Principles Of Successful Deal-Making
Apr 21, 2022
David Wood is a businessman who knows about deals as much as the back of his hand! David got into deal-making early in life and has experience as a consulting actuary for Fortune 100 companies. He built the world’s largest coaching business, becoming #1 on Google for life coaching and coaching thousands of hours in 12 countries around the globe. Looks like he’s done it all, right? That’s about right!
As well as helping others, David is no stranger to overcoming challenges himself, having survived a paraglider crash. He fractured his spine, witnessed the death of his sister at age seven, dealt with anxiety and depression, and a national Gong Show!
He coaches high-performing business owners to double their revenue and time off by focusing on less. He also teaches them to be 30% more courageous in their business or career.
Are you trying to be a successful deal-maker? This episode is for you!
Principles Of Successful Deal-Making
A principle in business is a guideline or rule that is beneficial for decision-making and problem-solving. Just like every other business, deal-making has its principle. As an entrepreneur, I know you want to get into that deal-making phase, but you need to follow a guide before getting into that process. Come with me!
- Mindset Of A Deal-Maker
Before anything, you need to get yourself into the right frame of mind. Deal-makers take charge; they believe in their ability to control their own success. To get into this state of mind, you need to enlighten yourself and commit to personal growth – if possible, you could get into a personal growth program. Whatever it takes, right?
A personal growth program teaches you more than you’d think. You’ll learn things you didn’t know you lacked; vulnerability, authenticity, emotional intimacy, real influence in leadership, and much more. It will make you realize making the world a better place is an actual job.
- Generating Possibility
As a deal-maker, you have to generate the possibility of a deal before there’s a deal to close. It’s nothing like making a discovery; it’s about YOU – a deal-maker, generating the deal possibility. Yes, obstacles might occur – you have to see beyond the roadblocks. You can’t reach out to someone if you can’t generate the possibility. If you want to make that deal, you have to say and believe it’s possible!
- Courage
For most of us, it’s hard to get a NO. Courage relies on the ability to take action when performance is diminishing. It’s about holding yourself accountable. You need to understand that courage keeps the business going; do you want to deal with that person? Take that bold step! You won’t know their answer if you don’t ask.
- Persistence
The truth is, many of us will not even send that email or make that phone call. Persistence comes in after courage. You have to distinguish between annoying persistence and charming persistence. Before making that call or sending that email, you need to do the necessary research – have a perfect understanding of what the person is into.
Now, here’s how to be charmingly persistent:
Don’t keep sending the same thing repeatedly, knowing that you may be pissing them off. You need to set a context. You could say;
“Hey, I just wanted to bump this to the top of your inbox… I know things can get busy.”
You might also say;
“I realize I’ve sent a few messages, and I do not want to bother you. So, if you already think that I’m bothering you, please say that. I think this could be a big opportunity, so I’ll just share it with you here. Please tell me if I should stop.”
Remember, the aim is to be charmingly persistent, be transparent while at it. Now you’re relating around the truth about what’s actually happening instead of just being persistent and wondering if you’re pissing them off. That’s how to lose trust and not close a deal!
- Transparency
Transparency is the basis for trust in business; between a firm and its investors, customers, partners, or employees. It’s about honesty and open communication lines. How do you feel about that deal? What’s your honest opinion? What are the thoughts you’re having about this discussion? What do you feel at the moment?
Transparency is a doorway to making deals; it’s a doorway to fulfilling a meaningful life. Your transparency is what makes people say, “I TRUST THAT GUY!”
Here’s Something To Take Home With You
The more successful they are, the harder they are to get to. Everyone needs a service; you just have to find out which of your talents could help them. Make a list of your services and how it relates to them. What can they do for you? Find out what they are into and get creative with your presentation.
Listen to the full episode with David 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. He is deeply 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!
