Blog Assignment 2

What does a handshake mean to you?

A handshake is commonly shared upon greeting, in congratulating, expressing gratitude, and when ways are parted. In sports, it is a way to show good sportsmanship. In business, a handshake is an expression that both parties have come to an agreement. In many cases, it is as action used to covey trust.

Although we often extend our hand without giving much thought, what does it say about you or your recent business transactions?  It is commonly said that your handshake is your word, your bond. Jon M. Huntsman shares in his recent book Winners Never Cheat, a story that illustrates what a handshake means to him.

In 1986, Huntsman decided to sell 40% of a chemical company he owned in order to invest in another company. Negotiations were made with Emerson Kampen, CEO of Great Lakes Chemical Company. Both parties came to an agreement and shook hands over the price of $54Million. Although the negotiations were complete, contracts needed to be written up and paperwork needed to be signed in order to make it official. From the time of the initial meeting until the time when the contract was ready, the value of the stock rose from $54 Million to $250 Million in a matter of days. Upon receiving this information, Emerson asked if they could renegotiate and come to a mutual agreement over a new price. Huntsman simply replied that the price would remain the same and that his Integrity meant more to him than the $200 Million.

We may not be shaking hands over multimillion dollar transactions, However we can learn from this example that our word should mean more to us than any amount of money.