The Deal — Know your walk-away before you talk

Every negotiation has two hidden numbers: the worst deal each side would still take. Where those two overlap is the only zone where agreement is possible, and outside it no amount of talking helps. The strongest position is not confidence or volume. It is having a real alternative if this deal collapses.

• Work out your alternative first. If this falls through, what exactly will you do instead? That answer, not your nerve, sets the lowest offer worth accepting.
• Ask about interests, not positions. Two people fighting over one orange may discover that one wants the juice and the other wants the peel.