy and the 3-D strategy of: "Let them have your way", as well as their concept of "Zone of Possible Agreement".
Although this excellent book is written with important and complex deals in mind, the 3-D approach can be indeed applied to simpler deals and negotiations. In fact, the reader will find a large number of examples of negotiations ranging from the simple ones such as buying a car or a house, to the more complex ones such as negotiations between countries, or among large international organizations.
I happened to be involved in a fairly complex transaction with little strength and few alternatives when I began reading. As I read, I found myself constantly jotting down notes on things to include in my preparations for discussions. As a result, I postponed talks to better prepare for the first meeting and the next. Participants were somewhat surprised to see that there was more to talk about than price and more people and companies that had interests in the outcome.
3D Negotiation is a keeper. I expect I will flip through it again before my next big project.