Element Bars is a company that makes personalized energy bars. The entrepreneur - Jonathans -intial offer to the sharks was 150 k for 15% equity. Even after the first Shark is out the entreprenuer doesnt give up and still answers his doubts and questions then he follows with telling the sharks about his features and benefits. Daymond (one of the sharks) makes the comment "the first person to name a price losses" which means basically that you shouldnt put up a number first because you need to see what others are willing to pay for first. Johnathan put up to big of a number for the amount of equity he was asking for, but when Daymond was about to decline he let them know that he was willing to neogatiate which in turn lead to Daymond offering 150 k for 75% equity of his company and Kevin H offering 150 k for 100% equity and a 4 % royalty to Jonathan. Jonathan considered the offer but wasn't willing to give up that much equity and countered to Daymonds offer with 20% equity; Daymond refused and was out. Jonathan was left with one shark (Kevin H) whose offer was still up, Johnathan told him that he was not willing to make the deal because he wasnt able to give up all that equity he told him that he wasnt willing to go over 50%. Kevin H countered with the same offer but for only 35%, Johanthan countered again saying that he was only willing to give up 25%. Kevin H gave him his final offer meeting halfway at 30% equity, Johanthan then accepted the deal.
Some Key Negotiation Skills Johanthan used:
1. Doesn't give up - explain counter offer
2. features/ benefits
3. first person to name a price losses
4. Force others to make offer
5. meet in the middle
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