The Club PUBlication 02/26/2023

Give and take key in business /&/ Personal  dealings
OUTSWIMMING THE SHARKS
HARVEY MACKAY

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Abraham Lincoln was a man who believed in compromise. According to an old legend, when he was practicing law in Illinois, a farmer asked for Lincoln's help in getting a divorce from his wife.

​Lincoln asked, "What seems to be the trouble?"

"It's our house," said the farmer angrily. "I want to paint it brown, and she wants to paint it white. We got into a big argument about it."

After calming the man down, Lincoln suggested that he go back to his wife and try to work out a compromise. The farmer was very doubtful that any such solution was possible, but he agreed to try. Lincoln told him to come back in four weeks.

After four weeks, the farmer returned to Lincoln's office saying, "There is no need to start proceedings against my wife. We've made up. Compromise is how we did it."

A pleased Lincoln asked, "How did you manage it?"

"Well," said the farmer, "we decided to paint the house white."

Maybe this is why novelist Robert Louis Stevenson said, "Compromise is the best and cheapest lawyer."

I was recently asked how my wife, Carol Ann, and I have managed to stay together for 64 years. I replied that when we got married, we agreed that Carol Ann would make all the minor decisions, and I would make the major decisions.

Luckily, there have never been any major decisions.

All kidding aside, compromise is absolutely vital in both our personal and professional lives. It is the lubricant that keeps the gears of relationships and business dealings moving smoothly. 

Understanding what you want and why you want it is crucial to successful compromise.

It is about knowing your nonnegotiables and being clear about what you are willing to give up. This clarity allows for more effective negotiations and outcomes that are acceptable to all parties involved.

Compromise also facilitates progress and it maintains integrity. It is also important to recognize when not to compromise.

Compromise should never come at the cost of honesty or integrity.

I have found that the most successful compromises I have reached have resulted from face-to-face meetings, where both sides can read the situation clearly. Depending on the importance of the negotiation, it might be best to choose a neutral location, perhaps a restaurant or even a golf course where the atmosphere can be more casual.

Go into the meeting understanding that no one is going to get everything they want. And be prepared to come to a different outcome than you had originally considered.

Each side needs to respectfully listen to the other's concerns and requests. No interruptions, no protests, no questions until it's your turn.

Stay on topic and resist the temptation to bring in other demands that will only confuse the conversation. Review what you heard and put agreements in writing with deadlines or responsibilities as appropriate.

Finally, shake hands or otherwise leave your meeting (or meetings) on a positive note.

Chances are you will be doing business with them, or running in the same circles as them or even merging your companies at some point. Spit out the sour grapes and instead look forward to the fruits of your labor.

Mackay's Moral: Compromise is an attitude, not a pastime.

Harvey Mackay is a Minneapolis businessman. Contact him at 612-378- 6202 or email [email protected].