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

Coaches, Deal-Making, and Buyouts

Remy Blumenfeld is one of the world’s leading business coaches and advisors. He’s contributed more than 50 articles to Forbes. Remy was also listed by an independent newspaper as one of the Top 20 Most Influential LGBTQ People in the United Kingdom. He’s been featured in Forbes, Inc., The New York Times, and more!

Listen to our full interview here.

Getting His Start

Remy shares that, as a kid, he knew he wanted to be in the communication business. He had a little cassette recorder, and he would go around interviewing his friends. (He even found the old tapes from it recently!) His first real job was actually as a reporter for The Wall Street Journal television show in New York City. He didn’t stick with it for his full career, but it was an enjoyable start!

His first deal-making experience was at a school fundraiser. There were all sorts of little booths, and people were selling things to raise money for the school. Remy spent 5 pounds and purchased a set of prints that had been connected to a puppet show theatre. He then resold them for a few hundred! Ebay wasn’t in existence yet, but he was still flipping goods.

Remy and I also discussed the difference between looking 4 years into the future versus a hundred or more years into the future — you can listen in to hear about that!

Later, Remy transitioned into what he’s known for now: coaching and advising. While running multiple businesses, he had found that he was naturally fulfilling a sort of coaching relationship with his employees. (The only difference, he joked, was that he had no coaching training and they hadn’t actually hired him for his input!) 

Now, however, Remy coaches leaders, primarily in the creation sectors. He finds they are usually looking for a combination of coaching and business advice. As a result, he provides a hybrid model based on their needs. 

Early Deal-Making Experiences

Some of Remy’s largest deals include the businesses he’s sold. He started his first production company out of his bedroom in Brixton because he was out of a job. Remy decided he wanted to sell ideas to broadcasters. However, he realized that he couldn’t get companies to invest money into him as an individual person. As a result, he rebranded as a company and kept on trying. Looking back, he notes he was doing many things he now advises his clients to do. At the time, though, he was doing it by accident. In essence, he was making programs about where he lived and what he knew best. At the time, Remy was living in a rough area as a young, gay Jewish man. The shows he was making were often about the edges of society. (Those edges have since become the middle in many ways).

The production company that started in his bedroom made the first Black music show on Terrestrial TV in the UK, the first Asian pop culture show on the BBC, the first gay dating show, and more. He notes they did quite well by doing what they knew best. They understood it, they loved it, and they did it the best.

That lesson holds true in any sort of business and sales endeavor: you’ll do best by doing what you know best. It truly helps to be an expert in whatever you’re doing, as the buyer realizes that you are truly the best choice for them.

Years later, Remy sold his bedroom-started company for a high-multiple figure to a larger production company. Later, they became the company that produced Big Brother!

Leaning Into the End Game

Remy notes that, at a certain point, he understood that the production company had a saleable value that he hadn’t initially recognized. When he had started it, there wasn’t really a true market in the field. 

About 6-7 years into running things, however, independent production companies became something that investors were interested in. Big companies started buying up smaller companies, and he realized he was ready to sell. This required facing many realities about the business that their team had never really thought about before. For instance, Remy and his team realized that if you don’t have processes in place, big companies aren’t interested in buying you. Strangely run companies with weird or lacking systems get overlooked in buyout opportunities. Remy suggests running your small company as if it’s a big company in terms of utilizing systems, procedures, and watching the bottom line. (Watch your growth line!)

Now, Remy always advises people to imagine, from day one, that they are going to sell. He notes that you should be attempting to create a story with numbers — a story of growth, consistency, and profitability.

Remy now works with founders to implement checklists early on so they can create something others would actually want to buy from the beginning. (Rather than trying to “dress the bride on the way to the altar”!)

I noted that it’s possible to get deals done with a last minute scramble, but it’s surely not ideal. Preparing in advance is the best!

The Psychology of Buying a Company

Beyond the numbers, Remy thinks psychology is the most important aspect of the sale of a business. (In fact, he notes that ego tends to get in the way of the best and truest job quite often!)

In the creative sector, Remy notes that people often want to show they’ve done the best possible job tapping into every possible revenue stream and protecting their rights. You won’t feel very proud of yourself if you’ve just “forgotten” to access a revenue stream or market. There is a level of pride involved that can make owners want to emphasize that they’ve done everything.

However, a buyer wants to feel there is room for growth and improvement. If everything has been done that can be done, and growth can’t occur, it will be less attractive to them. A buyer wants to believe they can run the company better than you, or at least that there is room for them to do something bigger and better!

Remy does note, however, that sometimes in show business people forget the business and run the show! In a business deal, it’s key to be able to show that the business elements have been well handled so they can be moved through.

(Listen in to learn more about Remy’s thoughts on how the buyers will be approaching your business just like a home they recently purchased; there will be changes!)

The Power of Coaches & Coaching

I noted that I’ve worked with coaches myself, and asked Remy to share a bit more about the power of coaching. 

Remy noted that one of the things he finds to be most powerful is helping people commit to their own goals and standards, independent of anybody else. It’s key to be able to hold these apart from your partner, parents, clients, or anyone else in your life. As a coach, Remy also finds it useful that he’s not involved in his client’s lives or goals in a personal way. He’s able to provide feedback and accountability that is received differently than that of a friend or colleague would be.

I see that as the deal clients and coaches make between one another, in terms of how they will hold one another accountable and show up.

Listen to our full interview here.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal-Ready Assessment today!

 

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

Family Business

This week I was honored to interview not one, but two amazing guests. Farida and Ramia El Agamy are sisters with phenomenal backgrounds in family business. They bring a global perspective to deal-making opportunities and family businesses. This episode is worth listening to in full.

LISTEN HERE

About Farida

Farida F. El Agamy is a social entrepreneur by conviction, and a lawyer by passion and profession. Since 2008, she’s been the General Manager of the Tharawat Family Business Forum, the first knowledge resource and networking hub for family-owned companies in the Middle East and North Africa. Farida’s main interests lie in the advancement of corporate and family governance systems, the economic impact of family firms on the economy, and the support of individual family members within the family business context.

About Ramia

Ramia Marielle El Agamy is the Editor-in-Chief of Tharawat Magazine, (@Tharawatmag), a global publication for family businesses that attracts over 3 million readers (online and print) per year. The magazine encompasses a library of over 1000 articles. She is also the host of two podcasts: The Family Business Voice and WiFB. Ramia is also a strategic advisor in the Tharawat Family Business Forum as well as a Director in her family business’ board. Since 2017, Ramia is also CEO of Orbis Terra Media, a content studio and an award-winning publisher that stands for the highest standards in content production and omnichannel strategies. With a data-driven approach to content marketing and distribution, OTM specialises in helping brands achieve a consistent narrative across multiple platforms and to reach their audience.

Early Starts for These Citizens of the World

When I asked the pair what they had wanted to be growing up, Ramia nominated Farida to share first, as the older sister. Laughingly, the sisters noted that family businesses require respect for the family hierarchy. 

Farida shared that, early on, she was interested in societal questions. Her father had studied archeology, and he would bring his children on hikes to old dig sites. In addition, they would visit extended family in Cairo and visit ancient sites. These early experiences grew Farida’s interest in archeology as a possible career when she was a girl.

Ramia noted that, even as a child, she could see herself working in the family business. Seeing her father traveling frequently, and missing his presence, she imagined being able to pack a calculator into a bag and travel with him. She also had a very entrepreneurial spirit, and remembers opening a detective agency, a travel agency, and several shops with her sisters.

(Ramia and Farida also noted that they have a third sister in the family business as well. They thought it might be too much to bring all three of them onto the show!)

The sister’s mother is from the Netherlands and their father is from Egypt; they were raised in rural Switzerland and consider it home. However, their international roots and extensive travel histories, including studying in the UK and living in the UAE, have made the world their oyster in many ways!

First Deal-Making Experiences

Culturally, deal-making is perceived differently in various parts of the world. Looking at their father’s generation and work in the business, the sister’s agreed there were fewer activities that may have been directly considered “deals”.

In fact, the first deal-experienced Farida recalled was assisting a family business in getting out of a deal. A nephew was finding himself in a very bad situation with a possible deal involving his uncle. They could see it going south, and needed to intervene.

Ramia notes that both her sisters are lawyers, and often see deals through the legal and business lens. As an entrepreneur herself, she feels she’s been making deals her whole life. When you start a business with nothing, everything is a barter, a trade, and exchange, or some other way of growing and deal-making. She remembers many skill exchanges that grew in size and significance as revenue grew.

She also shares that she thinks the first deal entrepreneurs make is with themselves. Deciding to go into business requires trading time and energy and capital. 

Negotiations in Family Business 

The family business, as a construct, is a constant negotiation. This is true both internally and externally. Every day you enter into your family business, you’re entering into an emotional negotiation with your family. There is a constant need to recalibrate, adjust behavior, and figure out how to incorporate your personal and professional lives.

Part of this is holding people accountable when they are part of your family. It is challenging to have a parent or sibling that you have to challenge, hold to high standards, and question. Handling these ongoing family business negotiations on a daily basis requires you to truly leave your ego (and childhood patterns) at the door.

(There was an amazing conversation about ego here that’s worth listening to!)

The sisters note that family businesses are often stable and thinking long term. In addition, they are perceived as having “skin in the game”, and are often quite regionally embedded. Attributes such as these make family businesses a popular choice for others looking to make a deal.

In addition, the whole family business as an entity is an ongoing deal.

A Major Myth About Family Business

There are many family businesses in the world….and just as many myths about them! Since I had the experts on the line, I decided to ask their thoughts on a major common myth I often hear.

If You’re Not First Generation, You’re Not an Entrepreneur

Some people question whether someone in a family business can truly consider themselves an “entrepreneur”. Many entrepreneurs in the US are first generation entrepreneurs. Even if their parents were also entrepreneurs, they are often not involved in the same business. Across other parts of the world, however, many entrepreneurs are working within multi-generational family businesses.

The sisters noted that there is a difference between a real family business, or enterprise, and an enterprising family. They consider entrepreneurship to be the force that compels any family business to keep growing. They also encourage each generation to think of themselves as founders of a startup, in terms of needing originality, adaptability, and other entrepreneurial skills.

Being part of an entrepreneurial family doesn’t mean you’re not an entrepreneur. It does mean, however, that you have a heritage of entrepreneurship and usually the support of your family.

(Listen in to why they consider family business an “extreme sport” in the entrepreneurial world! This includes the weight of legacy, which can feel like a “backpack full of stones”, and the “ghosts around the table”.)

Layers of Governance

Imagine the most difficult professional situation you’ve ever been in, in your life. Then, imagine the most difficult family relationship you’re currently experiencing. Now, put those two together every day of your professional life.

That’s family business.

The emotional toll that family situations can take on you, and your business, are much greater than you may expect. That’s why governance in family firms is so vital (and so difficult). There are many, many layers to governance within a family business, and often the laws pertaining to family business are less clear than other legal statutes.

For example, there are rarely laws requiring a family business to utilize a family council to learn to regular their behavior as a family. Some families have waited for too long, growing more and more misaligned. Eventually, it can become too late for change.

Families who have aligned decision making as a result of internal deal-making have a much greater chance of making it in the long term. They are also better equipped to handle unexpected challenges, such as Covid-19.

Ramia and Farida share so much valuable insight on family businesses. Listen in today!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal-Ready Assessment today!

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

HR Insider Knowledge


Ashley Paré
is a Leadership Coach, Negotiation Advocate, TEDx Speaker, and HR Change Maker. She holds a vast reserve of HR Insider Knowledge that she’s gathered over her career. She’s also the CEO & Founder of Own Your Worth, an organization dedicated to breaking glass ceilings. Her signature leadership program, The Activator®, takes clients on a journey within to uncover the hidden blocks that are holding them back from stepping into their power. This is so they can take action to negotiate the career, business, and life of their dreams!

You may have seen her on Good Morning America, TEDx, New York Times, CNN, and more!

Early HR Ambitions?

When she was younger, Ashley wanted to be an author, psychologist, and live in London. (Looking back, she feels like her HR work was a little like being a psychologist!)

The first deal that stands out to her was her first post-college job. At the time, she didn’t know the “rules” of applying for jobs. She did know she needed to be able to make enough to afford housing and student loans, and when she got offered $15 an hour she countered with $16. (They met her in the middle with $15.50!)

That early success enhanced her confidence and showed her that it was possible to ask for more! However, that was a lesson she’d have to continue to learn how to activate as her career continued to grow. Ashley has seen that many women have a similar need to learn how to speak up and negotiate for what they desire. 

[Note: Ashley specifically works with women, and we focus on women’s issues in this interview. I do want to be clear that we both recognize that “women” are not one monolithic group, and that each person is unique and faces unique challenges. In addition, not all humans identify on a binary spectrum. No matter who you are, I think you can find some gems in this episode!}

Avoiding Your Own Core Truth

Many times young girls have no problem asking for a bigger slice of cake, so to speak. As they get older, however, they often stop.

Some of that may be connected to socialization, which often encourages women to be people pleasers, or to play the “good girl” role. Ashley believes that it goes even deeper, however. Somewhere on the journey, many women begin to lose their sense of self. We abandon our truths to ensure that we are liked and to avoid potential negative consequences.

Because speaking up for ourselves can lead to negative responses….we have a tendency to stop. Our sense of worthiness and self becomes dependent upon external validation, which is never fulfilling in the long run. If we don’t build our own sense of self through self-awareness, of course our inner confidence takes a hit!

This can lead women to retreat into their “shell”. It doesn’t have to, however! By digging deeper, women can tap into their core truth and own their value and their voice. 

In my own work, I see how being disconnected from your own core truth and value significantly impacts your ability to be a deal maker.

HR Insider Knowledge

As a former HR leader and business partner, Ashley had access to salary data, leaders, policies, and the best training. Yet, she still struggled to grow her career. She realized she had stopped self-advocating out of fear of what others would think of her, and focused so much on proving herself until she finally burned out. 

She realized that having the tools to navigate a corporate career is important, but what matters most is having the confidence to speak up and use them. Now she’s dedicated her career to sharing her HR insider knowledge to help clients define and articulate their value and effectively ask for what they want. 

Ashley notes that, in her experience, a vast number of companies prefer to be seen and experienced and flexible and open, especially to incoming candidates! When they offer you a position and potential salary, it’s often expected that you may counter with areas that matter to you. In fact, it might even be encouraged! Negotiating should never be seen as problematic.

The worst thing that can happen is they’ll turn you down; that’s okay! Even if you don’t get everything you asked for, it’s likely you’ll learn more about what your options are and where there may be flexibility within the company. That’s a good thing! 

Confidence in Negotiating

Ashley notes that she offers a variety of packages and rates for clientele. As an early business owner, she was apt to negotiate with clients over those rates. Now, however, she rarely does. She is well established, she owns the proven value she has consistently created over the years, and she sets her rates annually.

When she first started as a speaker, her contracts with larger companies and organizations were more likely to involve negotiating. Now, however, she’s found that she has not only raised her rates, but she’s also started getting more “yes’s”. Her ownership of who she is and what she does, and her confidence in communication, has decreased the amount of negotiating involved in getting the rates she desired.

We both see this phenomenon happening for many of the people we work with and around in our careers. Those who own their value and communicate it with confidence are able to command better rates, broker better deals, and have more success at the deal-making table.

Listen in here for the full interview!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal-Ready Assessment today!

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

Strategy for Intellectual Property

David Kalow is a University of Chicago law graduate, and now focuses exclusively on intellectual property. According to David, most companies – both large and small – need help to improve their strategy for intellectual property (IP). This includes making it even more valuable, cost-effective, and revenue-enhancing. IP strategy leverages a company’s most critical assets in the 21st century global economy: ideas and creativity.

Ultimately, he helps you to create and implement an effective, long-term strategy to manage your valuable intellectual property assets, including assets you may not even realize that you have! 

Was Intellectual Property Strategizing Always in the Cards?

David shares that his earliest goal was to be a space pirate. These dreams were based on his interest in sci-fi, and he was sure they’d come together at some point. As he grew up, he assumed he’d find himself working in science, or some other “nerdy” field. He never visualized business!

Once he completed law school and entered the field, David found that he learned deal-making slowly and academically. Starting his own law firm, and later his own solo practice, was his own way of being an entrepreneur. It may not have been what he planned, but he’s excelled!

Now, David’s objective is to make it easier to expand and accelerate business development while reducing legal fees. Your improved IP strategy can strengthen market positions, increase valuation, assist with funding and VC, energize deal making and strategic partnerships. It can even improve hiring, marketing and sales. It benefits early stage startups as much as small, medium and Fortune 100 enterprises, as well as those who finance them, such as VC’s and private equity.

Strategy for Intellectual Property

Any business has intellectual property, and David believes most business owners and entrepreneurs aren’t taking full advantage of it. He does see pharma, medical device creators, and biotech companies tending to appreciate IP and use best practices to strategize it the most. However, even there he tends to see many mistakes made.

According to David, most of these mistakes are common and avoidable when you know what you’re doing and understand the field.

For example, a strong strategy for intellectual property looks at all of an organization’s potential intellectual assets. It then uses every possible IP tool: legal and procedural, formal and informal. The first things people think of, like filing patents, trademarks, and copyrights, are really just foundational basics in what should be a much more comprehensive strategy.

Assuming that doing those basic tasks is enough is a huge mistake (and a very common one)!

Intellectual Property Isn’t Just for the “Big Guys”

David finds that strategizing their intellectual property is most important for startups and small businesses. Why? Because in the beginning, that can be all you have.

There are three major property types: land, personal property, intangible. Most of today’s companies aren’t based on owning large amounts of land or unique personal property (like factories, et). Rather, they are based on intangible assets.

If you don’t know how to use, understand, and appreciate IP, you won’t last. Missing opportunities to strategize your intellectual property will injure your revenue making capacity and potentially ruin your business. On the show, David and I discuss a few options for entrepreneurs and business owners to leverage their IP. One important option?

Use an appropriate blend of patent, trademark, and copyrighting.

There are so many ways to leverage your IP! You have to think about how you can leverage them in order to accelerate and strengthen your business. This includes deal-making with those intangible assets, as well as getting protection to ensure that you’ll retain downstream usage of your IP.

The worst use of your IP? Getting it wrapped up in litigation! Think through the fight if you want to avoid the fight, and get the protection you need to confidently strategize for using your IP on the market and within your business.

Think Creatively & Build Your Long Game

For 20 years, David had a client who collected hefty royalties from well-protected IP. By using patents and trademarks across multiple dimensions (software, chemicals, engineering, etc), they were able to bring to market a product that was necessary…and that simply couldn’t be provided without their input.

Rather than only protect their output, they found ways to protect their valuable processes, systems, and tools that made that output possible in the long run.

For years it was standard for computers to have CD-ROM players. Of course CD’s were patented, and the IP involved in their creation and use allowed the creators to benefit for years. It wouldn’t have been market-friendly to have every system use a completely different tool, and the best-positioned one was able to earn the whole market (and the financial gains that came with it).

Cartier watches were able to use trade dress (appearance of goods as the trademark) in a powerful way that enabled them to stand out in the luxury watch market. There are so many ways to leverage intellectual property, especially when you’re familiar with how the field works and what your options are. (This part of the episode reminded me of Bill Cates interview on leveraging IP!)

Make Sure You Protect Your IP Rights

Make sure you have the right agreements with employees and contractors to ensure that IP is flowing into the company. You must own your own rights, and sometimes when you work with freelancers or others on the work-for-hire market you don’t always have the ownership you think you have.

Rather than open yourself up for disputes down the road, you’ll want to do your due diligence on the front end to ensure that you’re protected!

Another note: IP doesn’t mean you have to become greedy and Scrooge-like! Strategy for intellectual property can be good for you, your business, and the world. David notes that research has shown that open federal patents are rarely utilized. Why? There is no ownership incentive, so it’s hard to generate funding or find people willing to invest time and energy to build them out. After all, whatever they create isn’t really theirs.

When you protect your work and have ownership, there can be a positive incentive towards building and investing.

The real reason behind patents is to reward owners and investors. After all, if there is no chance in a return, there is likely no one who will invest. Whenever money gets put into an idea, there is no guarantee that it will work out as planned. Having that idea protected and invested in gives it a chance to take its shape and change the world!

Patents also allow us to maintain and share ideas, without losing our rights. There are so many technologies of old, based on trade secrets, that are simply gone forever. Why? Because the inventors kept them secret, and no one knows how they worked! We diminish the power (and losses) inherent in trade secrets when we make it safe to share our discoveries and work.

Listen in to learn more about how to best create strategy for your intellectual property!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal-Ready Assessment today!

 

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

DealQuest’s BEST OF: Company Founders

This week I’m pleased to bring you another round-up of the BEST OF DealQuest guests. Our category is Company Founders. You’ll hear from Niles Heron, Julia Pimsleur, Brian Smith, Damon Gersh, and Chris Wilkerson! If you’ve been a founder, are currently a founder, or would like to be a company founder one day, this one’s for you!

The Need for Organic Growth: Niles Heron

Niles Heron is the Co-Founder and Chief Strategy Officer at Popdog. This is a technology and services company focused on fixing core problems in the esports and live streaming industry. He firmly believes that entrepreneurship is about building good systems. For Niles, this means solving problems at scale. His work has taken him from Detroit to San Francisco and back to Detroit. He’s worked with companies in biotech, automotive, aerospace, technology, and entertainment.

Niles has an incredible perspective. He’s one of those guests who demonstrates that he truly understands what it takes to create a business that actually has traction. In addition, he truly gets how you can leverage that traction through deals. On the show, Niles really gets to the heart of what it means to show up fully in your business and engineer deals that take things to the next level.

You can listen to a snippet of his interview on this week’s Company Founders BEST OF episode. Or, you can listen to our full interview on Episode 33 of the DealQuest Podcast!

Million Dollar Women: Julia Pimsleur 

Julia Pimsleur is Founder & Chief Empowerista at the social venture Million Dollar Women (MDW). During her nine years as CEO, Pimsleur raised angel and venture capital to succeed. It was then that she discovered fewer than 3% of all women entrepreneurs reach $1M. Additionally, less than 4% of venture capital is invested in female founders. To help change those stats, she teaches women how to fundraise. This led to her authoring the best-seller, Million Dollar Women​: The Essential Guide for Female Founders Who Want to Go Big.

Julia shares that her current work is directly tied to her early experience as a founder. She had been exhausted and burnt out as a business owner and parent. After some time, she realized she desperately needed a new way of running things. She took what she learned, and turned it into an organization that empowers women to stop being solo octo-preneurs (with 8 arms going in every direction). Instead, she teaches them how to truly become empowered entrepreneurs. Her episode is a reminder you don’t need to be a huge company with large revenue numbers to make meaningful deals. Instead, you can grow your business from exactly where you are now!

You can listen to a snippet of her interview on this week’s Company Founders BEST OF episode to hear more, including an early deal Julia made with PBS that created a 6 figure sales difference! You can also listen to our full interview on Episode 34 of the DealQuest Podcast.

The Founder of UGG Boots: Brian Smith

Brian Smith has charted his own course to become one of the great entrepreneurial success stories of our time. In 1978, he imported six pairs of sheepskin boots from Australia. At the time, he had a dream to build a business where every American would eventually be wearing the product. And that’s how one of the world’s most recognizable brands began. Since then, sales of UGG products have exceeded a billion dollars in each of the past six years.

Brian shares how his own enthusiasm for his work garnered an early $20,000 investment (with no business plan or fancy pitch deck!). That early cash infusion is what helped the company get started. He also notes that UGG took years to take off. (For some reason, as many California retailers didn’t see the need for a sheepskin product!) Year one of sales only saw 28 pairs off the shelf, with retail buyers he had been counting on ultimately  turning the product down. 

By year three capital had run out, and sales were only at 20,000. After a beer with a friend, Brian recognized he had a messaging problem. By changing his marketing message, sales skyrocketed to 200,000 within a year. That marketing revamp turned everything around. (It also ran the company out of money — a whole new problem!)

You can listen to a snippet of his interview on this week’s Company Founders BEST OF episode. You can also choose to listen to our full interview on Episode 8 of the DealQuest Podcast!

Identifying Your Industry’s Choke Point: Damon Gersh

Damon Gersh is the President and CEO of Maxons Restorations, Inc., an innovative leader in the property damage restoration industry. Damon is a winner of the Ernst & Young Entrepreneur of the Year Award, the Fast Company Award for Leadership, and Inc. 500 and Inc. 5000 awards. Damon is also a Past President of the Entrepreneurs’ Organization New York City Chapter, the co-founder of the Gathering of Titans annual entrepreneurial conclave, and the co-founder and Past President of Restoration Affiliates, LLC.

He wants to know: do you know the “choke point” in your business? By identifying the restoration industry choke point, Damon was able to transform his market and take his business to the next level. He was also skilled at garnering loyalty and thinking BIG about how to lock up the labor market. As a result, he figured out how to make sure his firm got the job…even if they were technically the “second call” on new labor needs.

You can listen to a snippet of his interview on this week’s Company Founders BEST OF episode, or you can listen to our full interview on Episode 25 of the DealQuest Podcast!

Lifestyle By Design: Chris Wilkerson

Chris Wilkerson is the Founder and CEO of High Bar Capital, which specializes in funding, acquisition, and management of high-quality businesses in niche markets. It’s all done with the goal of growing businesses while also increasing their value. 

Chris shares important lessons he learned while doing deals of his own, and he offers specific scenarios and strategies that highlight why it is important to know who you’re dealing with and what they truly want. Part of this is understanding what the “other” side wants. It’s not enough to just know what works for you. You have to consider the desire on both sides of the aisle!

The ability to create a positive impact on everyone involved in a deal is his top priority when evaluating whether a deal is worthwhile. This also means considering his employees, his clients, and his family. Part of being an entrepreneur is creating the lifestyle that he desires. He shares his wife and himself call this their “lifestyle by design”, which involves considering long term deal impacts, which goes beyond just financial implications.

You can listen to a snippet of his interview on this week’s Company Founders BEST OF episode, or you can listen to our full interview on Episode 22 of the DealQuest Podcast!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!

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

Mindset of a Deal-Maker

Daryle L. Johnson is the president and co-founder of SmartIT Mobility. He’s also the owner of Ideation to Valuation. Daryle is responsible for setting overall sales, partner, and supplier alliance strategies. He’s also empowered to leverage corporate assets to deliver value with integrity and quality. With the mindset of a deal-maker, he is an innovative, energetic, creative, and very charismatic intrepreneur AND entrepreneur. 

He brings over 20+ years of market, business, and solution development experience to the DealQuest show today! Partners and customers include Google, T-Mobile, Sprint, and HP. In addition, he serves on several boards including Doorways, Mobil Trackr, STEMnasuim Learning Academy, and AIS Solutions. 

Mindset of a Deal-Maker

As an entrepreneur, Daryle believes in taking 100% ownership of his destiny and work. This requires effort, passion, and flexibility. It also requires the powerful mindset of a deal-maker. It’s this mindset that enables him to leverage partnerships, relationships, and opportunities within his business.

Daryle notes that being a deal-maker isn’t just a skill. It’s truly a mindset. 

It is absolutely vital that entrepreneurs understand that deals aren’t a one time event that happen. In fact, often amazing deals are disguised as “sales”. Entrepreneurs may not even realize how many deals they make, simply because they don’t think of them that way. They also may not realize how much power they have to create deals all the time. You must recognize that every sale has the potential to be a deal. When you grasp that, you can influence those outcomes with the mentality you bring to the table, and you have more power in your business.

K-12 Deals

Daryle shares about a deal he negotiateted for schools that took all of their needs into account. From pricing to software, he covered every possible problem that could have created issues for the school board. He partnered with T-Mobile (for both software and sales teams). Then, he brought in a training company to work with teachers, and he leveraged long-term marketing strategies to bring up front costs to the school down to $1 per device.

He also anticipated parent issues, teacher frustrations, and student needs. The final deal was the result of dozens of smaller partnerships, leveraged resources, and connections. Also key? His mindset. Rather than seeing the problem as too big, the partnerships as too complicated, or the schools as too difficult to negotiate with, he chose to see the possibility. 

Every challenge was faced, and solutions were created. Why?  Because he believed that it could be done. Ultimately, the program provided technology to over 60,000 students. It also spawned other local deals for Daryle, as a result of ongoing negotiations and collaborations.

In theory, Daryle could have gone into the school and said he had a solution he was selling for X price. If he had, he wouldn’t have been successful. Instead, his deal-maker mindset enabled him to create a full package. He provided a comprehensive solution in a way that made sense for his audience, and they bought it.

At the end of the day, that deal was all about the impact.

When he looks back at that deal, Daryle sees how powerful the subsidy of the carrier commission was for driving down the prices and making the product accessible. He’s the first one to say that they didn’t make much money on it. Instead, they made an impact. Although his strategies could easily be used in a more financially lucrative way, in this case he wasn’t looking for profit.

Follow the Process

In complex deals and negotiations, there are a lot of parties involved. It can become difficult to manage personnel and expectations. Daryle acknowledges that there are challenges. Over the years, he’s developed a process that works for him and keeps things moving forward.

The first thing he focuses on when making a deal is relationships. He wants to know what kind of relationship businesses or possible partners are open to having. Will it be transactional, strategic, temporary?

He’s open to any answer, but he wants to know up front what the situation is.

Next, he wants to know about the budget. If the numbers are off, it’s better to stop up front. It’s vital to have a money conversation before any party is in too deep. 

From there, clarity on what is being solved is key. Daryle also pushes that “what” one step further. He asks: If we solve that, what happens? What is the impact? What changes?

Once clarity is achieved, he finishes his process by asking how others envision this all happening. It’s key that everyone on the team or involved in the deal has an understanding of what it’s going to take to make it happen. They also need to be onboard with doing what needs to be done.

If someone is still standing, then it’s time to get started! And if the process has eliminated other parties? He can walk away and save a lot of time and trouble.

Strategic Deals

In a strategic deal, each party should understand the potential for something larger than just a single transaction. It’s not about just that one agreement; it’s about the potential of what could occur in a continued relationship.

In addition, Daryle shares that strategic deals have a functional fit. Value for value, every party is fully engaged. There is no one making money or getting paid that isn’t providing value as an essential part of the process. There’s also an understanding about who is taking the risks and where the costs lie.

Daryle prefers to keep a few deals moving at all times.

He’s always looking for ways to expand, grow, and build up credibility. Part of this is in building value equations. It’s not about his name, or a partner’s name. It’s about having something that has value on the market and that can be repeatable, scalable, and sustainable. Rather than one off deals that may or may not go anywhere, Daryle works hard to create deals he can leverage in the future to continue building on his past success.

On a closing note, Daryle suggests that audacity and out of the box thinking are key. Always be looking for new ways to add value, and don’t be afraid to push the envelope. You never know what you’ll get when you ask for the mildly ridiculous!

Listen to the full episode to develop the mindset of a deal-maker today!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!

Categories
Authentic Deal-Making Deal-Driven Growth

Strategic Business Growth Leads to Deal Opportunities

Lately, you may have noticed that we’re having a wider variety of guests on the podcast. They are speaking about the variety of 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 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 from joint ventures and strategic alliances to licensing deals and affiliate deals online. We’ve also discussed 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 in the position where you are working in your business as the founder? Do you have to be there every single day to make sure that the sausage is getting made, so to speak, or the products are going out? Because if you’re the one actually delivering the services to the client — 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 and Salable

You’re probably familiar with the concept of scalable and salable. 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

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 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 the 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 to the full interview here.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!

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

The C.P.R. Framework

So far, we have covered a good portion of the main topics from my book, Authentic Negotiating: Clarity, Detachment, & Equilibrium the Three Keys to True Negotiating Success & How to Achieve Them. On the show we have discussed the fundamental framework of clarity, detachment, and equilibrium, as well as the six reasons negotiations fail. We’ve also talked about the top five steps to becoming a great negotiator, and how to deal with inauthentic negotiating tactics. In the latest solocast episode of Fueling Deals, we cover the final topic from Authentic Negotiating: the C.P.R. Framework. The three elements of the framework are context, purpose, and results.

What is the C.P.R. Framework?

The C.P.R. Framework consists of three main elements.

Context: The context of a negotiation determines the person we need to show up as in the negotiation. It pertains to our state of being, and how that ties into our purpose and our results.

Purpose: What is the underlying ‘why’ of this negotiation? The purpose must be something positive that speaks to you because it will be your primary driver at the negotiating table.

Results: Any time you go into a negotiation, you want to be clear about the results you want to get out of it.

Effective Frameworks

Many of us know our results before we ever enter a negotiation. The context and purpose, however, are things we need to memorize. If both of these components are no more than a sentence long, you will be able to remember them no matter what factors are thrown into the mix.

You will also benefit from distilling these ideas into short sentences. This practice will help you get to the essence of your context and purpose. The C.P.R. Framework is the single-most effective framework for applying my negotiation tactics, but it is also extremely effective beyond negotiating. To learn more and hear examples of the C.P.R. Framework being used, listen to the latest solocast of Fueling Deals.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!

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

Five Ways to Accelerate Growth

After one year and more than sixty episodes, we have gathered countless insights from the most talented negotiators, speakers, and dealmakers across industries. And with so much ground covered, we decided to introduce a series of ‘best of’ episodes. Here we’ve distilled the main talking points from our Fueling Deals guests. Today we’ll focus on how to accelerate growth as we learn from our deal-driven experts.

The Experts Take: How to Accelerate Growth

Each quarter will bring a new theme that combines different topics from each interview. This time, the theme is “accelerating growth”. We explore some of the major talking points from my interviews with Carl Gould, Bruce Eckfeldt, Phil Buchanan, and Matt Wavro.

Carl Gould dives into the growth and sale of his two businesses. His creation of monthly recurring revenue, as well as his branding and networking accomplishments, enabled him not only to sell the companies, but also to affiliate with the company and earn an income post-sale.

Next, Bruce Eckfeldt and I had a conversation about how to scale a company. We highlight points from Les Mckeown’s book, “Predictable Success.”

After that, Phil Buchanan shares advice for small onboarding deals and acquisitions. Our focus was on geographical expansion.

And lastly, Matt Wavro explains how he has utilized strategic alliances to accelerate growth. This includes partnering with minority and women-owned business enterprises.

Get the Full Experience

The excerpts from these conversations only represent a small part of the invaluable information from each episode, so make sure to go back and give them a listen if you didn’t get a chance.

Carl Gould, Bruce Eckfeldt, Phil Buchanan, and Matt Wavro each have unique perspectives on accelerating growth in their own companies, or by working with other companies. Make sure to check out the latest episode of Fueling Deals, and keep an eye out for a new ‘best of’ installment every quarter.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!

Categories
Authentic Business Relationships Authentic Deal-Making Authentic Leadership Authentic Negotiating

How to Handle Inauthentic Negotiating Techniques

In the last few solocast episodes of Fueling Deals, we have taken a look at some of the major talking points from my book, Authentic Negotiating. So far, we have covered the Clarity, Detachment, and Equilibrium framework, the top six reasons negotiations fail, and the five steps to becoming a great negotiator. So, if you didn’t get a chance to read the book or listen to those episodes, I highly encourage you to go back and cue them up; there are a lot of great negotiating tips that you don’t want to miss.

In the latest episode of Fueling Deals, we dive into another topic from my book that covers inauthentic negotiating techniques and how to handle them.

The Empty Promise: Somebody makes a promise that they know they’re not going to fulfill in the end. You may choose to challenge their promise upfront to test its validity, then use CDE to keep a level head while you decide how to move forward.

The Big Fish: There may be a difference in scope or size with one negotiating party vs. the other. This can be approached with the notion that even a small fish has leverage because there are alternative plays, otherwise, the negotiation wouldn’t be taking place.

Nibbling: There is always another ask as you get closer to finalizing a deal. Sometimes a candid response is the best approach and it is okay to call them out for adding new terms. Figure out what needs to happen for the deal to move forward, and clarify whether or not there will be additional terms down the line.

Quivering Quill: Similar to Nibbling but it is carried out at the closing table to apply more pressure on the other negotiating party. Don’t get triggered or thrown off your game; instead, step back and evaluate whether the last minute concession works for you and whether this is someone with whom you want to do business.

Limited Authority: The other negotiating party abdicates the decision-making responsibility because of their position in the company hierarchy. While this may be authentic in theory, it is often used as an excuse. Stay calm, don’t let it affect you and decide whether or not they are the right partner for this deal in the first place.

Even ‘good’ negotiating tactics are supplementary to our core dealmaking framework, and no tactics or techniques can be substituted for fundamental skills. But you will frequently encounter authentic and inauthentic negotiating techniques regardless. The bad techniques reek of shady business practices and low credibility. And while you might never use them yourself, you need to know how to spot and deal with inauthentic negotiators on the other side of the table.

You can listen to the full episode here.

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 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 how deal-ready you are, take the Deal- Ready Assessment today!