How do you overcome partnership negotiation objections?

The word "no" can be a tough pill to swallow. An objection is an explicit expression by a buyer that a barrier exists between the current situation and what needs to be satisfied before partnering with you. To overcome this, I usually ask my team to follow the steps: a) Take time to Listen to the objection fully b) Don't react defensively or overreact c) Ignore any negative emotions d) Stay focussed on the conversation e) Understand the Partner's concern without any bias or anticipation When you react too quickly, you risk making assumptions about the objection.

Understand that when in a partnership, no one by itself decides for everyone else. Many of the objections I have met with partners have been based on the incorrect form of presenting proposals for change. When all partners are respected equally, heard, and allowed to place their views on partnerships decisions, you obtain a better outcome. One important factor is to understand that people listen and comprehend at different timings. Expecting immediate answers, and full acceptance of one's plans by others is unrealistic. Provide information and don't assume everyone already knows of all the facts.

Listen carefully. Identify common ground and common goals to work from. Sometimes the differences are within an acceptable range and if so there is opportunity to work toward mutual benefit. Conditions and incentives can be built in for performance that are mutually beneficial as well, with an eye toward longevity and growth. Knowing the dynamics of the partners and industry nuances can greatly enhance a partnership or new business deal instead of derailing it. How executives each view the situation, including management style, may also play a role in the overall deal. Transactionally, there may be opportunities for surplus line insurance for specialized situations as well. Consult with a lawyer licensed in your jurisdiction on specifics.

To overcome partnership negotiation obstacles, focus on active listening, finding common ground, and proposing win-win solutions. Address concerns collaboratively to build a mutually beneficial agreement.

Also, in addressing the objection, comprehend that other partners may then see that information differently and even if they did not object initially, you may also open the door for others to object. Be prepared that objections are not only their right, but that they may also be correct.

This is a very important point. You entered a partnership because of a reason. Common success. This is a moving a target. Success is also very relative to others.

Do your homework. People cannot read minds. Present facts and sources. Be ready to understand and accept that they may be incorrect.

Always consider that being in a partnership is not the same as being a sole business owner or sole practitioner. You cede absolute control for the common good. Sometimes many decisions that are not of one's liking may actually be good decisions.