BATNA Stands for Best Alternative to a Negotiated Agreement - Accounting and Finance Assignment Help

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The acronym BATNA stands for Best Alternative to a Negotiated Agreement.
According to the authors of the book Getting to Yes, your BATNA or Best Alternative to a Negotiated Agreement is the “standard against which any proposed agreement should be measured.” It is the course of action or fallback position that a party to a negotiation will adopt if the discussions fail and no agreement can be reached. The stronger the alternatives or BATNA, the more leverage a party to a negotiation has in accepting or declining the deal. If you have a strong BATNA, you can walk away from the deal and still have a sound alternative to fall back on.

For example, when a large company such as Walmart seeks new products for its inventory, it enters into negotiations with interested companies having a strong BATNA itself. Walmart has many businesses competing for its shelf space. If Walmart cannot close a deal with any one of those companies, several others are waiting to do business with them. Owing to its strong BATNA, Walmart also has the ability to seek concessions from prospective distributors.

Conversely, in 2003, the City of Fort Worth was seeking a hotel developer to come into the downtown area to build a hotel on three parking lots adjacent to the then newly constructed convention center. After months of putting a plan together and soliciting bids from hotel developers, only one developer expressed a realistic interest in building a convention center hotel. Fort Worth’s BATNA, therefore, was not very strong. In entering into negotiations with that one developer (Omni Hotels and Resorts), it either had to be successful in closing a deal or face the likelihood that it would be years before a hotel would become a reality. No other viable developers were waiting to be considered. Fort Worth’s fallback position was weak and walking away from a deal was hardly an alternative since it would be left without a hotel and with the three parking lots it was offering as part of any hotel deal. The City leaders wanted a hotel, not three empty parking lots. Negotiations successfully concluded in 2005 and the Omni Convention Center Hotel opened its doors in 2009.

Determining your BATNA is an extremely important process in preparing for a negotiation. In their book, Getting to Yes, Fisher et al. say that "If you have not thought carefully about what you will do if you fail to reach an agreement, you are negotiating with your eyes closed" (2011).  See the discussion related to the term BATNA on,page 15 from your textbook Negotiation.  

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