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'Deal Doing' for Restructuring Professionals

By James H.M. Sprayregen, Jonathan P. Friedland and Colin M. Adams
October 28, 2005

Author's Note: Rather than focusing on a particular legal issue or case, this month I asked a few friends to share some of their thoughts on effective deal making. Whether you're an old pro in the restructuring arena or an apprentice, a mastery of the following principles is essential if your goal is to help bring stakeholders together and make deals happen.

Be Prepared

Your Scout manual was right ' you should always be prepared. And for lawyers, clients and other advisers alike, there is no substitute for doing homework. You can't control whether you're the smartest person in the room, or whether your client has the most leverage, but you are completely in control of who will be the most prepared person in the room. An important part of preparation is knowing all of the strengths and weaknesses of your position, as well as the positions of the other stakeholders. Pre-negotiation pre-paration gives everyone a sense of their goals for the negotiation, and the point beyond which it no longer makes sense to continue negotiating.

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