The Easterly is located next to the land purchased by Brims. It is unknown to Brims why the Easterly filed the protest, but it is assumed that either the inn doesn’t want the additional customer traffic from the coffee house or the new building would obstruct a view of the surrounding landscape.
My goal as the negotiator representing Brims was to find out why the Easterly filed the protest and convince the Easterly to either drop the protest or purchase the land from Brims. I prepared for this week’s negotiations by reviewing the sunk costs Brims put into the land versus what it would cost to take the court to trial. Brims spent $100,000 for the land and have incurred additional administrative costs of $10,000. If the protest were taken to court, it would cost an estimated $20,000 in legal fees and could take years to reach a verdict. Therefore, the cost to keep the land and fight the protest was $130,000, plus any missed opportunity costs for delaying the opening of the store. The land was also valued at $150,000, but only if it was used to build...
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... what it is worth. This would have destroyed any future relationships Brims would have with the Easterly and may have tarnished its reputation in the local business community.
As I am improving each week in our exercises, I am noticing a pattern I prefer to use in negotiations. I like to first establish a rapport with my opponent then ask probing questions about the purchase or sale. After both parties divulge some information, I try to place myself in the other person’s shoes so I can gain a better understanding of their motives. Only then will I begin to discuss price. By using this strategy over the past three weeks, I believe I have kept things professional and friendly. That way, if an opening offer or counter offer is not acceptable, I have been able to work with the other person, rather than against them to reach a deal that is beneficial for us both.
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