In the concluding episode of our series on business negotiations, we're going to look at closing the deal.
Success.
The hard work of negotiation has paid off.
You've reached agreement.
Now it's time to close the deal.
In this episode, we'll study skills and language for the final stage of the discussion.
In particular, we'll focus on summarising details, tying up loose ends, reinforcing the relationship and adopting a positive style.
We'll see that the end of talks presents a great opportunity to build stronger partnerships.
In this show, we will look at two short dialogues that demonstrate different styles of negotiation.
In the first, a construction materials supplier Tony, calls his customer Paul, to agree to the terms of a deal.
In the second, a general manager Maxine, calls the owner of another company Peter, to tell him that her board of directors has agreed to buy his company.
As you listen, pay attention to how the deal is closed in both conversations.
What does the supplier, Tony, want to confirm with his customer, Paul?
2.
What kind of positive language do Tony and Paul use at the end of the dialogue to reinforce the relationship?
In the second dialogue, does Maxine say that the board has agreed to Peter's suggested price?
From the conversation does it sound as though Peter will continue to work at his company through the merger.
Good news.
Great.
Head office has agreed to a 10% discount under the conditions we discussed.
Letter of intent, prompt payment.
That's correct.
Though we just want to confirm that the second order is going to be around the same size as the first.
Oh, if anything, bigger.
Great.
I'll have the paperwork sent over later today.
Okay.
Yes, and we'll want to see some samples.
Of course.
Looking forward to working with you.
And please do drop us a line if anything else comes up.
Will do.
The board came back very favourable on the proposal.
That's good news.
So they'd be amenable to the price range we discussed?
That's right.
Of course, we're going to have a lot of details to work out.
Certainly.
And I'd like to help out with it.
I have a personal interest in seeing this through to a successful conclusion.
Definitely.
Your experience and knowledge will be key throughout the transition.
Great.
Well, I really look forward to our further discussions.
We feel the same way.
Everyone thinks this deal is going to be a big winner.
It sounds like both deals are going to go through.
That is... they're going to be completed successfully.
Let's examine the language the participants used to conclude their agreements.
How does a dialogue between Peter and Maxine begin?
The board came back very favourable on the proposal.
Maxine calls Peter to tell him about her board of directors decision.
She says the board came back or returned from discussions very favourably on.
That is, in favour of the proposal to buy Peter's company.
When we close a deal, the first thing we need to do is to announce the good news that we can agree to the other party's terms.
What are some other ways to do this?
It's a deal.
It's settled then.
Good news.
We can accept this offer.
I think this is fair to both sides.
Let's shake hands on it.
Good.
I think we have an agreement.
After Maxine announces that a deal can be made, Peter summarises the most important information to make sure he and Maxine have understood each other clearly.
That's good news.
So they'd be amenable to the price range we discussed?
That's right.
So tells us that Peter is about to start a summary.
Amenable to means able to agree to.
Peter is asking if the board was able to agree to the price range or approximate figure that he suggested.
Now let's take a look at the first dialogue for a moment.
How does Paul, the customer, summarise Tony's terms?
It's even simpler there.
Listen again.
Head office has agreed to a 10% discount under the conditions we discussed.
Letter of intent, prompt payment.
That's correct.
Tony says his head office has agreed to a 10% discount under the conditions we discussed.
Paul wants to confirm these conditions, so he just lists them.
Letter of intent, prompt payment.
Using the word so, as Peter does, or making a list, as Paul does, are two ways of summarizing terms.
Let's review some more phrases we can use to make a summary.
Okay, let's go over everything one last time.
So let's just run through what we discussed again.
Let's confirm the details of our agreement.
I'd just like to make sure that we're all on the same page.
To be on the same page is an idiom that means to have the same understanding.
So both Paul in the construction dialogue and Peter in the company merger dialogue have been careful to confirm the details of their arrangements.
What happens next in their discussions?
Let's listen again to Peter and Maxine.
That's right.
Of course, we're going to have a lot of details to work out certainly, and I'd like to help out with it.
Maxine says we have a lot of details to work out, that is, to arrange.
Here, Maxine is tying up loose ends or dealing with any unresolved points of an agreement.
With Tony and Paul, there are also loose ends to be tied up.
Listen again to how they do it, though we just want to confirm that the second order is going to be around the same size as the first.
Oh, if anything, bigger.
Great.
I'll have the paperwork sent over later today.
Okay.
Yes, and we'll want to see some samples.
Of course.
Paul and Tony have a few points to resolve.
To get a quantity discount.
Paul had promised to place two orders with Tony, one now and one in the future.
Tony wants to confirm that the quantity of the second order will be as large as the first.
Next, Tony promises to send over the paperwork, or contracts.
Finally, Paul requests samples, that is, example products.
Let's now review some further expressions we can use to tie up loose ends at the end of a negotiation.
We just want to confirm that we have agreed on delivery.
There are just a couple of loose ends to tie up.
There are just a few details to mop up.
Let's get together early next week to draft an agreement.
Next, in both dialogues, the participants take this opportunity to reinforce, that is, emphasise and strengthen, their positive relationships.
In the second dialogue, Maxine responds favourably to Peter's suggestion that he should stay involved throughout the merger.
I have a personal interest in seeing this through to a successful conclusion.
Definitely.
Your experience and knowledge will be key throughout the transition.
Peter mentions that he wishes to see the merger through to a successful conclusion.
To see something through means to persist with something, even under tough circumstances.
Maxine flatters Peter.
She says that his experience and knowledge will be key.
That is very important through the transition or change of ownership.
What about Paul and Tony?
How do they reinforce the relationship?
Paul's phrase, looking forward to working with you, is a simple and sincere expression of goodwill.
Tony then asks Paul to drop him a line or contact him if anything else comes up or he has any questions.
This is both an offer of help and a friendly request for more business.
Obviously, reinforcing the relationship is an absolutely critical part of closing the deal.
Reaching agreement is a great opportunity to build stronger rapport or connections with our partners.
Before we move on, let's listen to some more useful phrases that we can use for this purpose.
We really appreciate all the work you've put into making this possible.
Thank you for your support.
We stand to benefit a lot from your experience.
We highly value our partnership and look forward to our future cooperation.
Finally, how did the dialogues finish off?
In both conversations, the participants finish their discussions promptly.
In other words, as soon as they make the agreement, they get out.
At the end of a negotiation, it's usually not a good idea to dwell on or mention negatives, and not a good idea to pick up earlier discussions unnecessarily.
As the old saying goes, if it isn't broken, don't fix it.
In the construction dialogue, Paul simply responds to Tony's request to drop him a line with.
This warm reply ends the conversation on a good note.
In the merger dialogue, Maxine finishes off by making a strongly favourable prediction for the future.
Maxine says everyone thinks the deal is going to be a big winner or a big success.
So we can see how all participants have adopted a positive style to close.
Earlier, we mentioned that the completion of a deal is an opportunity to strengthen relationships.
One important way to build stronger partnerships is to use positive language.
Let's take a look at some more phrases we can use.
We are confident that we can provide you top quality at a good value.
This is the beginning of great things.
We are going to work hard to make this project a success.
We look forward to working with you.
Now it's your turn to practice.
First, let's study reaching agreement.
Imagine you have been in discussions with some potential customers.
Finally, you have negotiated terms that everyone can agree to.
Using the language in the queue, announce the good news.
For example, if you hear, You can say something like, Good news!
I'm happy to say we can accept the offer.
Then the customers will respond by summarising the terms.
For example, they will say, So you are amenable to the price range we discussed?
You should respond positively.
For example, you might say, Definitely.
We really look forward to working with you on this.
Are you ready?
Let's give it a try.
Have an agreement.
That's good to hear.
So a prompt payment discount is no problem?
Fair to both sides.
That's good to hear.
So you can agree to the terms we discussed?
Now let's listen to some example answers.
Of course, there are many possible correct responses.
Have an agreement.
Great.
I think we have an agreement.
That's good to hear.
So a prompt payment discount is no problem?
That's right.
And we are confident that we can provide you top quality and at a good value.
Fair to both sides.
I really think this deal is fair to both sides.
That's good to hear.
So you can agree to the terms we discussed?
Absolutely.
I think this is the beginning of great things.
Okay, now let's practice useful collocations.
You'll hear a series of sentences with a word blanked out or replaced with a beep.
Repeat the whole sentence but say the missing word.
For example, if you hear, So let's just run... what we discussed again.
You will say, So let's just run through what we discussed again.
We'll play an example answer after each exercise.
Are you ready?
Let's begin.
I think he's on the same...
About this as we are.
Answer.
I think he's on the same page about this as we are.
There's just a few loose... to tie up.
Answer.
There's just a few loose ends to tie up.
We won't give up until we... The deal through a successful conclusion.
Answer.
We won't give up until we see the deal through to a successful conclusion.
It sounds like a good plan, but we have a lot of details to... Out.
Answer.
It sounds like a good plan but we have a lot of details to work out.
I'm pretty sure he would be to your price range.
Answer.
I'm pretty sure he would be amenable to your price range.
Remember to check out the study notes.
There you'll find full transcripts, vocabulary explanations and review exercises for this and other episodes.
Also, you can sign up for our Learning Centre to get access to a wide range of quizzes, listening activities and revision questions.
All that's at www.businessenglishpod.com.
Thanks for listening.
See you next time.
Want to get more out of Business English Pod?
Then go to www.businessenglishpod.com and sign up as a premium member.
Premium members can access detailed study notes and the new phrase cast to practice all the useful language we featured today.
