Establish Your Ground

When you're negotiating, don't forget that the other party needs something you have—otherwise they wouldn't be bargaining with you.

J.P. Morgan once wanted to buy a large Minnesota ore track from John D. Rockefeller. Rockefeller merely sent John D., Jr. around to talk. Morgan asked, "Well, what's your price?" John D., Jr. said, "Mr. Morgan, I think there must be some mistake. I did not come to here to sell. I understood you wished to buy."