Can You Walk Away?

There’s an old Kenny Rogers song called “The Gambler” with lyrics that say:

“You got to know when to hold ‘em, know when to fold ‘em,

know when to walk away, and know when to run.”

When negotiating with a prospect or client there will be times when you need to just walk away.  Frequently it will be a deal that you want so bad you can taste it, but the other person probably knows how important the deal is to you and so he is going to wring ever penny, and every extra benefit out of you that he can.  In the end you will have made a very bad deal simply because you wanted the sale, (or whatever), too much.

In any negotiation you must always be willing to walk away from the table.

Sometimes the other party will call you back, and sometimes they won’t; but being willing to walk away is critical.  Yes, you will lose out at times, but the cost of entering a bad deal is deadly and it is always better to stay out of bad deals . . . regardless of how desperate you are.

The more desperate you are the harder it is to walk away, and the other side knows that and will use it to their advantage.  If they want more and more in exchange for whatever they are offering, then you aren’t being treated fairly and it’s time to terminate the negotiations.

Walking away from a deal that you really really want is one of the most difficult things to do, but once you have done it you will know that it was the right thing to do.

So how do you extricate yourself and walk away?  You stand up, offer your hand and say something to the effect of “I’m sorry, but this just does not look like an agreement that I am going to feel comfortable with.”  (Or words to that effect.)

Some will shake your hand and let you walk out the door; others will soften their position and ask what you need to make it work; and some will get indignant and throw a hissy-fit. 

With the first two reactions you might be able at some point to work out an agreement with them.  Maybe not right away, but at some point in the future.  The last example demonstrates that it was good you walked away, clearly he was not the professional you thought.  Be glad you found out now and not after the contract has been signed.

Walking away isn’t easy, but sometimes it is your best option.

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