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Exercise 1: Heirs To An Estate

1898 words - 8 pages

Exercise 1: HEIRS TO AN ESTATE

Skill 2-1: Recognize that before next week’s meeting, preparation is critical to success, and usually includes identifying all tangible and intangible issues that will be of interest to all parties, and then prioritizing those issues, making sure to include some throwaway issues. What preparations do you need to make before the meeting?
Preparation is first stage of negotiation process which starts with defining the key goals which means -what are the person’s expectations from the negotiation process? Also person involved in Negotiation process during preparation he should decide his or her BATNA- Best Alternative To a Negotiated Agreement. Identifying key ...view middle of the document...

3- How the responsibility of selling the house, selling the car, selling art collection will be divided between three of us?
4- The cost which will be associated with the selling process; how that cost would be adjusted?
Set Priorities
During the preparation stage items should be categorized according to priority. There are four levels in which a person can categorize items these levels are: 1- Essential Items, 2- Important Items, 3- Desirable Items, and 4- Throwaway Items (Carrell, Heavrin, 2007).
Essential items Weight
A-House 2 valued $525,000 30
B- Cash and certificates worth $325,000 25
Important items
C- An art collection valued $250,000 15
D- House 1 valued $360,000 20
Desirable items
E- All of the furnishings of both houses 05
F- 2004 Lincoln Town car 05
Throwaway items
G- Season tickets to the Chicago Cubs 00
H- A large box containing family photos and slides 00
After defining issues, set priorities to the issues and framed them a convincing argument should be developed. Research done by Deborah Kolb and Judith Williams on negotiation experience with more than 300 executive shows that developing support argument is necessary but not sufficient condition for adequate preparation (Carrell, Heavrin, 2007).
Skill 2-2: Should you propose the three of you begin negotiation by adopting ground rules that address the “5 Ws”? Also consider the setting –where should you meet?
Ground rules are the rules of conduct defined to resolve conflict in a process such as negotiation, mediation, arbitration, or consensus-building. Ground rules also made so that each party listed each other views carefully and they must treat each other with respect and Honor. Ground rules also defined about which topic should be discussed and which not (Ground rules are the rules of conduct…, n.d.).
Adaptation of ground rules makes negotiation more effective and smooth. If at the later stages of negotiation something goes odd then we can point out on the...

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