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Crash Course on Negociations

Rohit Rustagi

MIST was approached by a publically traded spinal instrumentation company, and we are meeting with them soon to discuss development in our device. We really have no experience aside from a few audited Darden classes on negotiations, and would really appreciate if someone could give us or anyone else a crash course on it?

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    Not that I have any experience in medical device negotiations, but my thought is that your first meeting with them should not jump into any negotiations. Considering the complexity of your product, the long timeline, and the fact that this is your first approachee, I would take the first meeting to listen and learn to them, go home to research/think/crunch numbers, and then have a follow-up meeting once you have a clear strategy and goal. 

    Also curious if you have an advisor or someone with more experience who could accompany you (not trying to discredit you but it's better to have a heavy hitter with you). 

  • 0 in reply to Lyon McCandless

    You might also talk to an advisor or other mentor about a range of possibilities to expect.  I find when I talk to a company who may become a partner, it's easier to keep a level head if I have thought about some possibilities beforehand, even if a new possibility is presented I hadn't thought about.  Like says, if you go to Vegas and sit at the Blackjack table, before the next card is drawn, think about what card you want to get (or what you would do with being presented different cards) so you are better prepared to react.  

    But I love what Lyon says -- even if you think about it beforehand, don't go in talking about negotiations.  Just go in for a conversation about what a potential partnership might look like, and what you want out of it. 

    And, don't forget to rock it!

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  • 0 in reply to Lyon McCandless

    You might also talk to an advisor or other mentor about a range of possibilities to expect.  I find when I talk to a company who may become a partner, it's easier to keep a level head if I have thought about some possibilities beforehand, even if a new possibility is presented I hadn't thought about.  Like says, if you go to Vegas and sit at the Blackjack table, before the next card is drawn, think about what card you want to get (or what you would do with being presented different cards) so you are better prepared to react.  

    But I love what Lyon says -- even if you think about it beforehand, don't go in talking about negotiations.  Just go in for a conversation about what a potential partnership might look like, and what you want out of it. 

    And, don't forget to rock it!

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