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Authentic Business Relationships Authentic Deal-Making Authentic Negotiating Deal-Driven Growth

Dealing With the Potential Risk of Negotiations

This week’s guest, Henry Daas, is a serial entrepreneur, business and financial coach, screenwriter, avid traveler, golfer and tennis player. He also actively trades the financial markets and is the author of FQ, which is all about financial intelligence. Despite his current success, he also knows what it’s like to see everything fall apart. He’s learned how to assess deals from a standpoint of both ROI and potential risk as a result.

Rough Beginnings

Henry shares that around 2003 he bought a fixer upper and started interviewing contractors. He found one he liked (“Bob”), and they started doing real estate together. Their first deal? They bought a house for over a million dollars, knocked it down, and built a three million dollar house in its place.

Things were going well, and they started doing a lot of deals. However, things went south. The housing market crashed when Henry and Bob were knee deep in a multi-million dollar deal. Huge firms started collapsing, and Bob found himself crumbling. Sadly, he committed suicide and Henry was the last principle investor left holding the bag alone.

Multiple lawsuits ensued, and it wasn’t clear how things would end. Somehow, amidst all the financial turmoil of the time, the property was foreclosed on and Henry was released from his obligations as part of the proceedings. By the time he’d gone through three years of sleepless nights, and had endured extreme stress.

Potential Risk? Don’t Ignore Red Flags!

Henry realized he had deluded himself into thinking he had eliminated risk. In hindsight, he hadn’t put proper controls in place. His partner had controlled the books, and Henry had never asked to audit or review them. There was a lot of potential risk he had been blind too!

Things had been moving fast, and when loan officers and banks were sloppy with their paperwork, he didn’t identify that as a red flag. Now, he looks under every rock to identify risks on every deal. He doesn’t just want to know ROI, he wants to know risk and be able to balance the two.

After his lawsuit ended, Henry was told that one reason the judge had relieved him was because the other side had been slow to respond. They had frequently given the runaround, or made basic communication difficult. Their failure to communicate responsively cost them millions of dollars. If you’re ever in the midst of a deal (whether it’s going well or not), don’t forget how impactful small details are. 

Reach out! Follow up! Be responsive!

You never know what a difference it could make.

Deal-Driven Growth

In order to have a business, you need a product or service you can sell. Sales growth sometimes can be hard! So many companies are banging their heads against the wall as they try to grow their customer and client base organically. What they’re failing to look at, however, is the opportunity for strategic alliances and other forms of deal-driven growth.

Henry works with many remote companies. He’s found that people will spend huge amounts of money trying to build organic sales channels, even if they’re not that great at it. Sometimes they’ll pivot towards a fulfilled-by-Amazon or other drop shipping service. Although that can seem like a good plan, there are challenges when you don’t control the terms or have much power within the relationship.

Another option is to find someone with whom to enter into a joint venture or strategic alliance. Regardless of what you pursue, the multiplier effect is key. If there isn’t something that’s going to synergistically enhance your sales or client base, there isn’t any purpose. Be sure to consider the potential ROI as possible risks prior to entering into one of these relationships.

No matter how you go about your business, always be open to the lessons available to you. When you pay attention, you can always find something to learn that will help take you to the next level. Don’t be afraid to ask for help, invest in coaching, or join a mastermind group. 

True deal-driven growth isn’t something you have to do the hard way by forging your own path. Why not rely on others who have gone before? There are so many resources available for you! 

Protection Within Partnerships

One of Henry’s first partners started as part of a college friendship. He shares their first business ran for about 10 years, and it went great…until it didn’t. In fact, he initially joined Entrepreneurs’ Organization and hired his first business coach because he needed to navigate how to end the relationship. He hadn’t full recognized the potential risk beforehand!

By the time the business was successful, it was operating at the four million dollar mark. However, because their arrangements were verbal and there were no clear buy/sell agreements or other contractual deals, there was a great deal of conflict. Ultimately, Henry left the partnership with nothing.

After things ended poorly with his second partner (earlier referred to as Bob), Henry decided to be a solo-act. Although there are both pros and cons, he’s satisfied with his current position. If he were to enter back into a partnership, he would insist on much greater clarity on partnership terms and obligations.

Again — prepare for risk and take precautions to protect yourself from unnecessary problems.

Regardless of hardships and struggles, Henry is pleased with his outcomes. He’s overcome great losses, and he’s also had huge wins. By believing in himself, investing in coaching and assistance, learning from his experience and mistakes and persevering through hardships, he’s been able to have significant entrepreneurial success despite and, in part, because of the challenges he has faced.

Listen to the full episode here!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

 

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Authentic Business Relationships Authentic Deal-Making Authentic Leadership Deal-Driven Growth

Deal-Ready Foundations: The Power of Team Building

In our last solo-cast, I talked about a few things related to creating a scalable business that you work ON, not IN. Although those concepts might not connect to all deals, the more you can do to create a business that doesn’t depend entirely on you, the more you’re setting yourself up for powerful deals. From new collaborations, joint ventures, or even preparing your exit plan: you can employ a variety of strategies to make your business deal-ready. One powerful area to consider is team building.

Team Building Expectations

Most businesses have some sort of team. Whether the team is all on sight or is working remotely, successful businesses that intend to scale are going to have to consider team building at some point. Often, we start to run into default ways of thinking here. We have expectations about oversight, presence, and even micromanaging that seep into our team building decisions. 

Our ego also starts to pipe in. We may have a tendency towards being controlling, or choosing not to trust our employees. When that occurs, we often use the excuse that “they” just don’t care about the company as much as we do!

On one hand, you’re right. When you own a company, you’re going to be invested in a way that an employee just will not be. And why should you expect them to have the same drive and commitment for your business as you? After all, it’s YOURS!

On the other hand, there are ways to build a team that is passionate, motivated, and connected to your business. A few ways to create that sort of team? Being flexible, building trust, and empowering every team member to contribute in the way the best taps into their skills. After all, isn’t that why you brought them on in the first place?

When you make deals, you show up at the negotiating table with the understanding that both parties are bringing something of value. Approach your team in the same way. This isn’t just an exchange of your money and their time. They have the ability to make a powerful difference in your business, but only if you allow them to do so.

My Own Team Building Experience

I have a dedicated, loyal team that I’m proud to work with. I’ve offered all of them flexible options that work for their lives and families.

You can find phenomenal employees who work hard and love what they do — and they might ALSO prefer flexible work schedules that give them opportunities to prioritize their families, hobbies, or other needs. That’s not a reflection on their ability to perform within your company. In fact, it only enhances it.

I’ve also noticed that sometimes amazing talents will bypass higher salaries from larger companies in order to work for a smaller company that offers them openness and flexibility. It’s simply not true that remote workers are less capable or talented, or that the “best” employees are working 9-5+ from a desk inside your building.

Another benefit? Diversity! Hiring remotely significantly increases the talent pool you’re able to hire from. Even if your local talent pool feels relatively homogenous, you don’t have to be limited to that. When you offer flexibility and remote options, the pool is global. You may find that your business can attract great employees, teammates, and leaders who bring powerful new ideas into your business when you open yourself up to their presence.

My flexibility and openness has enabled me to find excellent candidates and bring them into my business time after time. By being less rigid, I’ve been able to offer positions to excellent candidates that I would have otherwise had to pass by (or not even be aware of).

Another tip? Be aware of how your team is motivated. Some people want to be praised, especially in front of others. Some want to be challenged, and always have something new. Everyone wants to be trusted and empowered to do their best work in their own way.

Tap into your individual employee’s needs so you can focus on your highest and best use areas. As you do so, you’ll find yourself with the capacity to look for and close new deals of all kinds.

By building an entrepreneurial culture that values all team members, you may find yourself positioned for deals you might have never expected. 

Delegating Up

Sometimes you give a task to an employee, and they end up circling back to you. They have questions, or they’re looking for you to finish something off.

And although I want to be a resource to my team, I also want to discourage “delegating up”, in which they use me as a crutch. Sometimes team members don’t want to take responsibility for a decision (so they bring it back to you). Or they lack confidence or trust in themselves, so they’re looking for validation.

One trick I use: when I have employees ask me to look something over for them, I’ll ask them, “Do you really need me to do that?”. If they actually do, then I’ll look it over. Oftentimes, however, when they reflect they realize they don’t need me. I trust them to do their jobs, and it’s my intention to remove myself and have faith in them to do their work independently while being a resource to them when they really need me.

And honestly…

When you hire a team, you should be hiring people who are talented in areas that you are not. They are the content creators, site developers, ad creators, or admin professionals that you’ve brought in for a specific purpose. Trust them to do it. Let them know that they have the power and autonomy to complete the work assigned to them. If you give the ability to do this, you may find that they are even better at it than you!

Don’t be afraid of being “surpassed” by a talented employee who is really good at their role. Offer training opportunities. Help people become their absolute best, not only for your business, but for their own growth as people. Will that mean they leave your organization one day? Maybe! But wouldn’t you rather have a phenomenal team member who one day leaves for bigger and better things, than a mediocre team member who sticks around because they aren’t passionate about growing and improving?

Team Building Requires Trust Building

In deals, trust is essential. You have to be able to trust yourself, your partners, and the clarity of your objectives when putting together a deal.

Your team requires trust as well.

There is no way to truly scale and grow if you cannot trust and empower people. Your team members need your trust to do their best work. And you need to give your trust to be able to take things to the next level.

Encouraging creativity and building an empowered team is vital for successful positioning. If you’re hoping for organic growth, improved marketing, new joint ventures, scaling, or preparing for an eventual exit: you’ll benefit from creating a team you can trust!

In the trade off of a deal, it has to work for BOTH parties. If one side feels that they’re not getting their fair share, they won’t engage.

Team building is the same. Trust, respect, training, empowerment, autonomy, flexibility – these are all aspects of the employee deal-making process. When you bring a valuable package to the table that includes so much more than just a paycheck, you can build a team that truly takes your business to the next level.

When you do that, you increase your firm’s capacity to do deals, build enterprise value and better position the company to monetize that enterprise value upon exit.

In the future, I plan to talk more about how internal succession is an incredible deal option that only makes sense if you’ve built a team that can run your company without you. The foundation? Team building!

Listen to the full episode here!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Authentic Business Relationships Authentic Leadership Authentic Negotiating Deal-Driven Growth

Pitching Deals As Your Authentic Self

Have you ever met the full-figured diva who has taken the business world by storm and won BIG? Well now you have! Precious L. Williams, also affectionately known as the #KillerPitchMaster, can help you #slayallcompetition. She does so with her “killer” elevator pitches, media pitches, and investor pitches. I’m really excited to share our conversation, especially as it pertains to pitching deals as your authentic self.

Who is Precious Williams?

As a child, Precious wanted to be a talk show host. Even then she knew that her future was going to include using her voice and commanding the attention of an audience. She could not have been more right!

Today, Precious is a world class master communicator. She works with successful entrepreneurs and speakers around the world. Her main role is to help them take their professional pitching and speaking skills to the next level. Williams has over 25 years of experience in creating unique speaking and public speaking techniques. In addition, she is known for her innovative training programs and services to her clients. This includes sales teams at Fortune 100 companies, including Google, Microsoft, LinkedIn, eBay, and more.

Prior to her rise, she shares that her first real deal was getting her job back. She had been fired from a grocery store, and she went back and laid out the reasons she should be rehired. (Once she got it back, she realized she didn’t want it anymore and resigned!)

Pitching Deals For Sport

As a 13-time national business elevator pitch champion, Williams has been on top television shows and publications. She’s widely known for her pitching, branding, and professional speaking skills. Here in the US she has been featured on Season 8 of ABC’s “Shark Tank,” Forbes Magazine, CNN, ABC, MSNBC, Wall Street Journal, and the movie “LEAP,”. She’s also been featured in other outlets around the world. Precious is also the author of a #1 bestselling business book and has been featured on top podcasts and stages globally.

The philosophy of her “killer” pitch is evident in the strategic and personalized creative communications and presentations solutions Williams puts forth. She is a quintessential serial entrepreneur, international professional speaker, and corporate trainer. As such, Williams is equipped to bring life, authenticity, strategy, and boldness to all your oral and written communication needs. Her ability to pitch herself, and to help others pitch themselves, has been a key element of her success!

The Shark Tank Experience

By the time Precious made it to Shark Tank, she had already coached multiple clients on their own presentations. She felt like the best kept secret. Getting her own chance to pitch a business she cared deeply about was an exhilarating experience.

She listened to her music, then said GAME ON. Walking down that hall, seeing the doors open, and facing the Sharks was like nothing else. Precious shares that she felt spellbound during her experience. At the end Mark Cuban said “You are a master at your craft.” Every question they asked, she had an answer for. During our interview, she shared multiple times that she felt she had been born for that moment.

Regardless of all the prior feedback Precious had received about how her gender, race, and background were going to prevent her from success, she rose to the occasion. Not only that, but she blew it out of the water. Most impressively, she wasn’t even there for a deal! She was there to prove that it could be done. If you’ve seen her episode, you know she achieved her goal.

Benefits of Pitching (Thinking Beyond the Deal)

Precious shares that her first ever pitch was getting onto the Your Business with JJ Ramberg show. At the time, she didn’t even consciously know she was pitching. Her second ever pitch was on the elevator segment of the show. It resulted in a $500,000 win! She had been told it could never happen for her, but it did.

Too many people think about the money first and foremost when they pitch. Precious shares that you need to think beyond that. Consider who else is in the room. Possible partners, mentors, collaborators, or future investors are all around you. You’re constantly making connections and contacts. Pay attention to who else is in the room!

Because of these secondary opportunities, you can think of pitching itself as a gift. Regardless of the immediate outcome, just the chance itself to pitch as the ability to create traction and transformation in your business.

As a business person, you never know who you’ll be sitting next to on a plane, in a restaurant, or anywhere else. You should be able to share what your business is, what pain points it addresses, and how people can get involved in a succinct and compelling way. Too many people can’t do that! Your elevator pitch shouldn’t be dry and boring. You should be sharing about your business with passion and intensity.

What is going to let your listeners know that YOU are the right person for them to work with and invest in? Share that!

Change Your Language and Change the Game

When Precious pitched her lingerie company, she didn’t get up and say “Here’s lingerie for plus sized women.” Why? No one cares. That’s not interesting or compelling. Instead, she changed the language to make it compelling. You have the power to consider each and every word you use to present your product or company. Choose powerful options!

For Curvy Girls Lingerie, she pitched the company as being “The ultimate shopping experience for full figured divas and plus sized fashionistas!” People wanted to know more about these women, this market, the product. It didn’t feel boring, it felt exciting. It also helped her tap into a market of over 30 million women who are size 14 or larger who want to wear beautiful undergarments.

In addition to your language, you need to think about your mindset. Do YOU believe in this product? Can you prove that you are behind your product 100%? Can you show up and bring your pitch with passion and intensity time and time again? If not, why would anyone else be interested? You owe it to yourself and your dream to pitch with passion every time.

Pitching With Passion

Precious believes that part of her purpose here on earth is to use the power of language to pitch your brilliance and passion. For anyone who has been told that they can’t because of some perceived stereotype or barrier, she is here to say that you can.

There is a brilliance inside of you that deserves to be seen. Precious loves to come alongside these people and kick through doors together. How? It’s all done with the power of the pitch!

Wan to learn more about the power of pitching? Interested in an example of how to break-through implicit bias within the deal making industry? Listen in to the full episode here!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

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Authentic Conversations About Difference Authentic Deal-Making Authentic Leadership Authentic Negotiating Deal-Driven Growth

DealQuest’s BEST OF Leading Women in the RIA Industry

This week we bring to you a BEST OF episode. You’ll get to hear from some of the leading women in the RIA industry! Lisa Rapuano, Mindy Diamond, and Mary Ann Buchanon shared a wealth of knowledge. Listen in, and prepare to take notes!

Meet Lisa Rapuano

When Lisa Rapuano was twenty-five years old, she managed to talk her way into an investment management position. A startup in Chapel Hill, NC hired her, and her interest in investments grew. The experience she gained at FSP unearthed a new passion for investment research, which quickly became her focus and paved the way for her future as a business leader.

A Market-Cooperative Business Model

Today, Lisa serves as the CFO of Facet Wealth. This is an RIA that focuses on people with less than a million dollars in investable assets. Their niche encompasses thirty-three million American households that have between $100k-$1M in investable financial assets.

She describes Facet Wealth’s business model as market-cooperative. That’s because they are driven by highly efficient, back-end technology that enables their financial advisors to provide a holistic customer experience to lower net worth clients. As a result, peripheral partnerships are developed with other RIAs that focus on more complex investment strategies.

Deals are a driving force behind Facet Wealth’s success. There are two primary types that they use to generate growth. The first is a referral partnership, where Facet pays for referrals if the prospective RIA partner signs a solicitation agreement with them. This offers Facet’s RIA partners a way to continually serve the segmented clients, while also freeing up capacity and resources to focus on their niche.

The second way is a revenue replacement opportunity. This is also a sequential deal where Facet signs an asset purchase agreement with an RIA to acquire certain of their client relationship. In these deals, Facet will agree to terms for how long the RIA’s revenue will be replaced after the client transitions to Facet. This provides a great home for their smaller clients as the RIA seller focuses on their larger clients.

Learn more about Facet Wealth, Lisa Rapuano, and RIA deals here.

Meet Mindy Diamond

Mindy Diamond is the CEO and founder of Diamond Consultants. She specializes in recruiting and placing financial advisors. Through Mindy’s work in the wealth management field, she has helped facilitate numerous deals between buyers and sellers. She is a true expert at identifying potential deals for her clients. In addition, she is excellent at identifying weak points when the deal partners aren’t a good match.

The Best Deals Require the Best Partners
In our interview, Mindy and I talked about what differentiates a good deal from a bad one. Mindy shares her strategies for identifying when a buyer is ready to buy. She also shares her thoughts on the ever-evolving financial advisor field. A facilitator like Mindy can simplify the sometimes confusing process of finding and closing a deal. She’s a powerful asset to have in your corner!

One of the major changes Mindy has identified in recent years is the industry’s move toward independence. Although this creates more possibilities and avenues for deal-making, it has also served to complicate the process. There are many more things to consider when structuring a deal now than there were ten years ago. Finding the right partner is critical. It’s a growing challenge with the ever-wider buffet of options available.

It is also important to look at the bigger picture. A deal can have immediate benefits, but sour over time. By looking past the instant gratification, you can get a better sense of how your deal will affect you in the long term. That long-term approach is an important aspect of the evaluation process; an experienced consultant like Mindy can help you with that process.

Learn more about Diamond Consultants, Mindy Diamond, and RIA deals here.

Meet Mary Ann Buchanan

Mary Ann is the CEO and co-founder of RIA Match. This is a service that helps pair RIA firm and practice buyers and sellers. Her company has more than five thousand clients all over the nation. Mary Ann is experienced in connecting her clients with the right deal partners. She truly understands why the numbers don’t always tell the full story. Mary Ann helps her client firms look past the financial appeal of a deal in order to see the many other important key factors that need to be considered.

RIA Matchmaking

During our interview, I spoke with Mary Ann about the role culture plays in making a good match between deal partners. We discuss some of the deals Mary Ann has made in her own business that have helped RIA Match accelerate its growth. She also shares some surprising statistics about the RIA industry. We were able to discuss the work her company does for its clients in areas like succession planning, mergers and acquisitions. She is truly an expert in the art and science of matching the right deal partners.

Mary Ann also gave a fantastic checklist of considerations and data points that RIA Match examines. This is a phenomenal list to keep in mind when you’re looking for your own deals. Consider things like geographic location, number of clients, what technology is being used, and what sort of growth trajectory you are looking for. Each of these come into play as things potential deal partner may want to know about your organization. That means these are things that you should consider to help evaluate if a deal is the right one for you.

Learn more about RIA Match, Mary Ann Buchanon, and RIA deals here.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Authentic Deal-Making Authentic Leadership Authentic Negotiating Deal-Driven Growth

Strategic Business Growth Leads to Deal

Lately you may have noticed that we’re having some guests on the podcast that are speaking about things you need to do in your company to prepare yourself for deal-related opportunities. This includes strategic business growth decisions like building teams and putting processes in place. It also includes building a company that’s less dependent upon you as the founder.

Strategic Business Growth Positioning

It is a myth that you need to be a huge company with huge resources and major capital to do deals. Why? Because deals are not only about financing. We’ve covered everything on the show! From joint ventures and strategic alliances, licensing deals, affiliate deals online, sponsorships and business partnerships. Everybody at any size can do a deal.

However, it does take some level of resources. In the very least, you need somebody with the time and focus and energy to get deals done. Are you in a position where you are working in your business as the founder, and you have to be there every single day? Is your presence required to make sure that the sausage is getting made, so to speak, or the products are going out? Or are you the one actually delivering the services to the clients? If so, then you don’t have the time to work on any kind of deal!

If you’re not doing those things and you haven’t built a team and you haven’t put systems in place, your ability to do deals successfully is extremely limited.

Scalable & Saleable

You’re probably familiar with the concept of scalable and saleable.You know that those principles ring true whether you’re ever going to sell your business or not. But even if you don’t plan to sell, why not be in a position where you can monetize at the end? Too people get to retirement and their business just sort of goes away.

No matter what your business is, ultimately there is a way to monetize it in some way that lasts beyond your ability to run it. But you have to be sure that it’s not solely dependent upon you, and that you build it in such a way that it has value beyond you. When you build processes and systems and shift your mindset to build a team, that’s when you truly build a brand and something that has value beyond your own efforts.

So many experts and entrepreneurs have experience in doing that, which has allowed them to not only be in a better position to do that ultimate exit deal at the end, but also freed them up and made the company more valuable with increased profits while they were running it.

It also ensured they had the power to do deals during their operations, not just at the end when they were phasing themselves out.

Working ON Your Business

The fundamental level of this is the concept of working on the business and not in it. People have to figure out what their highest and best use areas are. That means what it is that you are great at, and what you love doing.

And too many people stop there. But just because you love it and you’re good at doesn’t mean it is highly leveraged. It may not even make a big difference in your organization.

You have to assess whether it moves the needle. If you’re not doing stuff at that level, then that’s your first problem.

Second of all, build a team. I’ve built this phenomenal team and they do a lot of the work in the areas that they’re more talented in than me or that are not in my highest and best use areas. It’s their highest and best use areas, though, and that allows me to leverage the high level things that I do.

I’ve had entrepreneurs tell me that they can’t do that because they haven’t got the right people. Usually they say things like, “I’m kind of a perfectionist”, or “ I don’t think anybody’s going to do it as good as I do”. Well, those are problems. Both the perfectionist thing, and also the lack of trust in other people. Ultimately you can find the right people out there, but some of that is a mindset thing. When you believe they aren’t there, and that no one could ever do the job right, you’ll always have a reason to turn potential candidates away. Or a reason to critique and run off the people you do have.

Trust Me – 80% Works for Strategic Business Growth
So here’s something to keep in mind. Some people do it differently than you. And it doesn’t seem like it is as good, but you know what, maybe it is as good, sometimes even better. If they can do it 80% as good as you, let them do it. Even if that means you come in at the end and tweak that final 20%, you’ve saved a significant amount of time and started the process of training someone who will get better and better at understanding what 100% looks like.

When you’re in a position to have a successful business that’s grown organically and that scales in a way that’s not dependent upon you, you get to have a better lifestyle. You’re not working 20 hours a day, you’re not under extreme stress all the time, and you’re bringing in expertise and surrounding yourself with people who are better at certain things. If you have systemized things so that you’re acting in your highest and best use areas, you’re now leveraging what you’re best at. That means that you’re going to be producing more revenue. And then you start to build this team, who is also either producing revenue or helping get the work done, so not only are you going to have more time, but you’ll also be more successful.

And then of course that increases your enterprise value and valuation on the back end.
In your business, that can look like whatever makes the most sense for you. There is no one right way to scale or grow, or to run day to day operations. And you certainly shouldn’t feel obligated to grow past the point that you want your business to be at. What’s important is that you have clarity about what you’re seeking in your business.

I’m speaking from experience here and saying that it starts with us. It starts with addressing our own limiting beliefs and our own willingness to be open to learning and growth. All of that mindset work is stuff that we need to learn as entrepreneurs so that we can continue to develop in a way that will allow our businesses to scale.

Grow Your Mindset

Over on my website I have a whole list of mentors and leaders in the mindset and development space. If you want to be able to grow more and experience more deal driven growth, it’s vital that you get your business running in such a way that it’s organically successful and less dependent upon you. That starts with a mindset shift and a willingness to do the personal growth work to make that shift. And that feeds back into your ability to continue to scale, build your team, and put new processes in place when you get to that next level.

What I am committed to is not only deals and growth, but really entrepreneurial freedom. I think you’ll see that in some of the stuff we’re doing with our upcoming Entrepreneurial Freedom course. If you have any questions about that, definitely reach out. At the end of the day, I love working with entrepreneurs. I love helping people achieve their dreams and visions. It can be some tough work, but it’s always easier when you have guidance and support.

Listen in to the full episode here!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Authentic Business Relationships Authentic Deal-Making Authentic Leadership Deal-Driven Growth

Stand Out, Get Noticed, and Make Better Deals

Jesse Cole is the owner of Savannah Bananas, founder of Fans First Entertainment, author of Find Your Yellow Tux, and a keynote speaker. He’s a huge believer in helping businesses stand out, as he uses the power of being different as a way to gain leverage and make deals!

Using Experience to Stand Out (and Sell Out Stadiums)

In lower level baseball, it’s not unusual to see empty seats in the stands…unless you’re at a home game for the Savannah Bananas. As a college summer team, they have reason to NOT sell out. However, Jesse is known for having a team that sells out constantly. They do deals, create promotions, and find ways to stand out, get seen, and sell tickets all the time!

In fact, they’ve sold out every single game for the last two seasons, and have thousands of fans on their waiting list.

He shares that they built a brand that has transcended past Savannah, having received global attention. People are tuning into their games, and eagerly watching what they do. Jesse sees it as a crazy brand story connected to building something with a very clear purpose. His vision was to change the game of baseball, and to do it by putting fans first and entertaining always.

Goal: To give fans the most fun they have ever had at a baseball game.

This includes a professional high fiver, a role that Jesse held auditions for (hear more about that on the full episode)! It also points to how necessary it is to invest in experience. It’s not “just” a baseball game; it’s a full blown experience, from beginning to end.

A GM with $268 in the Bank

Jesse’s first General Manager position in baseball had a salary of $27,000, and placed him as the GM of the worst team in the league. He got the offer with no experience, because no one else wanted the position. Since he was an unpaid intern at the time, what did he have to lose? So, he went for it.

His first week in, he realized there were three full time employees…and $268 in the team’s bank account. For the first three months on the job, he wasn’t able to pay himself. But he saw potential, and he made a deal:

If he could hit a ridiculously high revenue and fan goal, he wanted a $2,500 bonus. He got a joking “yes”, and proceeded to double revenue and triple the fan base. How? Well, he shares that they started being dramatically different. They focused on the fun, and the entertainment aspects of the game. They had dancing players, and grandma beauty pageants.

The next year, the owner came to his office to say that He’d never seen anything like it. Jesse attributed it to being empowered to making changes and doing whatever he thought needed to be done. He believed in the power of standing out and getting noticed, and he leveraged that power to transform his team.

The Power of Ownership

Jesse believes that being empowered to make decisions, make deals, and even name his own salary is what equipped him to be successful. Today, he feels that giving people ownership is the most powerful way to increase success.

Big questions he asks himself in terms of creating sustainable growth:

How do I empower others to make their own deals?

How do I give opportunity to all my employees?

One way he practices empowerment is by profit sharing with his employees. It’s a way of giving everyone ownership within the organization, which uplevels their personal investment and agency.

He also believes in his dreams and goals, and he demonstrates what it is to be ALL IN. In fact, when the Savannah Bananas were getting started, they ran out of money early on. Jesse and his wife made the choice to fund the team by selling their own house; they believed so firmly in their ability to succeed that they literally put in everything they had.

They also brokered deals on many fronts. From their stadium lease, to an expensive expansion deal, they looked for ways to build their audience, engage with their community, and create a foundation for success.

One important aspect of these deals was to consider their community impact. Short term dollars could not override long term community concerns and needs. Using the concept of Fans First, Entertainment Always, Jesse ensured that every deal made had a positive impact on their fans. It’s a core part of what they do, and he stands by it 100%.

The promise you make to your people and your fans with your brand is vital.
Jesse understands that fans don’t want ads – so their stadium doesn’t have them. They gave up hundreds of thousands of dollars and potential income in order to stand behind their mission – Fans First. Their tickets are all inclusive, because fans aren’t served by being nickel and dimed every time they come to a game.

It’s a philosophy of caring for customers that goes far beyond lip service, and it impacts every deal that Jesse makes with his entertainment company and ball team.

Lessons on Pivoting

Jesse shares that when they tried to do what everyone else was doing, they got the results everyone else got. Now, he believes in doing the exact opposite.

At their start, the team didn’t have many resources. There was no massive budget for marketing. So instead of having a marketing plan and throwing dollars into ad spend, they looked for ways to garner attention.

To this day, Jesse encourages people to stop creating “marketing” plans, and start creating “attention” plans. Think about what a reporter would find compelling. Think about your fans most desire. Create experiences. Experiment to see what works, what draws your audience, and what gets people attention.

To tie in baseball metaphor: the player with the most hits in MLB history is also the player who had the most at bats.

If you’re a business that is constantly “planning” and never actually swings…you don’t have enough at bats to achieve extraordinary success.
Identify your core vision, then find ways to take action. Have a brainstorming session with your team, but then go out and DO something about. How many experiments can you do this week? This month? This year?

How can you release the need for everything to be perfected and polished, and instead choose to fail forward fast?

Jesse brings so much energy to this interview, and he dives deep on culture and growth as well! Listen to the full episode to learn more!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Authentic Business Relationships Authentic Deal-Making Authentic Leadership Deal-Driven Growth

Building Interpersonal Skills to Make Better Deals

Steven Herz is the author of Don’t Take Yes For an Answer, as well the founder of IF Management and the president of The Montag Group. He also believes that anything is possible, which in his own life has included losing weight in order to compete in the treacherous Gulf Coast Triathlon. During this time he also raised thousands of dollars for the Leukemia Society. Steven is also a huge proponent of leveraging interpersonal skills in order to make better deals.

Negotiating Television and Radio Deals

Steve started out by founding a sports media management firm. He represented sportscasters, retired athletes, and coaches, and found himself doing deals for and with those wanting to break into sports broadcasting. About 6 months in, he realized that local stations were looking for more than just sports broadcasters. They were looking for weathermen, anchors, and reporters.

Recognizing that he was limiting himself with his niche, he decided to expand the scope of what If Management did. More recently, he merged If Management into The Montag Group and now serves over 250 clients from all walks of life. From sportscasters to medical correspondents, they’ve helped develop the careers and opportunities of hundreds of professionals.

A huge part of Steven’s role is to prepare clients to negotiate deals with networks and other media outlets. You absolutely have to create leverage at all times, and consider the totality of every possible deal.

One barrier can be limitations related to location. For example, a family man in Miami who doesn’t want to relocate may be limited to only 2-3 major outlets. Depending on the location, there may also be non-compete clauses that limit transitioning to a competitor. Because of this, some negotiations have to focus on individual strengths, and what value a person can add to their network. That’s why skill building and growth are such vital parts of preparing for a solid negotiation.

Indemnification – Thinking Beyond Salary

In a public-facing career like broadcasting, there’s more to think about than just salary + benefits. One major potential issue that may arise for on-air personalities is a legal battle connected to libel or slander. It’s vital that indemnification is covered during negotiations, in order to protect each client.

Steven shares that one of their clients (Dan Shulman) is an ESPN broadcaster. During one game that Dan was announcing, a sleeping fan who had been eating a lot of food fell asleep in his chair. A picture was taken, and a blogger made a joke of it. The fan was angry, and sued the network. Dan was included in the suit (even though he hadn’t made any direct comments about the fan).

Because Steven’s had negotiated indemnification into the contract, Dan was able to have the legal battle covered by the network. In addition, he would have been fully reimbursed for any damages that might have resulted from the ordeal.

The Power of Personal Change

Steven is a great example of the power of personal change. He’s leveraged his own unique communication gifts and interpersonal skills in order to build a small start-up company into an industry powerhouse, where part of what he does is to coach and motivate others to help them become the absolute best version of themselves. His clientele includes CEO’s, lawyers, entrepreneurs, and young professionals.

He realizes that many people who come to them are looking to go further in life. Often, they think that procuring an agent will be a way of elevating their potential. Steven points out, however, that agents are not magic genies. Who you are as a person is absolutely key. Having someone like an agent vouch for you means nothing if the narrative going through the grapevine is that you’re unethical or have a bad reputation.

That’s why personal growth and taking personal responsibility for your own change is so key. Over the years, Steven has identified two major differences between those you rise to the next level, and those who don’t. Here’s what he learned about those who succeed:

They WANT to look within to identify the internal factors holding them back.
They analyze and grow their communication skills, especially their small group and 1-1 ability.
These two areas are the basis of Steven’s new book, Don’t Take Yes for an Answer, where he digs into these concepts.

Interpersonal Skills & Communication

Steven believes that AWE is the acronym that best represents the skills needed for skillful interpersonal communication.

A – Authority, presence, substance

W – Warmth, trust, connection

E – Energy (your own, and how you energize others)

He also believes that these skills CAN be taught. And once you’ve really started to understand and use them, you’ll see a difference in who you attract, how you sell, what you build, and what your outcomes are.

No matter what deals you’re doing, you can absolutely create more success by developing these interpersonal skills. To learn more about Steven’s book (including the bidding war four major publishers engage in to get it!), his work, and how you can improve your own negotiating skills, listen to the full episode!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Deal-Driven Growth

Applying The Power Of Deals For Social Justice

Regular listeners may have noticed we didn’t put out a new episode last week. That wasn’t part of our original plan, but in light of George Floyd (Breonna Taylor, Ahmaud Arbery and so many others) and the protests, we felt it was much more important to make room for voices speaking around those important social justice issues. As we were also taking part in the #melanatedvoices campaign on our social platforms, we chose to forgo our regular podcast as well.

Our hope was to create more space for conversations about race relations, police brutality, and white privilege; those are the conversations we’ve been engaging with, and we plan to continue. Being back this week doesn’t mean we are no longer committed to the cause! I’ve been part of this work for over 20 years, and will continue on.

And since this is a deals podcast…let’s talk about how it all relates!

Biggest Mistakes (In Negotiations AND in Hard Conversations)
If it’s new to you – a new concept, a new conversation, a new way of seeing – definitely start learning and engaging! But please start by remembering that Black people have been living this for hundreds of years. It’s been part of their lives and experiences, and it’s something they’ve been talking about forever and could talk about all the time. There are hundreds of resources you can use to learn more; books, podcasts, educators, social accounts.

So start by investing in educating yourself with resources that already exist (rather than asking a Black person to walk you through it all yet again!). As you do that, you can be thinking about this conversation in the same way you think about a deal:

How do you align?
What’s the best way to support somebody?
How do you understand what the needs are?
For example, when making deals I often point out that the biggest negotiation mistake people make is not listening enough. We tune out, we assume we know, or we spend our “listening” time thinking about what we’re going to say next.

However, this is NOT the time to make that mistake. This is a time to listen – fully listen.
When we are talking too much, it’s often because our ego is engaged. We certainly see that happening in many online conversations right now. We all have opinions. But in the same way that your ego can derail a negotiation, it can derail you right now.

Stop trying to be “right”, and focus on being effective. Rather than jumping in with your own opinion, try listening to others. It will serve you in business and negotiations, and it will also serve you when you engage with hard conversations and realities.

(The other big problem? FEAR. Listen in to the full episode to hear my take on the role fear is playing right now.)

Put Yourself on the Social Justice Court
You absolutely have to be willing to make mistakes.

This isn’t an invitation to be reckless and just and do anything. However, you can’t just refuse to speak up or engage because you’re afraid of messing up. If you want to make something happen, you have to put yourself out there.

In business, you can plan, and plan, and plan….and never get anything done. That’s just as harmful as jumping in too fast and taking action when you’re unprepared. So yes – educate yourself. Make an effort to learn more. Listen well.

But don’t forget to take action as well. Speak up. Engage. Be willing to admit to mistakes you might make as you do so.

In deals, we often make strategic alliances. You can do that here too. Whether that means being an ally to, or better yet, an advocate for friends or colleagues, aligning yourself with a movement like Black Lives Matters, or connecting more fully with your community.

As you do this, it’s vital that your focus is on their needs. As a strategic partner, do you need to share? Listen? Support? Comfort? Rally with?

When it comes to engaging with other white people, consider what will be effective and efficient.

  • Where is your energy going?
  • Who are you elevating?
  • Who do you need to move on from?

When you’re trying to negotiate a deal and it’s clear it’s not going to happen, you move on. You want to go where you can make a difference, where progress can be made. It’s okay to stop sinking your time into a person or conversation that clearly isn’t open to learning and changing right now.

Gain Clarity & Identify Disconnects

Do the work to make sure you understand what is acceptable to you, and what’s not.

When I work with clients, we get super clear on the purpose of any possible deal. We question why we’re pursuing it, what impact we hope it will make, and why it matters to us.

You can do that with this work as well. Don’t be afraid to ask yourself the hard questions, and to dig deeper into what matters to you, and why.

Your deepest why can bring you greater clarity about your principles, your vision, and your values. We are absolutely called to figure out what we truly stand for, who we are, and what we are committed to now more than ever.

Identify disconnects between what you say you are….and who you really are.

It’s easy to post online, but not as easy to take action.
It’s easy to learn the “right” things to say, but not as easy to truly hold those beliefs in your core.

This is the time to question what you are aligned with, and how you can better align with the things you say matter most to you.

Alignment Truly Matters

In every aspect of your life, alignment matters.

Friends, relationship, business, deals, social justice.

When something is out of alignment, it does impact you.

You may find yourself needing to make decisions about people and things that you want in your life, or that you need to remove from your life. Don’t be afraid to take a good long look around and determine what actually aligns with your values, and what doesn’t.

For many years, at the end of every year, I have a practice of evaluating my relationships and determining who I need to eliminate or reduce the time I spend with in my life. It’s become such a habit that I now naturally take care of cutting ties, as needed, throughout the year and there is usually nobody on that list at the end of the year anymore. I’m aware of what aligns and what doesn’t, and I don’t hesitate to make changes in order to amplify what is actually aligned.

You can do the same.

If you say you’re committed to change and growth, you need to make sure your clients, your vendors, your business partners, and your practices are aligned with that value.

More and more, people have the understanding that who you are as a person and who you are as a brand or company is important. If they sense a disconnect, you’re going to have problems. (If you HAVE a disconnect, you have problems!) That’s why paying lip service to an idea without truly aligning yourself and your values is not a solution.

Please take the time to get educated, to explore your deepest values, and to fully listen to the voices of our Black brothers and sisters who are speaking out. Change starts with each of us. You can listen in to the full episode if you’d like to hear the rest of my thoughts on authentic alignment, making a difference in these times and how many of the principles of authentic negotiating and deal-driven growth apply to current challenges and opportunities as well!

As a white person who has been on this journey for over 20 years, I’m here to be a resource to you as well. If you’re serious about growing and learning, feel free to reach out. I would love to be able to provide you with resources and tangible ideas about how you can move forward to truly make a difference in transforming racism and white privilege.

Categories
Authentic Deal-Making Authentic Leadership Authentic Negotiating Deal-Driven Growth

Create the Synergy for Optimal Deals

I am so excited to have Marc Gordon’s interview going live this week. He’s a Customer Experience Expert out of Toronto, Canada, and is an internationally recognized thought leader in the field of customer experience. In our interview, we had a chance to discuss what it takes for two companies to create synergy. This is essential for there to be a positive outcome for buyouts or partnership opportunities. We also dig into the importance of integrating the culture of a business post-merger and post-deal. After all, you can have the greatest deal structure, legal agreements, and finances, but if the rest of it doesn’t come together? You’re in trouble.

Marc has been regularly featured on TV and radio. He’s even been referred to as Canada’s Marketing Superstar by the Oprah Winfrey Network. As an award winning keynote speaker, Marc has spoken for some of the world’s most respected companies, including Bausch and Lomb and Hilton Hotels.

Corporate Staging to Enhance Deal-Making
One thing Marc has done a lot of work with lately is what he calls “corporate staging”. A lot of companies have a great product or service, and they reach a point where they are looking for either partners or buyers. But even if their books are good, they can’t get into a conversation. Their online presence is sabotaging them. Potential buyers and partners go straight to Google, and when there are huge issues with a company’s online presence, they can’t even make it to the table to discuss deals.

Whether the issue is their branding, their website, or their social media; they have massive barriers. These problems are based on the way they’ve curated their online presence. And who can blame other organizations from saying, “If this is such a great company or opportunity, why do they look this bad?”

No matter how good the numbers might be, it’s hard to overcome perception issues. Marc’s had the opportunity to work with companies on corporate staging in order to turn their image around. Often, this is done quickly. 72 hour turnaround times are a regular request. Why so fast? Well, it seems that many businesses realize in the final days before a proposal goes out that they are going to be under a whole new level of scrutiny. Of course prospective partners and buyers are going to be heading to their website and social accounts! And in order create synergy for a great deal, details have to be considered.

Drive Deals With Marketing
When people think of deals, they don’t automatically see how something like customer experience or marketing might play into success. However, deals can absolutely be impacted!

The truth is, quite a few companies that are turning a profit look unprofessional. When they reach the stage where they may be looking for venture capital, a buyout, or a business partner, they just aren’t prepared.

Often this happens when a company has been super focused on creating a stellar product or service. They simply let marketing and branding fall by the wayside. Essentially, they realize too late that they’re walking into a formal affair wearing jeans and a t-shirt. That’s a problem, especially when they should be wearing a tuxedo!

When they call me, says Marc, they’re saying, “We need you to make us look like the company that we believe we should be.” And the truth is, they ARE that company. It’s just that no one else can tell. This creates huge issues when it comes to sitting down at the negotiating table.

Marketing Reveals Who Your Company Truly Is

By focusing on marketing, they have the ability to look established. They can come to the table and look as strong as they actually are. They want to look like they are leaders in their niche and market, and they can do that by stepping up their marketing and brand presence.

Hoping to gain a partner, start a joint venture, enter into a strategic alliance or sell your company? Marc recommends that you work with a branding and marketing expert sooner than later. Certainly make sure you have a strong online presence before you start putting out offers or bringing people to the table.

And speaking of the table… When you go to make a deal, you have to consider the perspectives of everyone involved. Yes, that includes the CEO. But it also includes the people in charge of sales, marketing, and branding. And everyone is looking for reasons it might not be a good idea, reasons it might not work. If you have a poor online presence, you can expect there to be conversations about that. At the very minimum, someone will have the due diligence to say, “We’re going to have to sink time and money into laying a groundwork that doesn’t exist yet.” I’ve personally seen that be an issue during negotiations. It can literally result in a less lucrative deal for the company.

Create Synergy and Position Yourself for a Strong Deal

Another great way to think about your marketing and online presence is as a key to your corporate culture. A website or social account is a great way to actively show what kind of culture you’ve built, and how dynamic your business is. That also means it’s a great place to create the synergy for a strong deal.

However you desire to position yourself or be perceived, a solid online presence can help make that a reality. When done right, you can artfully reveal exactly who your company is. You can profile how you relate to your target audience, and why you’re positioned to be an industry authority. Those are all excellent things to have established long before you sit down to make a deal!

Again, you have to remember that the first thing an interested party often does is Google your company. And no matter how much of a positive impression you or your product may have made, it’s really hard to overcome what Google turns up. Of course, we’re not talking about inflating your company. We certainly aren’t misrepresenting who you are. Ideally, your online presence is a robust extension of your culture, values, product, or means of service. It’s vibrant, it’s clear, and it’s directly connected to who you are.

It’s Worth the Investment

That’s why it makes a difference to work with a true branding or marketing professional. It’s a field where you get what you pay for. It’s worth investing here in order to put your best foot forward in a digital age. Essentially, you have to have your ducks in a row. To start with, you have to have the product, the service, the quality support, and a great team. Marc uses the analogy of icing a cake.

When you buy a cake, you don’t look at the cake inside. You look at the frosting. It’s your first impression; the thing that makes you go, “I want that one.” Now, if you take a bite and the cake’s stale, everything goes downhill from there. Marketing and branding can’t compensate for a mediocre business. But when you have the business foundations down, they can be a really fun way to top things off. You can use them to create synergy and set yourself apart as a top candidate to anyone in the market looking to make an acquisitions, merger, or other profitable deals in your industry.

Marc and I also had a great conversation about customer service. We discuss how creating great customer experiences can build the foundation for strong deals. To hear more about that, listen in over on the podcast!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!

Categories
Authentic Business Relationships Authentic Conversations About Difference Authentic Deal-Making Authentic Leadership Authentic Negotiating Deal-Driven Growth

Finding Valuable Deals that are Worth Pursuing

I am so excited to share this DealQuest episode with you! Stephanie Scheller is the founder of Grow Disrupt, a San Antonio-based training organization for small businesses, and an accomplished speaker who has been behind-the-scenes with more than 2500 companies in the past five years to analyze & address their sales, marketing & systems! Her wealth of knowledge is especially useful when it comes to finding valuable deals that are worth pursuing!

Stephanie is a TEDx speaker, a Forbes 30 under 30 nominee, a 2019 New York Life Woman of the year Nominee, a two-time best-selling author, an entrepreneur, a coach and a trainer and dedicated to teaching the same skills that allowed her to build her business from scratch and walk away from her corporate job in less than five months. It is abundantly clear why I’m so excited to have her as a guest!

Grow Disrupt: Decreasing Overwhelm with Connections

Stephanie notes that when it comes to business, there are so many experts and self-proclaimed “gurus” out there. It’s very challenging to find people who actually give good information that is currently working.

A lot of small businesses get stuck. They get bad information, and then they get so overwhelmed with trying to either use that information, or find a new person with better information, that eventually they just kind of give up on follow through. We all know that doesn’t work if you’re going to run a business. You’ve got to have business skills as well as technical skills and you know like

So my goal was to be a gatekeeper so people could come to me and get connected with solid industry leaders that could really provide the guidance they needed. Eventually, Grow Disrupt turned to events as their medium of choice; they would bring in the people who not only know what they’re doing, but also know how to break it down in a way that makes sense. It’s vital that these guests can provide strategies and information that will work inside multiple businesses; global application is key!

Finding Valuable Deals

This may not seem like the ideal time to be knee-deep in the events industry! Stephanie shares that Grow Disrupt adapts as needed.

Right now, for example, they’re doing a lot of events online. Because they’ve positioned themselves as a brand that people can connect with, they’ve been able to make the pivot and continue serving their ideal clientele. This has been made simpler because Stephanie is a connector; she isn’t just signing contracts and creating growth for herself. Instead, she’s making deals that are based on trust and that grow from relationships.

As a connector myself, I know what a great skill this is when it comes to making deals. Before a transaction can occur, a relationship has to be made!

(Speaking of the event industry, you can go all the way back to episode three of the DealQuest Podcast to hear my interview with Ramon Ray if you want more information about deals and events!)

When Stephanie creates events and brings in experts, she tends to focus first and foremost on what her audience needs. They’re looking to accelerate their growth, shorten the learning curve, and uncover problems they don’t even know they have. By connecting with the experts that Stephanie brings them into contact with, they are able to identify what they most need to work on next. Often, these are problems that they have been unable to identify themselves, which means they’ve often put time and resources into trying to fix the wrong things!

Stephanie shares a great example she recently discovered in a violin lesson (I’d invite you to listen in to the full episode to hear about that real life example of fixing all the wrong things!)

Desperate Deals

Stephanie shares that one of the keys to deal-making is that you can’t be negotiating from a place of desperation.

When you’re just trying to get sales going,you tend to be desperate for the deal to go through. But here’s the thing: this deal is not going to save your business.

When you’re making deals from a desperate place, what you’re going to end up getting is a deal that’s not in your best interest. Stabilizing your sales funnel and using marketing to drive leads into that funnel will allow you the space you need to really negotiate and make deals from a place of power.

I love that Stephanie talked about this; something I talk about in my negotiating book is that if you’re in a place of scarcity, desperation, or fear, you’re going to be making wrong decisions. Great deals don’t come from a bad place!

Stephanie also mentioned some big ideas about taking a paycheck and getting a profit distribution from your business.

That ties in so well with last week’s episode, where Mike Michalowicz shared about his work with Profit First and Fix This Next.

Leverage Organic Growth With Deals

If you’re doing it right, you have organic growth from your sales and marketing as the base. And then you leverage that growth with deals. You’re able to use your organic success to enhance your negotiating position, which enables you to release the desperation of “needing” the deal.

Making deals from a place of strength also makes it more likely that you’ll be able to create ongoing relationships. The best way to do this is to start with a continuation of each relationship in mind. This requires honesty. Ideally you’re entering into deals that further your business without threatening to overwhelm it. Ideally, you don’t want a single deal to comprise more than 25% of your business, because you have to recognize that there are hundreds of reasons that that deal could end. Things change, clients’ needs change, the economy changes, your connection leaves the company. Too many companies become complacent and overly reliant upon one or two really large clients. Then if you lose them, you risk losing your business.

I completely agree with Stephanie’s thinking here. I’ve been in business for 35 years, and I feel like we do great work for people. We rarely have any issues with clients. However, we still lose clients for other reasons; by reducing our reliance on a small handful of clients, we strengthen our overall business and approach.

Stephanie shared about a contact that was making $250,000 a year from three clients. With no warning, she lost two of them overnight. It wasn’t anything she did “wrong”; they were bringing it in house because they got acquired by a larger company. Her business had relied on three contracts; they were good deals, but she could have lost everything by over relying on them and ignoring organic sales and marketing that would have enabled her to have more diversity within her business.

To learn more about leveraging deals while organically growing your business, listen in to the whole episode here! You can also learn more about Stephanie over on her site, www.growdisrupt.com.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 30 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out if you’re an authentic negotiator, take the Authentic Negotiating Success Quiz today!