The time to renew your building lease has crept up on you, and there is no additional five-year option. You are certain the landlord wants to keep you, and your biggest fear has been realized. The monthly rate will go up by about $1,000, which is more than you can afford. What do you do?
Unsprisingly, this happens often before I get involved, and this story should never have occurred. I’ll explain later. Instead, I’ll explain a simple negotiation tactic that will work about 50 percent of the time. It’s also a win-win for both parties, even if you have to do more of the bending.
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