So this month we have been talking a lot about negotiation involving deals for record contracts, artist management, and reality TV shows. Going through the different types of negotiation criteria’s I thought it would be interesting if I talked to someone I knew that does this in their everyday job. So I called up my friend Mr. Thomas, he is a lawyer that does a lot of work in the entertainment industry. He has work on a couple of projects for some of my friends, so I decided to ask him a few questions for myself to get a better understanding of this whole negotiations and deal making class.
The first question I ask was what negotiation techniques do you use when you negotiate contracts for you clients? “I am a fairly sensible man, so I usually stick to the traditional side of negotiating. I find it easier to go with treating each other as equal, that way no one is above the other. When I negotiate contracts for my clients, I make sure I know exactly what they want and what they are looking for out of the deal, that way everyone goes home happy.” Well it seems everyone has there own way of negotiating deals. Whether it is playing hardball to wait for the other person to crack first, or going in saying your piece and hopefully walking out with what you were expecting to get. Another question I ask was how do you work a negotiation with a company when you have other offers on the table? “When I have other offers on the table, what I do is meet up with each company to see what they are offering my clients. Once I know which direction my client want to go in, I pick the top two my client want and I begin negotiating what is needed from the deal. Only when I am not getting the response I want from the deal will I throw up the other companies offers. I want them to know we want to work with them, but there are other options as well. That way it allows the company to see that they could miss out on a great opportunity.”
Speaking with Mr. Thomas help me see that when it comes to negotiating it is only hard when you make it hard. Everyone has different strategy and you have to figure out what yours is. I think I have figure out how good negotiator gets the deals. Now it is time that I get out there and put what I learn to use.
