Recently you and your brother and sister inherited the estate of an aunt who lived in Chicago. All three of you loved your aunt, but even though you all lived in the same city, you had not kept in contact in recent years due to career and family obligations. Your aunt's last will and testament requires that the three of you divide her assets any way that you can agree upon within 30 days of her death. However, if you fail to provide her attorney with a written agreement within the 30 days, all of her assets will be given to just one sibling - this has been predetermined but you don't know which one of your siblings or even if you have been selected. The estate consists of the following: (1) about $320,000 in cash and Certificates of Deposit; (2) a 2004 Lincoln Town Car; (3) two houses, valued at $360,000 and $525,000; (4) all of the furnishings of both houses; (5) an art collection valued at $250,000; (6) season tickets to the Chicago Cubs (behind the home dugout); and (7) a large box containing family photos and slides. The three of you are meeting in six days to negotiate a settlement. In preparation, ask yourself the following skills questions:
1. What are your Interests (in order of importance)
2. What are the other side's interests (in order of importance)
3. What is your BANTA (where do you stand if the deal falls through?)
4. What do you believe is other sides' BANTA?
5. Assign a value to your BANTA. This is like the exercises on estimating value, come up with a quantifiable estimate and show your work
6. How can you improve your BANTA?
7. How can you make the other side's BANTA less attractive?
8. What packages (bundles of options) can you offer that will meet the other sided interest as well as yours?
9. What is your reservation price?