Live 8

This week we completed the online negotiation for live 8. I was the manager of live 8 galleries. I was contacted by the manager of internet development at a company that was interested in proposing a deal to have my domain, live8.org. I said that it was for sale at the right price.

Sharae seemed very hesitant to make the first offer. Therefore, I decided that my aspiration was $1,725,000 to cover the costs of the European expansion and a new website with a domain like www.live8galleries.com or something similar. When Sharae responded, she used an anchoring method by expressing how high the figure was and asked if we could get closer to $500,000. I then decided that I would try for a little more than my reservation price ($566,667). This was my reservation price because I viewed the website as another gallery. If I was going to sell the website, I wanted at least the amount of money it would cost to open a gallery. Since the website that I put together cost a total of $25,000, I thought it would cost about the same to get a new domain name (such as www.live8galleries.com or a play on words that is similar and available). That is how I came to the $600,000 figure that I proposed in response.

Looking back, I wish that I would have probed Sharae for her interests. I think if she would have shared them, we could have created more value by coming to an integrative agreement similar to that of Ben and Emily.