175. Who Sets the First Number in a Negotiation?

Is it more important to set an actual price when you're negotiating a deal, or to control the terms on which a price is to be set? When James was selling his first company, he ended up with millions less than he anticipated because the other party tipped the scales in their favor. Now, James uses this same technique in his own favor when he's sitting at the negotiating table. Learn more about this technique and how Stephen crowdsourced the asking price of his house on today's Question of the Day.This episode is sponsored by Warby Parker.