Recently a middle-aged business owner was offered 3 deals in rapid succession. For me, this was a simple math problem: Which offer gave the owner the best valuation?
I’ve been doing a lot of negotiating lately: Contracts, pricing, sales. And I’ve discovered a super-power that I did not know that I had… the power to say NO.
NO has saved me from making huge mistakes and has earned me countless thousands of dollars. When a prospect asked me to reduce my bid price by half, I said no. When another wanted twice the service for the same price, I said no.
You’ve been carefully nurturing an equity investor and now he’s threatening to walk away from the deal. Despite an endless number of presentations, term sheets, meetings with partners and expensive legal documents, it looks like the negotiation is going to unravel. And that could unravel your business too.
The business environment is constantly changing. Even the most carefully conceived business plan cannot claim to be bullet proof in a dynamic setting in which there are too many unknown and unpredictable elements.