Negotiation

Advice from Hugh McColl:

1) Price is there but its about the positions of directors and board members
2) What can we afford? What does it take to get there?

Tactis:

1) Don't let get Investment Bankers get in between the party
2) Wonder of it all approach: try to figure out what is in for everyone
3) Deal with everything about what they care (price, pride, people, etc.)
4) Don't include an offer
5) Sit next to people not across people (except for lunch and dinner)
6) Use less hostile language
7) Use artifacts (like a baseball hat) to make a negotiation special and to "pitch"

Give and Take

1) Gave up chairmanship title to other and give him the same salary! (= keeps pride)
2) Don't give up CEO
3) Give up all other titles (=costs nothing) but keep the CEO - this removes a barrier
4) Kee Surviving, Control and Profitability
5) If they want higher price then they have to give up something, e.g. have to find more earinings in the target
6) One always has to give up board seats. Have criterias in place for replacement.
7) Grow board members like accordeon but then shrink over time again.
8) Board always grew with more and more mergers