Negotiating with Nan Meka, VP Commercial & FP&A at Pet Circle

What’s your career story so far?

I am currently a Vice President in the Finance team at Pet Circle, one of Australia's fastest-growing VC-backed companies made up of 700+ people. My role encompasses building and overseeing the Commercial, FP&A, and Investor Relations teams whilst being an integral member of the senior leadership team.

Prior to this role, I held senior leadership positions in early-stage tech companies with revenues of up to $200M annually. In these roles, I was responsible for designing and implementing financial and operational processes, building teams, and contributing to overall company growth and scalability.

My professional journey began at PwC, Macquarie Bank and KPMG, where I worked in Tax, Audit, and Corporate Finance roles. Subsequently I moved into Corporate Strategy, Ventures, and M&A teams at listed media and gaming technology companies like News Corporation (NASDAQ: NWSA) and Aristocrat (ASX: ALL), focusing on ANZ, US, and EMEA markets. In these roles, I acted as an advisor to the leadership teams and boards and was involved in closing over $3.5 billion in acquisitions and investments.

I am passionate about consumer and product-led companies that tackle hairy problems and I am also an angel investor and a Fellow with Afterwork VC. 

What types of negotiations have you tackled in your career?

• Negotiation for resourcing your team.
• Negotiation for M&A transactions.
• Negotiation for type of exposure of to projects/ work which leads to role/ responsibility progression.
• Negotiation for supplier contracts.
• Negotiation for compensation package.

What do you think defines a great negotiator? How might it differ from the stereotypes?

In pop culture, negotiators are usually shown as rigid, assertive, focused on transactions, and obsessed with minor details. 

However,

the most effective negotiators I've seen are emotionally intelligent, considering both the big picture and fine details.

They use creativity to find solutions that benefit all parties and emphasise cultivating long-term relationships. They don't treat negotiation as a one-time event, but as a crucial step towards building lasting, sustainable partnerships.

What’s your style when you negotiate, and how has it evolved?

I try to move away from transactional style of negotiation to one where I build relationships, learn about the motivations of the players and deeply understand points of leverage which result in upside for both parties.

How do you prepare for a negotiation?

I find the Amazon Working Backwards framework effective and have personally used it to build business cases. It aids in approaching negotiations with a clear mind and customer-centric approach by structuring the plan and documenting key points before entering the negotiation, removing emotional factors.

• Start with the end in mind (The outcome): Clearly define the desired outcome of the negotiation. What are the key terms, conditions, and agreements you aim to achieve? Outline your ideal scenario. 
• Identify the customer (Your stakeholders): In the context of negotiation, consider all stakeholders involved - both internal and external. Understand their needs, motivations, and expectations from the negotiation.
• Write the press release (Craft the narrative): Imagine a future scenario where the negotiation is successful. Write a press release or summary that highlights the agreed-upon terms and how they benefit all parties involved.
• Create the Frequently Asked Questions (FAQs): Anticipate potential questions and concerns that might arise during the negotiation. Develop thoughtful responses to address these questions effectively.
• Define key metrics (Measure success): Establish clear metrics and criteria for measuring the success of the negotiation. What indicators will demonstrate that the negotiation achieved its objectives?
• Work backwards (Plan the steps): Develop a step-by-step plan to achieve the desired negotiation outcome. Consider the sequence of actions, discussions, and concessions necessary to reach the envisioned agreement.
• Establish the narrative and value proposition: Craft a compelling narrative that presents the value you bring to the negotiation. Emphasise how the proposed terms align with the interests and needs of all parties involved.
• Address potential objections: Anticipate objections or concerns the other party may raise and prepare persuasive arguments and solutions to counter these objections effectively.
• Leverage data and information: Gather relevant data, market trends, and industry insights that support your negotiation position. Use this information to bolster your proposals and arguments.
• Seek feedback and iterate: Share your negotiation plan with trusted colleagues or mentors to gather feedback. Revise and refine your approach based on their insights and recommendations.
• Simulate the negotiation: Conduct a mock negotiation or scenario planning exercise to practice your approach, responses, and strategies. This helps you become more comfortable and prepared for the real negotiation.
• Remain adaptable and flexible: While working backwards provides a structured approach, remain adaptable to unforeseen circumstances during the negotiation. Be ready to pivot and adjust your strategy as needed.

How do you react to surprises & unexpected developments in a negotiation?

I like to anticipate any frequently asked questions that could possibly come up. Using the Working Backwards framework helps me to identify these in advance and prepare potential responses.

In the heat of the negotiation, I will seek to clarify and ask questions to understand the context, motives, or implications behind the unexpected development. This will help to form a more informed response.

In cases where you need to quickly reassess your negotiation strategy and goals in light of the new information, determine if any adjustments are needed to align with the unexpected development while still being a slave to your desired outcomes.

What are some common negotiation mistakes you see in action?

Some of the types of mistakes I have either been a culprit of or been exposed to:

• "Negotiation tunnel vision" - Becoming overly fixated on a specific outcome or term, losing sight of the overall objectives and potential for alternative solutions.
• "Over-reliance on technology" - Over-relying on digital communication without considering the importance of face-to-face interactions or personal rapport, potentially leading to misunderstandings.
• "Fuzzy math fallacy" - Misrepresenting or manipulating numerical data or calculations to support your proposals, risking the credibility of the negotiation.
• "Negotiation burnout" - Pushing negotiations beyond reasonable limits, causing fatigue and a drop in decision-making quality, leading to suboptimal agreements.
• "Option overload" - Presenting a multitude of options or proposals simultaneously, overwhelming the other party and hindering focused decision-making.

What other advice would you give to people learning to negotiate for themselves?

Have awareness and if in the moment you can observe the negotiation going sideways, make sure you pause and buy yourself time. 

Practice, practice, practice! Try to do a retro post a negotiation and where possible collect feedback from others to understand areas to improve on.

Negotiation is more art than science, so find out what works for you and leverage your unique style. 

What about if they’re negotiating for something bigger than yourself e.g. your organisation?

The same principles apply as if you are negotiating on your behalf.

Are there any resources you’d like to recommend?

I would recommend reading Amazon’s “Working Backwards” to aid in building a holistic business case for an executive, business audience. It can be applied personally too.

A crowd favourite and one of my earlier reads covering negotiation is “Never split the difference” by a former FBI negotiator. The book emphasises the importance of emotional intelligence in negotiation, providing guidance on understanding and influencing human behaviour during negotiations. There are also tangible takeaways so you can apply them immediately.