Viking Investments Case Study

Facts:
Viking Investments negotiation was based on Pat Olafson (Viking) and Sandy Wood (Wood Crafters) trying to reach an agreement on the loan owed by Sandy ($200,000), the rent ($10,000) and the over-run ($250,000) for the job done. There were four members involved: Chelsea'an (Pat’s Lawyer), Kesha (Pat Olafson), Destiny (Sandy’s Lawyer) and myself (Sandy).
Preparation for the negotiation took around forty minutes. The contract was breached by us (Wood Crafters) and there was no supporting document. Our options were bankruptcy or selling the house. The opening offer was made by Viking. Wood Crafters could see that Viking felt that they had the power/rights which led to the distributive approach. Initially, Viking was pushing for Wood Crafters to pay the over-run, the loan and the rent but Wood Crafters pushed against it. Wood Crafters argument was that the over-run project was approved by Viking secretary, therefore, Wood Crafters offer was to file a bankruptcy which believed to be the best option at the time. By filing a bankruptcy, Viking would not be

I feel that Viking was using the loan and the rent as a leverage and knew exactly that I had limited options. Another huge mistake that I have done is the breach of contract. I should have asked for something in writing from the secretary prior to proceeding “If it is not documented – it never happened”. This is a lesson learned for me.

Goals:
In the future, I would try to have a strong and always try to enhance the BATNA. Also, based on my counterparties approach, I will try to respond to the hard tactics appropriately, Call them on it; Respond in Kind; ignore them and Offer to Change the Methods. I will ensure that I have done my research and I am well prepared prior to the negotiations. I would try to look for ways which could lead to a win-win situation for both parties