Achieving Greatness In Your Negotatons 1 Confdentil ind - PowerPoint PPT Presentation

Achieving Greatness In Your Negotatons 1 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Achieving Greatness in Your Negotatons Moderitor Speikers Lorenzo Corey Ted Esparza Kupfer Cohen Founding Founder & Senior Principal Principal Partner 2 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

INTRODUCTION 3 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Lorenzo Espirzi is the Chief Executie Ofcer ind Founding Principil of Minhitin West Asset Minigement, where he is responsible for ensuring strict idherence to the frm’s iniestment philosophy, dedicited seriice model ind oierill stritegic iision. With in iniestor-centric mindset, Mr. Espirzi is focused on deliiering i iertcilly integrited orginiziton for clients, pirtners, ind shireholders. Mr. Espirzi is i powerful business driier whose entrepreneuriil instncts ind clirity of iision led to the creiton of multple business stritegies ind new iniestment ideis. Embricing the core iilues of integrity, respect ind honesty, Mr. Espirzi’s eforts ire focused to positon the frm is i leider in the iniestment industry seriing ultri-high net worth clients, fimily ofces, binks, insurince compinies, public ind priiite pension funds in the United Stites ind ibroid. Mr. Espirzi begin his cireer in fninciil seriices it AlliinceBernstein before Lorenzo Esparza joining J.P. Morgin Securites. Actie in his community, Mr. Espirzi is i CEO | Founding Principil member of the New Americi Alliince, the former chiirmin of the boird of Los Angeles’ Cincer Support Community—Benjimin Center, sits on the boird of the Richstone Fimily Center, ind iolunteers it the Chidwick School in Pilos Verdes, Cilifornii. Mr. Espirzi receiied i Bichelor of Arts degree from the Uniiersity of Cilifornii it Sinti Birbiri ind i Juris Doctor degree from Loyoli Liw School it Loyoli Mirymount Uniiersity in Los Angeles. 4 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Corey belieies his role is counselor is to foster business deilings by issessing ind miniging risk, not by restrictng the optons ind opportunites of his clients. His ibility to serie is i trusted idiisor, stritegist, ind deil miker is i rire ind iiluible quility thit his won the respect ind long-term loyilty of his clients. Corey receiied his Juris Doctorite from New York Uniiersity School of Liw in 1985, where he wis i member of the Annuil Suriey of Americin Liw. He wis idmited to the Bir of the Stite of New York in 1986 ind within 6 yeirs hid estiblished his own prictce. He rin thit frm in iirious forms through 2010 when he merged his prictce into Himburger Liw Firm it which he prictced is i pirtner for 5 1/2 yeirs. He lef there to reestiblish his own frm, Kupfer & Associites, PLLC in Miy of 2015. Prior to stirtng his own frm, he wis frst issociited with the New York ofce of Chicigo-bised Seyfirth, Shiw, Fiirweither ind Gerildson working primirily on public oferings, priiite plicements ind leieriged buyout trinsictons ind libor ind employment liw miters. He liter giined extensiie experience in i broider ringe of corporite ind reil estite miters through his issociiton with the New York City liw frm Herrick, Feinstein. Corey S. Kupfer In idditon to EO, Corey his been ictie in miny non-proft ind public interest Founder & Miniging Principil orginizitons. For eximple, he wis i member of the Boird of Directors of Coro New York Leidership Center, in orginiziton dedicited to ciiic inioliement thit triins future leiders in the priiite, public ind non-proft sectors, ind chiired its innuil dinner from 2003 - 2005. He wis i co-founder ind member of the Boird of Directors of 1+1+1=ONE, in orginiziton commited to using irt ind ciiic diilogue for positie sociil chinge in the ireis of rice relitons ind young women’s empowerment. For miny yeirs, he wis i leider of the New York community of The Hunger Project, in orginiziton thit empowers people to end their own hunger. He his ilso proiided pro bono legil seriices to miny other orginizitons. Corey is mirried, triiels extensiiely, golfs poorly ind is in the process of writng his frst book on Authentc Negotitng, which is expected to be published in 2016. 5 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Ted Cohen is i seisoned itorney with broid ind deep experience in signifcint legil ind business miters ifectng compinies, senior executies, iniestors ind other high net worth indiiiduils. A substintil pirt of his more thin 20 yeirs in legil prictce his iniolied representng clients in iniestment trinsictons, including forming ind idiising iniestment pirtnerships, hedge funds ind other pooled iniestment iehicles, ind representng buyers ind sellers in priiite equity trinsictons, mergers ind icquisitons ind securites oferings. His experience includes representng clients in trinsictons inioliing iirious isset clisses including exchinge trided securites, priiite plicements, reil estite ind ilternitie iniestments. Mr. Cohen’s prictce ilso includes representng clients in business litgiton ind irbitritons inioliing i wide iiriety of fninciil ind securites trinsictons, employment miters ind other commerciil disputes. Mr. Cohen belieies thit business litgiton is generilly the contnuiton of fiiled negotitons (iimed it resoliing the miter in dispute)! by other Theodore J. Cohen meins. The objectie is to use business litgiton to ichieie the business goil, whether it triil or, fir more ofen, through setlement. It is critcil to identfy infecton points during Founder & Miniging Pirtner the pendency of litgiton thit cin be used to ichieie the most fiiorible (or leist unfiiorible)! outcome, ind to iioid becoming mired in the litgiton process itself. Mr. Cohen his prictced in liw frms in Los Angeles ind New York ind is i senior executie ind legil ofcer, including seriing is Senior Vice President ind Generil Counsel of The Pilgrim Group, i mutuil fund complex, including iniestment idiiser ind broker-deiler ifliites, with ipproximitely $3 billion under minigement, ind is Executie Vice President ind Assistint Generil Counsel of MGM Communicitons Co., i mult-nitonil entertiinment ind communicitons compiny. 6 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

MAXIMIZING LEVERAGE IN NEGOTIATIONS 7 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

The he Power r of Certainty of Closing  Seller Consideratons  Buyer’s fninciil cipibility – Seller fnincing  Use is leierige:  Price ind idjustments  Conditons to close  Debt terms (fninciil coienints, colliteril, guirintees, reportng, icceleriton)! .  Buyer Consideratons  Cish deil most powerful  History of closing/successful deils  Use to control process  Cish is i teiser 8 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

The he Power r of Emoto tona nal Comm mmitme ment  Seller Consideratons  Scircity – the risk of losing the deil  Use bid process; seek multple interested pirtes  Use is leierige: • Resist exclusiiity • Require comments on drif purchise igreement • Refuse contict with clients/key employees  Buyer Consideratons  Sensitiity to seller concerns (commitment to employees; commitment to clients; contnuing role in the business; contnuiton of the “insttuton”)!  Tiking i personil interest/deieloping i personil relitonship  Get the seller commited to the trinsicton. Iniestments of tme, money ind emotonil iniestment  Get in front of key employees ind clients during due diligence (pre-deil signing)!; mike the fiilure to close with you i fiilure for the seller.  Pre-signing innouncements 9 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Tact ctcs cs to Maxi ximize Leverage .  Buyer Consideratons  Promise the world (within reison)!  Get exclusiiity  Announce the deil – mike it i reility before signing  Use leierige creited to extrict concessions .  Seller Consideratons  Resist exclusiiity  Limit exclusiiity period  Resist eforts to retride  Miintiin indiference  In rising mirket, focus on cost of deliy 10 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners

Key Take Aways  Miximize leierige is i buyer by emphisizing certiinty of close. If deil terms ire igreed this deil will get done ..  Miximize leierige is i seller by creitng risk to buyer thit it miy lose in itrictie icquisiton opportunity ..  Lure the other side into in emotonil commitment to the deil – seeing the deil is done; perceiiing i fiilure to close is i personil fiilure; undermining indiference 11 Confdentil ind Proprietiry-Diti Miy Not be Published, Reproduced or Redistributed without Writen Permission of ECHELON Pirtners