
Three things I know: taking over the family business
How many times did I secretly wish for my father to leave the business and leave me the sole “Queen” on board? Ten years later, I cannot imagine working without him by...
by George Kohlrieser Published November 14, 2024 in Brain Circuits • 3 min read
Despite its transformative potential, concession-making can be problematic. Ego, pride, competitiveness, short-termism, and entrenched positions can all wreck attempts to find common ground. So, always keep the following principles in mind when considering how and when to make concessions.
Sometimes you may need to sacrifice a short-term aim in favor of a more important objective, so always keep the big picture in mind when negotiating concessions – there’s no point winning the battle and losing the war!
Making concessions often involves letting go of rigid attachments to personal positions in favor of achieving mutual goals. This can be challenging, as people are inherently tribal, which acts as an impediment to open-minded collaboration. Even when confronted by others’ stubbornness, stay flexible – it’s infectious.
There are certain situations when it’s ill-advised to make concessions. For example, never make any that compromise your core principles or values. And, if the other party has a history of dishonesty or untrustworthiness, be wary. Trust is critical in negotiations and your concessions may not be reciprocated. Equally, be cautious about making hasty concessions where you aren’t given the time to think through the consequences of your decisions.
Making concessions does not signify defeat but is a sign of strength and a bridge to understanding. Successful leaders recognize the strategic strength in making concessions, understanding that achieving common goals is more important than winning ego battles.
Distinguished Professor of Leadership and Organizational Behaviour at IMD
Professor of Leadership and Organizational Behavior at IMD and Director of the High Performance Leadership program, the Advanced High Performance Leadership program, and the Inspirational Leadership program. He serves as a consultant to several global companies including Accenture, Amer Sports, Borealis, Cisco, Coca-Cola, HP, Hitachi, IBM, IFC, Jaeger-LeCoultre, Morgan Stanley, Motorola, NASA, Navis, Nestlé, Nokia, Pictet, Rio Tinto, Roche, Santander, Swarovski, Sara Lee, Tetra Pak, Toyota, and UBS.
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