Lifetime Business Relationships

IT IS THE SAME in almost any business. You begin working with a company or an individual, usually at a lower level, and over time, that business relationship can grow into one of the most important parts of your financial and personal life.

Gerard Nierenberg, a past master at professional negotiating, once said the purpose of negotiation is “to reach an agreement such that all parties have their needs satisfied to the degree that they are internally motivated to fulfill their commitments and to enter into subsequent negotiations and transactions with the same party.”

Let us break down this definition into its constituent parts. First, “to reach an agreement …” means that the purpose of an ongoing negotiation ...

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