Dollinger index

Securing Investors and Structuring the Deal 323

interactions, (3) the effect of constituents, (4) the role of third parties, and (5) situation-

al and environmental factors.^32 A sixth factor should be added: timing.

Negotiator Characteristics. Hundreds of studies have been conducted on the charac-

teristics of negotiators and how those characteristics influence the process and outcomes

of negotiations. Despite a great deal of interest in this aspect, there is little credible evi-

dence that personality characteristics have a major impact. Occasionally a single study

reveals, for example, that an internal-locus-of-control individual is more likely to yield a

concession or that a high risk taker is a more competitive bargainer. But overall these

studies are inconclusive and little current research is being done on negotiator character-

istics. Only one individual characteristic plays a significant role—experience.

Experienced negotiators fare better than inexperienced ones.

I. The nature of the relationship:

1. Is this a distributive or integrative bargaining situation?


2. What has been the past negotiating experience with this opponent?


3. What future relationship do I wish to have?
   II. The goals of the negotiation:


4. What are my tangible goals in this negotiation?


5. What are my intangible goals?


6. What are my priorities for the tangible and intangible goals?


7. What do I know about my opponent’s tangible and intangible goals and
   priorities?
   III. The issues:


8. What is the best deal I can make in this negotiation, given all the information I
   have about the situation and the opponents?


9. What terms and conditions represent a “fair deal”?


10. What are my minimum resistance points?


11. How would my opponent answer these same questions? Do I have enough
    information to answer this question? How can I get this information?
    IV. Analysis of the opposition:


12. What are my opponent’s negotiating characteristics, style, and reputation?


13. What are my opponent’s constituents likely to perceive as winning or losing?
    V. Strengths and weaknesses:


14. What are my strengths and weaknesses?


15. What are my opponent’s strengths and weaknesses?


16. Is my opponent aware of my strengths and weaknesses?


17. Is my opponent aware of his or her own strengths and weaknesses?
    VI. The negotiating process:


18. What is my strategy?


19. What climate for the negotiations should I set?


20. How can I get my opponent to follow a similar pattern?


21. What procedural rules should we follow?
    a. Timing
    b. Locations

TABLE 8.8 Guide for Prenegotiation Planning

c. Agenda

SOURCE: Adapted from R. Lewicki and J. Litterer, Negotiations (Homewood, IL: Irwin, 1985): 72-73.