Why define a walk-away number?
Because it gives you clarity and confidence. Without a minimum, you cannot say no, and you might accept an offer that is too low out of fear or uncertainty. Deciding your walk-away before negotiating keeps you grounded.
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Research market value on Levels.fyi and Glassdoor, define your target and walk-away number, prepare your justification with data and competing offers, and get any offer in writing including all parts before responding.
Because without it, you cannot negotiate effectively. You do not know what is fair, you risk anchoring low, and you cannot justify your ask with data. Research is the foundation of every negotiation.
So you can review all parts carefully, including base, bonus, equity, and benefits, instead of reacting to a verbal number. It also formalizes the offer and prevents misunderstandings later.
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