I crack up when I see so many rookies in the business world today trying to make deals happen having no clue how to go about it.
So they go on relying on bigger idiots who are totally inept at even understanding a deal and you have the recipe for disaster.
Having done more deals in more businesses than I can count, I’ve got a few simple rules that have saved me tons of money, helped me dodge more than a few bullets, and added a few years to my life.
Here are some real productive tips that should help you get ahead in life real fast and save you lots of time, money and dashed expectations.
1. Never respond to anyone who sends you a transaction of any sort by Email without sharing his full contact info in the body of his Email. Someone who doesn’t present himself properly to you right from the start does not deserve any attention.
2. Never bother with transactions that have been mass mailed to an infinite audience and without being addressed to you personally. Shows the sender lacks all consideration of your investment/trading criteria and has not done any homework about your wants and needs. Just looking to fill in a slot for his transaction or arrange a meeting for his boss.
3. If the guy who can say “yes” and/or sign the check isn’t part of the discussion, you’re wasting your time. Too many little monkeys and paper pushers can say “no”, but only the real decision-makers get to say yes.
4. By and large, deals don’t get better or sweeter over time. If you don’t like something about the deal right at the outset, or you’re uncomfortable with the people or the process, it’s only going to get worse over time.
5. When you’re negotiating the deal, don’t confuse silence or good manners with acceptance or agreement. It’s better to bag the deal now than it is to bury fundamental issues or differences and leave them to blow up later. Only the “slimy lawyers” and their litigators benefit from leaving critical questions unanswered.
6. Don’t chase a deal that takes too long to get done. Be prepared to walk away. And don’t kill the messenger if a deal doesn’t get done – After all, you want your people to keep looking and to keep bringing in opportunities. Instead, think of deals that fall through as mini-R&D projects. Sometimes, losing a deal is the best result for everybody.
7. Do small deals and trades on a regular and recurring basis to keep generating cash flow. Go for singles, not home runs. You want small, quick, additive or incremental deals that don’t burn up critical management time or resources and that reach a “go” or “no go” point quickly.
Now that you know the basics….go build a “deal machine” and never turn back.
By :� Ziad K Abdelnour
Ziad is also the author of the best selling book� Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics (Wiley, 2011),
Mr. Ziad Abdelnour continues to be featured in hundreds of media channels and publications every year and is widely seen as one of the top business leaders by millions around the world.
He was also featured as one of the� 500 Most Influential CEOs in the World.