When you enter into the deal-making phase—from real estate to intellectual property, gigs to partnerships—it can be like heading into a dark tunnel. The Deal Tunnel. Everyone’s opinions are echoing. Time pressure is on. You reeeeally want to get to the final deal, the light, at the end of the tunnel.
8 tips for sealing the deal (and the whole point is to seal the deal):
- Do NOT enter The Deal Tunnel if you are unsure if you actually want to make a deal. Simple: Do you want it or not? If the answer is yes, then proceed.
- People’s true character comes up in the negotiation process. You don’t have to love what they offer to stick with the process, but if you really don’t like what you see in their character, back out of The Deal Tunnel. More on that note:
- Do not misinterpret legitimate restrictions that your deal partners may have (i.e., they really may not have the money in their budget) as character flaws or power tripping behaviour. There are legalities and formalities that may be insurmountable—don’t take it personally. That said…
- Legalities and formalities can very often be surmounted. Exceptions happen when people choose to be exceptional.
- Time kills a lot of deals. If people involved are dragging their feet