Walk Away from a Bad Deal—Even if it Hurts

Too often, negotiators are so worried about making a deal that they make bad deals. A bad deal is worse than no deal. Learn to walk away from bad deals.

I can hear the voice in your head saying “Terry, that’s easy for you to say, but you don’t understand my situation. Walking away may be easy for you, but I need this deal.” Hey, I know how hard it is to walk away from a deal. I also know how much grief a bad deal will create for you. So forget that voice in your head and walk away from bad deals—even if you cry while walking away.

Let me share a recent experience of my agony while walking away from a bad deal. A major publishing company contacted me about writing a book on conflict resolution. The book was part of a series of business books they publish. I told them I was definitely interested in this project. I sent them an outline for the book and a sample chapter. They liked both and asked me to write the book.

I was ecstatic. Getting a book contract with a major publisher is a big break for a professional speaker, writer, and consultant. My mind enjoyed flights of fantasy as I imagined the book rising to the top of the best seller list. I began to get dollar signs in my eyes.

I was elated until I got the contract in the mail. As I read the contract, depression and concern replaced my elation. Briefly, the contract required me to give the publisher everything while getting little in return. The deal was bad concerning the rights I would give away and the compensation I would receive.

I didn’t know what to do. I want to publish the book but I also want a deal I feel is fair and that I can live with over time. So I contacted people I know who have published books and whose opinions I respect. Every person I talked to about this deal told me two things: (1) getting published by a major publisher is important even if you don’t make money on the deal, and (2) the contract I had in my hands was the worst deal they had ever seen.

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