Negotiation

More than two decades ago, I proved to be an effective negotiator as the head of sales at a global fund management company. During my senior executive years with well-known global financial institutions, I went through a few major acquisitions and mergers, some being the lead negotiators and others being key players on both the buy and the sell sides. Negotiation is a fascinating mind game that demands effective communication and calmness. On the one hand, while the parties are negotiating on the floor, it requires the ability to pull oneself out for a balcony view to assess the situation. It is also important to understand and appreciate the subtle part of the communication in negotiation.

In the past, I helped fund investment…

To win pension investment mandates from both local and global organizations. I could recall at one time, I was presenting to a Board of an international NGO local operation, and its chairman was the highest rank in the police force. At the end of the presentation, he asked a very challenging question, “So Joseph, are you saying that if we give the pension money to your company, we will be trouble-free?” If I answered “yes”, I would be a liar and not trustworthy; if I answered “no”, it would weaken our pitch. I responded instantly with an eye-opening surprise to everyone. Talk to me if you want to know my answer!

In the past, I helped bank…

To sell its insurance and wealth management operations to a top European financial institution and I was the one who led the integration of the business to the giant. During the process, they required everyone in the company, 300 back-office staff and 1200 sales force, to sign a new contract that embedded terms and conditions that significantly affected their legal rights. I did not think it was fair to the teams in the merge, nor was it a wise move for the buyer. I made a conscious decision to block it and negotiate that with the French giant. After a period of back-and-forth negotiation, I spoke to the regional CEO and convinced him to remove those terms and conditions. The team members signed the new contract within three days. If you are interested in my argument and my plead, talk to me to find out!

In the past, I helped insurer ….

To acquire a sales team from the other competitor. At that period, sales teams were moving from insurers to insurers and paid with a decent joining bonus from the acquirers. The company I
represented did not believe in the practice. With some luck, I was in touch with a mid-size sales team and negotiated the terms for their joining without any upfront bonus. I successfully shifted their perspective from short-term bonuses to long-term career opportunities. They finally moved across and agreed to bear the office rental if they failed to meet the performance target in the initial two years. If you are interested to know why they were willing to move across at less favorable terms, talk to me to learn more.

In the past, I helped Board …

To change their decision to shelve a line of business. That line of business was in red for the past 10 years as it was used as a tactical product to retain the sales force. When the overall sales began to fly, the Board did not want to subsidize the defensive product. Being the leader of the business, I understood the decision of the Board but also worried about the sales momentum we built. The decision could negate all the efforts that we had. We negotiated with the Board with terms and incentives within a specific period to turn that around for a win-win solution. With the right strategy and tackling the issue with great detail, we were able to make a win-win result. Talk to me if you want to know more about the negotiation process.