The nibble is a set of extras introduced after you've agreed. The rules are: be sure there are no loose ends; that halfway through, you ask if there are any extras you need to know about; and if it does happen, you say "No." Be prepared to walk away from the whole thing because they won't walk away over such a small thing and we can't encourage this kind of thing—It's dishonest! In sum, don't do the nibble but do look out for it and, if possible, prevent it.
- As you reach the end of a negotiation,…you can tell that you're close to a deal.…At this point, it's important not to become weak…in your keenness to get it finished.…It's very easy to let a significant chunk…of money slip away at this last stage…and undo all your good work and possibly lose any profit…you were going to make on a contract.…The main way that a chunk of money or any other tradeable…can slip away at the end is by something called The Nibble.…This is where the other person asks for something additional…right at the end.…
And like a fool, you say oh, alright then…because you're just delighted to have gotten…the negotiation over.…You've perhaps got quite a good deal,…so why not give some of it away?…The unexpected thing about The Nibble…is that it happens after you've agreed the deal,…when you would think you're pretty strong.…After all, they can't change it once it's agreed,…can they?…But that's exactly what they do.…For example, you've agreed the price…and the delivery date,…perhaps even shaken hands on it…
- Why we avoid negotiating
- When you should think about negotiating
- Planning your negotiation
- Calculating your opening offer
- Leveraging different negotiation tactics
- How to trade
- Determining if you should walk away
Skill Level Beginner
Negotiating Your Leadership Successwith Elizabeth Robillard1h 20m Intermediate
1. Decide to Negotiate
2. Planning Your Negotiation
3. Opening Offers
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