Yesterday morning I found myself at Goodwill looking for a sports jacket to purchase that I had donated last week thinking it was a different — and much older– sports jacket that no longer fit me rather than the new sports jacket I bought as a present for myself over Christmas.
I was even willing to “buy back” my sports jacket –but still was going to be shrewd about it. After all, it was Goodwill and I did make the mistake of donating the wrong sports jacket but I was not willing to pay full price and was going to explain to the manager what happened and ask for a discount under the circumstances. I was even going to point out, if I needed to, that I didn’t take a “Donation Receipt” last week to declare a tax deduction when I donated the wrong sports jacket.
This is called “pre- planning” and “postioning” in negotiation strategy and is always important to do in every kind of negotiation. I figured it would probably be on sale for between $60 and $75 dollars but I had decided beforehand that my starting offer to buy back my sportsjacket would be $20 and the absolute most I was willing to pay for it was $40. In negotiating tactics this is called your “anchor price” for beginning a negotiation and your “walk away price” or your “best and final offer” (or BAFO).
I was really pleased with myself that I was remembering all of these important negotiating strategies from a course titled “Negotiations” that I took over a decade ago while pursuing my MBA. And I was grateful I had such a great professor for that class, Dr Tom Byrd at Bellarmine University.
Unfortunately, Dr Byrd never told us to avoid putting ourselves into really stupid negotiating situations like the one I had gotten myself into. That would have been really helpful to me now–even more helpful than all the great negotiating tactics he taught us. I think I’ll suggest Dr Byrd include this pointer about avoiding dumb negotiating situations for his future classes.
As it turned out Goodwill no longer had my sports jacket. But I would have been ready to negotiate adroitly for it if they had. And apparently someone got a really good deal on a nice new sports jacket before I could buy it back at a discounted price applying what I had learned in my Negotiations MBA class.
But to tell you the truth, I now wish I had taken the course in “Bargain Shopping” instead of that silly negotiations course.