<b>SOP 25: The Anchor-and-Concession Framework</b>

<b>SOP 25: The Anchor-and-Concession Framework</b>

Negotiate from prepared positions, never from feeling. Set three numbers before the call.

— Walk number: below this you pass, no exceptions. Write it down so you can't move it live.
— Target number: your fair-value estimate from rebuilt P&L.
— Open number: below target, justified by specific findings (not lowballing for sport).

Rules of engagement:
— Every concession buys something: lower price OR earnout OR longer support OR non-compete.
— Trade structure for price: sellers often take a higher total if it's an earnout you only pay if revenue holds.
— Silence after your number is a tool, not awkwardness.

PASS = you closed at/under target with terms that de-risk you. FAIL = you paid your open number — you anchored wrong.

Save this — run it every deal.