James Gorman, executive VP, Merrill Lynch’s Global Private Client Group
- Think about negotiations as a way to learn more about your company’s needs and your partner’s capabilities.
- Make it very clear to your partner that negotiations are not the crux of the relationship; they’re just the first step in the formation of a long-term arrangement.
- Ensure that the partnership is not too one-sided, that each partner has as much at stake as the other.
Byron Vielehr, cohead and CTO, Merrill Lynch’s Global Private Client Group
- Get executive sponsorship from the business.
- Take a pragmatic view of the contract you strike. Under- stand that you can’t cover all the situations you’re going to face.
- Make sure you get the organization behind the project. You don’t want people poisoning the well from within.
- Acknowledge problems and successes as they happen.