| How Far Would You Go to Close a Big Deal?
Would you drive 150 miles ... or would you fly across the country?
MAYBE I would, but before I would EVER get on a plane to go see a "buyer" there are 3 specific things I would have to lock down:
#1 ... Do they really have the money to do the deal?
#2 ... Is EVERY decision maker at table?
#3 ... How does it "feel" (in other words, do I trust this buyer?)
Last Friday I put this theory to the test when I jumped a flight to Phoenix to see a potential investor and close a deal.
We needed to meet face-to-face before signing a contract.
Then some weird stuff started to happen ...
First weird thing, he picked me up at baggage claim in some kind of giant Mercedes off-road truck: | | | | I climb in and we shake hands.
"The Investor" says, "hey my little boy is in a skateboard competition today, so how 'bout we head to the skatepark to watch?"
DARN! I was itching to get the deal signed right away. But what the heck, why not?
We arrive to this indoor skatepark on the outskirts of Phoenix -- and sure enough his 6-year old boy is flipping in the air like Tony Hawk up these ramps and flying through the air with ease. It was a good time.
A couple hours fly by and the deal is not signed.
| | | | We were talking about life, personal values and family and now I'm telling him about my own little boy, who is a solid hockey player. So all of a sudden the investor stands up, says to me, "Hey lets get out of here ..." Finally, time to sign the deal. Only it wasn't
Instead of going to his office, we walk to a Starbucks. ..
I order a black coffee and WATCH OUT, here comes his order...
He orders 10,000 calories of bars, donuts, sandwiches and smoothies.
$100 bucks at least.
Instead of talking about the deal, we ate, and talked about ... fitness, running and sleep routines -- we're both number-geeks.
But the deal has not been signed. To speed things along, I start reaching for my briefcase and laptop.
All of a sudden he says, "Oh man it's getting pretty late, let's head over to my house you gotta see my High Altitude Hyperbaric Sleep Chamber, it's like sleeping halfway up Mount Everest!"
I was ready to head back to the airport and call the deal off, but I really did want to see the hyperbaric sleep chamber ... | | | | Once we get to his house -- really it was a double sized mansion like you might see on MTV -- he shows me some of the most amazing fitness equipment in the world: a $42,000 bicycle, a million dollar swimming pool, etc.
After the pool tour I say to him, "Hey it's getting late, I better head back to the airport."
The deal has not been signed.
The Investor says to me, "Why don't ya stay over, change your flight? We got a spare room and we can do a 10 mile run in the morning."
The new plan actually sounded good. I liked having a partner for my long Saturday run -- which is a grueling ordeal even on good days.
We were really getting along, and I was having a great time, but ...
The deal has not been signed.
Quickly, night turns to day, and we get up early, prep our running gear and head out for a 10 mile run.
After the run, and back at the mansion I'm thinking, NOW is the perfect time to talk about the deal.
Before I can get my laptop out ...
He slaps me on the back, "Hey I'm starving, let's head out for lunch."
I start laughing inside.
Here comes another 10,000 calorie meal and $200 lunch bill!
My flight home was coming up soon and I needed to get to the airport.
The deal has not been signed.
"Don't worry, I'll take you to the airport," he says.
What am I here, a Rent-a-Friend? I came out to make a DEAL.
He takes me to the airport and parks his $300,000 Mercedes truck on the curb.
The deal has not been signed.
I open the door to get out.
The Investor says, "Hey, wait a sec, didn't you want to show me a few things on that deal??" | | | | I look at my watch.
Only 6 minutes left, or I miss my flight. There is NO TIME to open my laptop, load a pdf, and give a presentation.
So pull out a piece of paper draw 3 boxes and a few lines connecting each box. I've done this kind of deal a hundred times before, so I don't need a computer presentation to explain it.
In 4 minutes I give a quick explanation of the deal.
Next he says The One Thing I needed to hear:
"Oren, that looks good, about what I thought, sounds good ... I'm IN."
With zero minutes left the deal just 'done'!
If there's ONE LESSON in all this:
Buyers of all types -- no matter the deal -- will evaluate you in the 3 critical ways:
#1 WHO YOU ARE
People associate themselves personally and professionally with people they respect. And you have to spend some real time with someone before they know who you are.
#2 YOUR TRACK RECORD
Have you done this kind of deal before? That's a question people always want to know, so you have to make it obvious that you know the offer from every angle.
When a potential partner wants to work together, they want to know you can do what you say you're doing -- with your eyes closed.
In other words, your track record speaks volumes.
#3 ARE YOU PUSHY (OR NEEDY)?
As I've said a million times before, Neediness Kills Deals.
In the final analysis, spend enough time with your buyers so they get to know you WHO you are. Be cool, and never act needy. | | | | | | | Get a few copies of my new book: | | | THE BIG IDEA: I don't like being pressured into making a purchase. And I'm not alone. The moment we feel pressured to buy, we pull away. And if we're told what to do or what to think, our defenses go up. In other words, buyers don't put much trust in you and your ideas. However, everyone trusts their own ideas. Accordingly, today, products are bought, not sold. | | | | | | | |
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