This week on S4N, as whispers of another economic downturn grow louder, Gene dives into the 2008 financial crisis and turns his attention to one of the most pivotal moments in financial history – the collapse of Lehman Brothers. We've talked a lot on S4N about knowing your BATNA and being willing to walk away from a deal – but what if your only option is to get the deal done? What went wrong in the final negotiations to save the firm, and what can we learn from those high-stakes discussions?

Explore the crucial role of decentralizing command in negotiations, especially when the stakes are high. Learn why senior executives, despite their authority, may not always be the best participants in certain talks. Look at why the way you handle information requests can be even more important than the information you're providing. And – examine the delicate balance between pushing the other side too hard and keeping the negotiation moving forward. When you're looking to close a deal and avoid an impasse, how do you manage your approach so that you don't wear down the other party, but still get the results you need?

Remember: negotiation is life.

Mentioned in this episode:

• The Big Short: Inside the Doomsday Machine by Michael Lewis
• Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves by Andrew Ross Sorkin
• One Week, the 1920 film directed by Buster Keaton and Edward F. Cline