Viking Investments Learning Journal
The Viking negotiation was quite tasking in the sense that it was tough to try to figure out a solution because both sides were in a bad situation financially, and the amount of options to solve the problem were very limited. From the beginning we just talked about the scenario in a open, friendly way to see what each side had to say about the situation. We discussed each problem at hand and what each side wanted, so we had some idea of what kind of solution we could try to come up with. When we found out that the things we wanted would not be able to yield a pleasant solution for any party. I knew at this point someone would have to compromise in a big way to come up with a plausible solution.
The Viking Investments simulation presented a reality of many negotiations about money owed: It is beneficial for both sides to come to an agreement and avoid any legal situations. In this case, Pat(Harsha) and Sandy (me) had a contractual agreement for materials and services rendered, however through miscommunication an upgrade was performed on the materials without Pat's personal approval. In order for this negotiation to be successful, Pat and I had to get past the petty arguments of who "screwed" up and who is legally responsible for the events leading up to this negotiation. If we continued debating the merits of one another’s positions, we would have ended up in court, I would have declared bankrupt and Pat would have ended up receiving a much lower percentage of the owed amount.
Fortunately, both sides realized this and the negotiation went smoothly. I knew we would work something out when we both decided to work together. Both Pat and I focused on the numbers of the agreement, and how we could work/pay off Sandy’s debt, while still allowing WoodCrafters to flourish, and Viking Investment to continue its future expansion goals. We did find an...