Good morning and welcome to The Closer, the newsletter all about deals. Today’s edition is short and sharp — one tactic, backed by research, to help you negotiate smarter. No headlines, no noise — just a Nugget you can deploy by lunchtime.
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REPUTATION
LEVERAGE
Closer Tactic #66 • Deal Psychology
Most people negotiate each deal in isolation.
Smart players leverage their reputation across deals.
The Nugget
Strong reputations create negotiation advantages that compound over time.
Warren Buffett's reputation for fair dealing and long-term partnerships allows Berkshire Hathaway to often skip bidding wars entirely. When Berkshire wanted to acquire BNSF Railway in 2009, their reputation for honoring agreements and not renegotiating led to exclusive negotiations at $100 per share—avoiding a costly auction process that could have driven the price much higher.
How to Deploy
• Invest in reputation-building behaviors even when they cost short-term value
• Reference your track record of fair dealing in current negotiations
• Use reputation to access exclusive opportunities others can't reach
Avoid short-term wins that damage long-term reputation value.
Takeaway
Your reputation is your most valuable negotiation asset—protect and leverage it.
Reply with how reputation has helped (or hurt) you in deals—
we might feature you (and send a mug).
