Reflective memos (Analysing your own Negotiation)

Windham Negotiation- Barkley Representative

Barkley Representative: Sameeksha Nath - Group 18

Abbott Property Representative: Parul Shukla - Group 17

Since when we as a group representing Barkely contacted the other group assigned with
Parcel B for negotiation, they have already completed the sale so our and Group 17 were both
keen to complete the deal because we didn't have many options in the end other than to pull
out.

What did you do well?

I have clearly defined my procedural goals at the start of the negotiations. I was very specific
with the target saying: I want to make a purchase at max of 1,500,000 along with seller
financing of half of the amount and rest half to be paid at interest rate of prime+1 within 10
years.

We discussed about the cluster law and Abbott Executor tried to increase the price by
showing the benefits of Cluster law but I didn’t agree to pay a premium for development
rights that probably never will materialize

What did you not do well? What will you do differently next time and why? Overall
how do you feel about the process? And about the outcome?

After clearly hearing the offerings from the executive of Abbott Property in terms of 75 acres
land and construction of old farmhouse with barn on it and all the surroundings factor, I made
an offer for negotiate at the starting price of 1,450,000.

We made the final offer at 15,00,000 with the payment of 8,00,000 in the form of cash and
other half in the form of down payment for 10 years with the interest rate of prime+1 (5.75%)

Since I had Abbott as only buyer of property, I didn’t have much option to negotiate as I have
to close the deal so that I can gain some value out of it.

At start, I tried to not reveal the fact that Abbott is the only buyer option I had but eventually
it became clear to each other

I feel that the process was quite smooth and with the mutual understanding with the
other party, we were able to reach on the same common grounds.

I would not only focus on one approach the next time, but I would also look for more
BATNAs to achieve a successful offer. This will take some time, but it will help me strive to
make more money.
• Reflect critically on your choices and actions.

Opening statement made by Abbott representative was a price close to the range of
18,00,000.

• Apply the relevant concepts dealt with in class and integrate it with your experience in
the negotiation

The kind of negotiation I dealt was of cooperative type of negotiation. It was really smooth
and not at all aggressive as we were well aware of the fact that we don’t have any alternative
and want to negotiate in order to gain value out of it. No one tried to attack on the weakness
of each other.