Read Mike Lander’s article Lessons Learned Negotiating with Hollywood Sharks.

Here are a few of the insights that came out of the interview:

• Trust needs to be earnt, not simply given

• For bigger deals, get a strong commercial lawyer on your side from the outset

• You’ve got to drive the deal and set the deadlines, and mean it when the time expires

• Confidence is absolutely fundamental in negotiations. Without it, your counterparty will use it to their advantage, and they will come out better off

• You’ve got to have a BATNA that is realistic, palatable and executable

• Understand the power of fear, uncertainty, doubt and greed. You have to find out what’s motivating the other side, not just their overt demands

• The ‘stoney-faced’ counterparty isn’t always bad news