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Convenience-store leaders are constantly negotiating contracts, whether it be for a new loyalty provider or a new product they’re adding to their sets.
At the 2025 NACS Show, which took place Oct. 14-17 in Chicago, Brian Ferguson, chief marketing officer at EG America; Tiffany Fraley, CEO of InConvenience Inc.; Jeffry Harrison, co-founder and president of St. Louis, Missouri-based software development company Rovertown; and Jay Nelson, founder and CEO at Warwick, Rhode Island-based digital tire inflation machine manufacturer Excel Tire Gauge LLC, shared their best negotiating tips.
Business leaders must be prepared going into a negotiation, according to the panel, which was moderated by Jeff Burrell, vice president of retail engagement, research and education at NACS.
“A negotiation, a business meeting, a relationship is only going to go as well as your preparation,” Ferguson said.
That preparation should include gathering data—both on what’s happening inside and outside of a business—determining what a company hopes to accomplish and what their timeframe is, he said. Westborough, Massachusetts-based EG America has more than 1,460 stores under brands including Cumberland Farms, Fastrac, Kwik Shop and Quik Stop.
“Don’t walk into a negotiation or a business meeting unprepared because you’re usually sitting across from somebody who has over-prepared for the meeting and might even know your data better than you. So preparation is key,” Ferguson said.
Another part of that is internal alignment, said Fraley, who runs The Goods Spot and The Gas Spot convenience-store brands under Chicago-based InConvenience.
“It really is important for [your team] to know what we are trying to do,” she said. “Are we trying to solve a problem? What are we trying to accomplish? And then the people who are actually going to be the ones doing the work, are they on board? Is it something we’re actually able to do? So to get everyone’s buy-in is very important, because otherwise, we’re just setting ourselves up to fail.”
Negotiating is more listening than it is selling, Nelson said.
“When you walk into a room, you want to understand what their pain points are,” he said. “Everybody’s different. So, if you’re understanding what the other party’s problems are, that’s how you’re going to solve their problems.”
This also includes asking follow-up questions.
“If a supplier or vendor, whoever, cannot explain what they do in the simplest terms, do they really know what they’re doing?” Fraley asked.
Also, keep phones and computers away if it’s an in-person meeting, Ferguson said, or eyes on the camera if it’s a virtual meeting.
One thing not to do while negotiating: Don’t be overly aggressive, Harrison said.
“You want to always be closing, but at the same time, you want to make sure you do it in the right fashion and get to know the retailer,” he said.
Also, remember that walking away is always an option if a deal is not a good fit.
“If you’re not feeling the economics of the deal, or the amount of time, and labor and resources you’re going to invest as a supplier,” it’s ok to walk away, he said.
It applies to retailers as well, Harrison said.
“You don’t want to have to switch loyalty companies or app companies, any supplier, you want to be committed long term,” he said.
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Hannah Hammond is executive editor at CSP. She’s been with CSP for more than five years, covering snacks, candy, packaged…
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