So, what does knowing when to stop eating hotdogs have to do with knowing your walkaway point?

You see, whenever you buy or sell something or try to influence others with your ideas, you need to have a walkaway point. That’s the point, at which an agreement on whatever you’re talking about no longer suits you. In other words, the cons outweigh the pros.

This is what happened to Joey Chestnut.

Who is Joey Chestnut? He is the reigning hotdog-eating champion of the world. That’s right.

Nathan’s has created a fan-favorite event on July 4th for eating as many hotdogs as you can, including buns, in 10 minutes. Joey Chestnut has become a fan-favorite and won that event 16 times. He has broken all kinds of records, including the Guinness Book of World Records.

In fact, he broke Nathan’s record by eating 72 hotdogs one year. So why did Nathan’s suddenly end the relationship? Simple: They reached their walkaway point.

You see, Nathan’s created this event; it was a big part of their brand. They could not live with Joey Chestnut going with a competitive brand at the same time. They needed exclusivity. That was their walkaway point. It really surprised Joey Chestnut, his managers, and the world. But Nathan’s reached it.

Now, I’m not saying that they won’t come back together again to reach a compromise. But what I am saying is you have to have your walkaway points identified before you start a negotiation. If you don’t, it is a good possibility that you’ll enter into an agreement that may not suit you the best.

If you want to find out what someone’s walkaway point is before you actually start the conversation, simply ask them, “What is your list of non-negotiables?”

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