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Your BATNA... "BATNA" is the acronym for "Best Alternative to a Negotiated Agreement." Basically, your BATNA answers the question: "If we cannot reach an agreement, what do I have?" Yyour BATNA is a tool for telling you when to walk away from a negotiation. If the outcome of the negotiation is not likely to improve your position in the seminar from your BATNA, then you should not proceed with what has been offered to you. It does not make exciting business to be walking away from big oil deals, but knowing when to walk away and then actually walking away are, I feel, important attributes of being successful in business. Don’t let emotion or excitement cloud your judgement—in OilFinancier or in real business. In OilFinancier, you will have three obvious BATNAs when negotiating the terms for drilling a well: (1) you can invest your money in another well with better terms, or (2) buy more oil rights at the going rate or (3) you can wait 10-15 OF days, watch your cash position improve, and see what other opportunities appear. Your BATNA may also depend on your cash position and the undrilled oil rights you hold. Figuring out the BATNA of your fellow financiers may also be helpful in creating a Win-Win agreement. But you would need to understand their interests. |
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