review.chicagobooth.edu | A successful negotiation starts with the proper preparation. Chicago Booth's George Wu says negotiators need to give themselves time to prepare, to understand what their objectives are and which are most important to them, and to anticipate what their negotiating counterparts hope to achieve. Also important, says Wu, is understanding the BATNA: the best alternative to a negotiated agreement, essential information for gauging whether or not a negotiated outcome is a positive one.