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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!