Texoil Case

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Texoil Case

Strategy and Goals

After reading the situation that I, as the station manager, was in I developed two motivating factors. First, there was the tangible factor of receiving enough money to realize my dream. Second, there was the motivation to distance myself and my wife from the life that had drained our physical and emotional health. I realized at that moment that these two motivations were not necessarily compatible with each other, and that I was going to be forced to decide the relevant importance of each somewhere in the negotiation.

Before I even started the negotiation I determined that I must receive the money that I needed, which turned out to be a big mistake that tunneled my vision onto the final outcome. I inadvertently then limited myself to two possible outcomes 1) sell for more than $50K; or ) don't sell and wait for another offer. I determined that receiving the money was a more important consideration than the intangible motivation described earlier. Essentially, I decided that my BATNA was to walk away from any deal if I didn't receive at least $50K. It was also made easier by the assumption that I would not conduct future business with the Texoil Company.Do my essay on Texoil Case CHEAP !

Because I felt that time was running against me, and I had few if any alternatives, I believed that I did not have the leverage in this situation. Therefore, I decided that the best strategy was to undertake a collaborative style of negotiating (as described on page of Lewicki). It was my intention to declare understanding for my counterpart's concerns and concede some points to create this collaborative atmosphere. In this atmosphere I would be able to build a win-win relationship. Unfortunately, the way I framed the negotiation and handled the emotional process of negotiating resulted in failure.

Framing the Negotiation

My frame was based on an outcome. As described in Essentials of Negotiation (Lewicki), I had a specific, preferred outcome that I was bent on achieving. I had rationalized the value of the service station given the information we had at our disposal. A new station would cost at least $650K, there were no other owner-operator stations in the area, and the time required to build a new station would take at least 1-18 months and reduce the potential profits that could be made during that time. Therefore, in my mind there was no reason why this station could be worth less than at least $65K. I had effectively eliminated the thought of alternative solutions. This was perhaps the biggest event that determined the outcome of the entire negotiation. I had failed to increase the bargaining mix by limiting the factors of negotiation.

The situation was compounded by the fact that my counterpart came to the table with the exact same frame as I had. The Texoil representative was basing his performance solely on an outcome basis. This essentially made the negotiation a distributive negotiation, in which whatever the other party would gain one party conceded. During the negotiation both of us focused entirely on receiving the set price we had determined before the negotiation began. My original plan of a collaborative negotiation was gone, and we were now searching for a middle ground where both of us could receive our predetermined goals. Since there was no Zone of Agreement, not surprisingly the demands from each party were unattainable and the negotiation ended in a deadlock.

Emotions in the Negotiation

At many times during the negotiation it became a game of who could win a point using facts given or assumed. It became a verbal battle of who could make the most valid points about his stance. At the beginning of the negotiation we were both very cordial and listened to the other intently. As our positions became more solidified, the cordiality quickly disappeared. We both talked at the same time, trying to get the other to listen to our viewpoint. This was the other major factor that doomed our negotiation. We both became emotional about the lack of understanding from the other party and thus eliminated the necessary communication that could have lead to an agreement that could satisfy both parties.

For my part, I abstained from disclosing any information about my personal reasons for selling the station, believing that it might hurt my bargaining position if my counterpart knew all of the specifics. I realize now that in this situation, if alternative solutions were to be found, the other party necessarily has to know what your motivations are, at least in general terms. If I were to do the negotiation again, I would have explained my need for a certain amount of capital upfront, as well as some form of security in two years that could reduce the amount of capital I needed now.

Lessons Learned

The biggest lesson I learned from this exercise was that you have to look past the obvious solutions of problems to see if there are alternative solutions that will meet your objectives. This can be very difficult to accomplish if you don't spend the time to understand your counterpart's own needs and his/her ability to meet your needs. I was continually focusing on the end product cash in my hand to satisfy my requirements. In reality cash was only part of my needs. Security was also a big issue that I was quantifying in cash.

Another of my failings in this exercise was not undergoing the process of looking at solutions from my counterpart's perspective. Nowhere in the process of developing a strategy to achieve my goals, did I look at the other party to see how they could satisfy my requirements (other than money). If I would have broken down the ways to receive compensation for the sale of the service station, alternative solutions may have come to mind.

Counterpart Recommendations

I believe that Jackie Wu did a very good job at the beginning of the negotiation. He listened to my sales pitch without much comment, and asked a few probing questions trying to uncover my motivations and goals. Jackie's ability to listen and process information was a clear sign to me that he was gathering ammunition to use in his arguments. While I think Jackie did a good job overall, there were some things that I noticed could be done for Jackie to become a better negotiator. A few of those things are

1. From the beginning of the negotiation, Jackie gave the feeling of being very inflexible. I believe this can lead the opposing negotiator to be inflexible, or leave them with a feeling that Jackie is not going to reciprocate concessions.

. Jackie needs to develop a core strategy and stick to it. There were times during the negotiation where I felt that Jackie was simply rejecting my position instead of developing his own position.

. Like myself, Jackie didn't look for any alternative solutions that could have satisfied both of our goals.

4. I think Jackie might be more effective if he developed a personal rapport with his counterpart before negotiating. If his strategy was to be "all business", then he did a very good job. Otherwise, he might try to make a connection on a more personal level.

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