The Recipe for Effective Negotiation | Matt Bodnar

Mitch talks with Matt Bodnar about the fine art of negotiation. Matt is a partner at the investment firm, “Fresh Hospitality.” Bodnar joined them after several years at Goldman Sachs. Since coming on board, Matt has sourced and lead the firm’s investment in several restaurants (100+) and vertical farming startups. Listen To The Podcast:                         Let’s do some word association. What do you think of when I say the word, “negotiation” Many think of words like... pressure, coercion and/or manipulation. But my DREAM THINK DO podcast guest Matt Bodnar thinks differently. When you talk about negotiating with Matt, he brings up words like curiosity, understanding and win/win. This approach has made all the difference for Matt.   And… it’s made him very good at the art of negotiation. So much so that he was named in Forbes’ 30 Under 30 list, and the National Restaurant Association called him a “Rising Restaurateur Star.”   Matt is a partner at the investment firm, “Fresh Hospitality.”  Bodnar joined them after several years at Goldman Sachs. Since coming on board, Matt has sourced and lead the firm’s investment in several restaurants (100+) and vertical farming startups. He’s also the co-founder of Fresh Capital, which focuses on commercial real estate investing and development for restaurants. During our conversation, Matt shares his simple, powerful and immediately applicable strategies for negotiation.  You’ll be able to apply these concepts whether you’re putting together a big sale, an important contract… or just trying to navigate next steps with a team member. Listen in… and learn the recipe of effective negotiation.   Plus, comment below and let us know which concepts stood out to you!  I’d love to hear from you! Keep bringing your awesome. Mitch   Here’s the show notes from this week: Summary Nothing much would happen in the world without the art of negotiation. When most people think of negotiation, they think about opposition, coercion, and manipulation. When Matt Bodnar considers negotiation, he thinks about curiosity, understanding, and a win/win. He’s the man to ask, because that’s what he does for a living, and he does it so well. Time-Stamped Show Notes [00:00] Backstory on Bodnar. [02:51] What does Bodnar’s average workday look like? [06:23] No more 14-hour days behind a desk. [07:55] Operating principles for successful negotiations. [13:50] Pre-qualification and why it is important. [24:15] Leveraging, and the willingness to walk away. [30:35] Curiosity, active listening, and seeking to understand the other party. [32:02] Playing hardball doesn’t come easy to everyone. [33:45] Two powerful tools borrowed from The 4 Hour Work Week by Tim Ferriss helped Bodnar to let go of the people-pleasing notion. [35:36] Parting words of wisdom for someone on the cusp of a big negotiation. [37:08] Check out Bodnar’s Podcast, The Science of Success, here: iTunes The Science of Success.   Matt Bodnar: The Art of Negotiation Bodnar’s Backstory After several years at Goldman Sachs, Matt Bodnar moved to the investment firm Fresh Hospitality in 2011. Now a partner, he says his focus is on deal-making, structuring transactions, and strategy. He was named in Forbes’ 30 Under 30 list and the National Restaurant Association called him a “Rising Restaurateur Star”. Restaurant Hospitality Magazine tagged him as a “Strategy Pro”. Bodnar is also the co-founder of Fresh Capital, and their focus is commercial real estate investing and development. Putting the Daily Grind Behind “I consider myself fundamentally an investor,” says Bodnar, who helps to source and lead investments in restaurants and businesses. What does an average work day look like? It turns out there is no typical work day. Every day can be very different, but most of his activity involves “sourcing new investment opportunities, and meeting new people.