The Mindset
Walk in knowing you're the prize. They need you more than you need them.
Tactics
Anchor High
Start with an aggressive number. Let them talk you down to where you wanted anyway.
Never Desperate
Always have a BATNA (Best Alternative To Negotiated Agreement).
Time Pressure
Create urgency. "This offer expires Friday."
Walk Away
Be willing to leave the table. Most fold.
Example
I wanted $5M for 10% of my next venture. Started at $10M for 8%. We settled at $6M for 9%.
They think they won. I got more than my target.
This is how winners play.