Dealcraft: Insights from Great Negotiators

While we’re in-between Dealcraft seasons, we’re sharing an episode of Managing the Future of Work, the chart-topping and critically-acclaimed podcast from Harvard Business School. Each episode, HBS professors Bill Kerr and Joe Fuller talk to CEOs, technologists and experts grappling with the forces (like automation and demographic shifts) that are reshaping the nature of work. You’ll hear thought-provoking conversations with notable guests, including IBM’s Chief Human Resources Officer Nickle LaMoreaux on how Big Blue is adopting AI, and LinkedIn’s SVP and Chief People Officer Teuila Hanson on workforce diversity. In this specific episode, co-hosts Bill Kerr and Joe Fuller sit down to discuss the business logic behind supporting caregivers in the workforce – which is also the subject of Joe’s latest report. What’s more, they explore how employers can benefit by remapping their talent strategies to match the realities of workers with caregiving responsibilities.  To listen to other episodes, follow Managing the Future of Work here: https://link.chtbl.com/wsPtH4wH?sid=Dealcraft

In the final episode of Season One of Dealcraft: Insights from the World's Great Negotiators, I’ll offer you several fresh negotiation insights plus a look back over the dealmakers and diplomats from whom we've heard during these last twelve weeks. Each of these negotiators has given us a master class in one or more of the “dimensions” that make up the “3D Negotiation” framework that David Lax and I have developed over the last three decades: Setup: the moves “away from the table” designed to ensure the most  promising possible situation “at the table” for realizing your target agreement; Deal design: the art and science of crafting agreements that unlock value, financial and non-financial, ideally on a sustainable basis; and, Tactics: the persuasive and problem solving actions you take directly with your counterpart(s) “at the table,” whether physical or virtual. I start this episode with insights that draw on our interviews with Colin Powell. I then loosely organize a number of actions from Season 1 into setup, deal design, and tactical groups.  Among many other brief examples, I’ll draw on John Branca’s negotiations to buy the Beatles catalog, Des Stolar's beyond-thorough preparations for Shark Tank and dealing with Mark Cuban, Steve Schwarzman's hardball negotiations in Hong Kong, and Tommy Koh's remarkable elegant balance of spontaneity, patience, and drive that led to the U.S. Singapore Free Trade Agreement. While hardly comprehensive, I hope this look back will spur useful recollections. Host: Jim Sebenius Co-Producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate Materials courtesy of the Great Negotiator Award Program at the Program on Negotiation at Harvard Law School, and the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

Sadly, Colin Powell is best remembered in many quarters for deploying his immense personal prestige in giving what became his infamous speech at the United Nations. This speech purported to reveal evidence that Iraq had weapons of mass destruction, thereby building support for the disastrous U.S. invasion of that country.  Powell did not want to give this speech on the rushed timetable demanded by President George W. Bush along with neoconservatives Vice President Dick Cheney and others. Having “lost” this timing negotiation with the president, the die was cast.  We probe this episode for insight into how a more sophisticated approach to his “negotiation” with the president might have led to a very different outcome, in the process seeking to extract positive lessons from painful negotiating failures. About Dealcraft Host: Jim Sebenius Co-Producers: Alex Green & Avery Moore Kloss Outreach: Podglomerate Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

In 2015, before a rapt Harvard audience, Colin Powell recounted his poignant and incredible life story and career with me and my colleagues Bob Mnookin and Nick Burns. Interwoven into his remarkable accounts were lessons drawn from profound success and deep failure in negotiation. In this week's episode of Dealcraft: Insights from the World's Great Negotiators, I share three short examples of success from these conversations with Powell:   Dealing with Vladimir Putin over the Anti-Ballistic Missile Treaty Negotiating with the Chinese government in a tense incident over the release of the crew of a U.S. spy plane that crash-landed on a Chinese island Mediating an impending conflict between Spain and Morocco that threatened to escalate into a confrontation between the EU and the Arab League   Via these three examples, I extract a number of best practices for successful dealmaking, negotiation, dispute resolution, and leadership, gleaned from Powell’s distinguished 40-year career in the military and State Department. In the weeks to come, I will continue to explore these rich, powerful, and sometimes painful stories of negotiation from my time interviewing Secretary Powell.   About Dealcraft   For decades, I've practiced, researched, advised high-level clients, and taught effective approaches to complex negotiations. These experiences led me to create Dealcraft. I welcome you to join me as I interview some of the world’s greatest dealmakers and diplomats to share fascinating deal stories and distill practical insights for listeners to apply in their own toughest negotiations. You’ll find a 3-minute trailer and fuller description of Dealcraft’s first season here.   Host: James K. Sebenius Co-Producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate   Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

When facing any negotiating counterpart, especially a very tough one, it is wise to learn as much as possible about their background, likely approach, and tactics that can turn the interaction to your advantage.  This episode uses Vladimir Putin as a prototypical hardball opponent and shows just how much one can usefully learn by speaking with others who have extensively and personally negotiated with this challenging Russian leader. Via interviews with former U.S. Secretaries of State Colin Powell, Condoleezza Rice, Hillary Clinton, John Kerry, and Rex Tillerson (who also carried out many negotiations with Putin when Tillerson was a top ExxonMobil executive), this episode gives valuable insights into dealing effectively with Putin, but more generally demonstrates a key element of preparation for tough deals.    For further reading and information:   3-D Negotiation: Powerful Tools to Change the Game in Your Most Important Deals by David Lax and James K. Sebenius Playbook for Negotiators in the Social Media Era Negotiating with Vladimir Putin by James K. Sebenius and Robert Mnookin The Man Without a Face by Masha Gessen Mr. Putin by Fiona Hill Putin’s People by Catherine Belton The Road to Unfreedom by Timothy Snyder From Cold War to Hot Peace by Michael McFaul Putin’s People by Ann Applebaum Winter is Coming by Garry Kasparov   Host: Jim Sebenius Co-producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate   Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

John Branca was tasked by his client, Michael Jackson, to buy the Beatles’ catalog. Jackson’s instructions: “under any circumstances, do not lose this catalog, but do not overpay and don’t over-negotiate.” To pull this off, Branca was soon embroiled in a fierce competition against record companies and individuals such as Richard Branson who also craved this musical prize. Ultimately, John Branca must negotiate with its then-owner, ruthless Australian billionaire, Robert Holmes á Court, who frequently made reference to how the clever North Vietnamese bested the vastly stronger Americans.  Via tactics that have broader implications for other negotiators, Branca was able to pull off this deal for a much lower price than offered by others and parlay it into an unprecedentedly lucrative joint venture for Jackson with Sony. About the Podcast: From Disney’s acquisition of Pixar, to trade agreements with China, pivotal Blackstone deals, and the peaceful end of apartheid in South Africa, landmark agreements are often spearheaded by savvy negotiators who employ winning strategies and tactics.  I’m Jim Sebenius, your host for Dealcraft. For decades, I've practiced, researched, advised high-level clients,  and taught effective approaches to complex negotiations.  These experiences led me to create Dealcraft.  I welcome you to join me each week as I share fascinating deal stories and distill practical insights for listeners to apply in their own toughest negotiations. Host: Jim Sebenius Co-Producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

One of Singapore’s top diplomats, Ambassador Tommy Koh, has negotiated countless tricky issues during his illustrious career. This episode focuses on his role as Singapore’s chief negotiator in successfully crafting a free trade deal—via a complex “negotiation campaign”—with the United States. This agreement was especially challenging since Koh pulled it off over the opposition of the then-U.S. Secretary of State and the National Security Advisor.

While the hallmark of the first episode with Steve Schwarzman involved his probing deeper interests and forging creative solutions, this episode draws lessons from several negotiations in which Schwarzman either played hardball or was the target of hardball tactics. Broader lessons on handling such moves derive from how Steve dealt with these challenges. This week's episode is based on four Harvard Business School Case studies by Dealcraft host Jim Sebenius which can be found here: James K. Sebenius, and Alex Green. "Steve Schwarzman on Dealmaking I: “Becoming a ‘Friend of the Situation’” (A)." Harvard Business School Case 922-005, November 2021. View Details; (B) Case Harvard Business School Supplement 922-006, November 2021. View Details "Steve Schwarzman on Dealmaking II: When They Hold All the Cards (A)." Harvard Business School Case 922-007, November 2021. View Details; (B)." Harvard Business School Supplement 922-008, November 2021. View Details About Dealcraft: With an ear for memorable deal stories, Harvard Business School professor and renowned negotiation expert Jim Sebenius interviews many of the world’s greatest dealmakers and diplomats about their most challenging negotiations. From each episode, Jim extracts useful insights and lessons to help listeners with their toughest deals and disputes. Host and Producer: Jim Sebenius Co-Producer: Alex Green Co-Producer: Avery Moore Kloss Media and Outreach: Podglomerate Materials courtesy of the Great Negotiator Award Program at the Program on Negotiation at Harvard Law School. Copyright © President and Fellows of Harvard College.   Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

Fresh out of Harvard Business School, entrepreneur Desirée Stolar and her co-founder must negotiate equity splits and a tricky manufacturing deal before they are unexpectedly chosen for Shark Tank.  They must prepare carefully—the numbers, the very different “sharks’” personalities, and the high-profile process—and ultimately receive an investment offer from Mark Cuban, after which some very unexpected negotiating twists and turns ensue. About the Podcast: From Disney’s acquisition of Pixar, to trade agreements with China, pivotal Blackstone deals, and the peaceful end of apartheid in South Africa, landmark agreements are often spearheaded by savvy negotiators who employ winning strategies and tactics.  I’m Jim Sebenius, your host for Dealcraft. For decades, I've practiced, researched, advised high-level clients,  and taught effective approaches to complex negotiations. These experiences led me to create Dealcraft. I welcome you to join me each week as I share fascinating deal stories and distill practical insights for listeners to apply in their own toughest negotiations. Host: Jim Sebenius Co-Producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate Materials courtesy of the Great Negotiator Award Program at the Program on Negotiation at Harvard Law School. Copyright © President and Fellows of Harvard College.   Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.

While today’s Blackstone is a financial behemoth with over a trillion dollars under management, this episode takes us back to the days when the firm was a fragile startup and each deal had a make-or-break character.  In interviews with Steve Schwarzman, Blackstone’s co-founder, chairman, and CEO, this episode recounts several deals and analyzes them for their broader lessons in which Schwarzman needed to probe for the real interests of the parties and craft very creative solutions in order to succeed.  About the Podcast: From Disney’s acquisition of Pixar, to trade agreements with China, pivotal Blackstone deals, and the peaceful end of apartheid in South Africa, landmark agreements are often spearheaded by savvy negotiators who employ winning strategies and tactics.  I’m Jim Sebenius, your host for Dealcraft. For decades, I've practiced, researched, advised high-level clients,  and taught effective approaches to complex negotiations.  These experiences led me to create Dealcraft.  I welcome you to join me each week as I share fascinating deal stories and distill practical insights for listeners to apply in their own toughest negotiations. Host: Jim Sebenius Co-Producers: Alex Green and Avery Moore Kloss Outreach: Podglomerate   Materials courtesy of the Great Negotiator Award Program at the Program on Negotiation at Harvard Law School. Copyright © President and Fellows of Harvard College.   Materials courtesy of the American Secretaries of State Program, a joint effort of the Program on Negotiation at Harvard Law School, the Program on the Future of Diplomacy at Harvard Kennedy School, and Harvard Business School. Copyright © President and Fellows of Harvard College.