Business Articles

Create Trust In Business Negotiations?

So you would like to improve your negotiating and communication as a Business Entrepreneur? I got you covered. Read on

Be Choosy Who You Take Lessons From

Some Internet Guru’s will share this strategy, which instructs you to keep Emotion out of your Business Negotiations. But the truth is? We all know very well emotion drives many individuals conversations. With these suggestions, personal strategies, and books I am sharing. I can only hope you would Thank me one day for this information I am revealing here. After all I have been a Entrepreneur most of my life. And this knowledge has taken me a lifetime to acquire. So I do hope you appreciate the honest approach’s I use when communicating and Negotiating in business.

If you stop and really think about conversations with other humans. Every conversation with someone is likely a Negotiation of some sort. So what should your strategy be? Let’s take a example and expand on this thought. We first need to ask. “Should you be so detailed about sharing your wants that you get lost in the weeds?” Answer No. That isn’t likely to work whatsoever. However if you seek to understand the person your communicating with. You will likely land on the details, needs, and wants of the other person. And after you listen to their needs and wants. You should repeat this information back to them. And it’s very likely the person will love you for this. Gaining you trust and respect. This is much better than just talking with no strategy at all.

Seek To Understand Others

Marcus Lemonis on INC magazine

Seeking to understand always will be a smooth way to communicate empathy. Rather than talking with no direction or strategy. It seems appropriate to introduce a businessman and friend. He was generous enough to follow me on Twitter, then made me understand. I should always seek to understand people needs and wants as a strategy during Business negotiations. This will help you more than just talking with no direction. Most importantly implement the use of empathy. This good man’s name is Mr. Marcus Lemonis. Marcus is the CEO of Camping World. Has his own TV Shows on CNBC Networks. He runs his own Investment fund not to mention is fantastic to contact when needing direction. The one thing that makes Marcus wildly successful? Is his understanding that to be able to communicate effectively and efficiently.

Listen Intently

Honestly I have had issues in the past listening to others. So sure! I have forgotten to use my own lessons at times. But this lesson is critical for your success. You must listen intently to others. Listening allows you to seek to understand the other persons needs and wants. While being honest and collaborative. Marcus has always taught his people using manipulation tactics from Internet Gurus will be seen as unnatural and extremely manipulative. Be very careful who you accept your information from. In the current environment of internet marketing content. It’s best to take your lessons from a Man who has business credibility and a proven trust worthy track record. Marcus is one of several proven leaders I look to adopt lessons from.

US ARMY Major Chase Spears

Another Personal friend and Professional I must mention is US Army Major Chase Spears. Chase has his own Communications & Public Relations consultancy, is a writer and Warfighter. And as an Officer serving in the United States Army, Chase has shared with me personal lesson’s that no doubt helps individuals communicate more efficiently not to mention effectively. Be about serving those your speaking with. While being helpful to these professionals in your daily communications. It pays massive dividends.

Servant Leadership

Having the ability to be a rock solid leader and be known to demonstrate strength is all about being a servant and leader combined. Serve others needs and they will respect your availability. Another nugget of advice that does help during negotiations. Is being completely transparent, but firm. Never deviate from this. People do not respect a leader who is not firm. I know your probably concerned about others ability to be dishonest during negotiations. However there are ways of identifying if a persons negotiating behavior is being dishonest. To help you read this book here. Chris Voss “Never Split the Difference. This has been my foundation for negotiating and communicating. Mr. Voss’s book & experience is world class. The lessons in Never Split the Difference, are simply invaluable to me.

Be Approachable

Be the man or woman everyone can call or personally approach if something your working on is not moving forward like you thought it would. Being known as the woman or man who can fix situations. Is a fantastic reputation to have. For example: If your team has been inundated with requests to keep your business plan moving and someone or a problem develops that could end your career? You must know how to competently be the guy or gal everyone looks to when problems need to be solved. Let’s be realistic for a moment. Most employee’s are scared to death of making the wrong decision. And honestly they go about their business and put the issue on the back burner. They would rather neglect the situation. Than face upper management and negotiate a plan of action to remedy the situation. Be approachable for your people and others during transactions. It pays massive dividends.

In conclusion summing up the all the little personal pointers on Earning a persons trust during a Negotiations. A. Choose carefully who you adopt your lessons and information from. It could boost your future success. B. Do be detailed when communicating with others. C. Repeat back to the individual their needs and wants will earn their trust faster and respect. D. Seek to understand them and their position. Once you have clearly demonstrated your willingness to understand. You immediately become more engaging. And it’s likely they will come to you in the future. Because you took the time to “LISTEN”.

Thank you for reading, if this article provided you with skills and information you found useful? Please be sure to share.

JS

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Business Articles

“Wall Street Lawyers” are secret weapons in Business

Business owners and Entrepreneurs I would highly suggest you reach out to current or former “Wall Street Lawyers” “Attorneys”. Just having a few as personal friends can and will enable you to bypass the normal road blocks entrepreneurs encounter. Examples? Taxes, fund raising, advice on forming a LLC or partnership or other advice. It’s the only way to move forward as a Entrepreneur. They honestly are that damn vital for your shared personal and professional success. Period.

I would love to take this opportunity to share a Wall Street Transactional Business Attorney I just connected with. I connected with him by watching his energetic online videos, and just reaching out about his guidance in his videos.

Mr. Ennico is an Best Selling Author, Entrepreneur Columnist, Business Attorney, Community Leader and My Friend who is going to be on our Finance Podcast. His insight and energy is on point and I can’t imagine not having his input and advice as I navigate the Executive halls of Corporate Negotiations and deal making. His name is Mr. Cliff Ennico ESQ.

I am very happy to add, Mr. Cliff Ennico to my Website of Business Professionals. Cliff has authored several invaluable books for Business Owners. And between me and you? I have to list a few important content platforms about Mr. Ennico that should be mandatory for all entrepreneurs to read and watch.

Cliff’s Youtube Channel – A must watch for anyone who is in Business.

Business Book’s

As you can see Cliff is certainly an expert in the Field of Law. Please feel free to reach out and watch his video’s, check out his impressive content collection of Books. His website is certainly full of interesting content that is helpful to Entrepreneurs and Business Executives alike.

Thank’s Again Cliff. Im happy we connected good sir.

JS

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Business Articles

How To Partner & Recruit Big 4 Firm Accountants

Warning this is a No Bull guide to recruiting an Accountant that is World Class. And will take ownership when they need to. So dial in and read carefully. I would also trust but verify during due diligence. Always.

It’s vital for all entrepreneurs to have a close friend and advisor who is a Rockstar Sr. Partner of one of the Big 4 Accounting Firms. Or if this is not accessible to you as a Entrepreneur. Recruit from the pool of Partners at large Regional firms who are professional Business Advisors and Tax Advisors. Be mindful its good to have at least two professional accountants who are experts in Tax and Transaction Advisors. And a Tax Attorney for good measure.

Who do you look at as a Possible Partner to approach?

This post is going based on my experience since I have had to do this several times being I am a M&A Entrepreneur. The best qualifications for Partners of Accounting firms you targeting as a Entrepreneur? Don’t actually begin with fancy Degrees or Elitist College. I will say it’s nice to have a Partner Accountant who has this, but in my experience it’s not needed. But what is needed are 2 qualities. And also need at least 10 years of Transactional Experience. Interestingly Partners of big firms often are often sought after. But to me this is a huge mistake. Just simply from the life experience they possess and leadership from their life at a Big Firm. They honestly are secret weapons in Entrepreneurship. We are lucky to have two Big Firm Sr. Partners from PWC and KPMG on my team. They are named John M. And Tim O.

A. Transactional Experience. When a Partner served years as an Associate with their firm. More than likely they spent years cultivating and crafting their advisory experiences. Forming personal relationships with many Senior Executives across the world as they work closely together. Due Diligence during and before Transactions are where they will be extremely effective as you build your investment group or business foundation as a Entrepreneur. Search Funds usually have Accountants with experience mentor Search Fund entrepreneurs along their search.

Accountants are also your best friend when it comes to Business accounting practices, also it’s important to have their guidance, advice and looking at Taxes and the path forward for your venture. It’s absolutely vital an Experienced accountant be present when looking at deals and transactions. No excuses period.

B. Your accountant should have solid integrity. Meaning if he exaggerates in any way during your first 6 months of knowing him. Discard and start over with new interviews immediately. Integrity to me is the ultimate qualifier. If I can surreptitiously evaluate our conversations. Along with our advisory content while listening with my gut feeling? You will know if you can trust this Accountant and partner. Then monitor their performance as needed.

What professional experience matters when considering an Accountant?

When choosing an Accountant one of the Men who taught me how to be a super informed Entrepreneur is my fellow Navy Veteran and Naval Officer the Honorable Mr. Ross Perot. Navy Lt. Perot shared in his Book “My Life & Principals for success” Ross Perot shares in the book “Employ a First -rate accountant. Absolute loyalty and integrity is essential. They should be detail oriented. Excellent Grades in College. Both a CPA and Law Degree Specializing in Tax and corporate law. Experience with a major CPA Firm. END.” Now Ross likes accountants with Law Degrees. I would say it’s fine to have a newly retired Partner from large firm. And a TAX M&A Attorney to cover your bases. But definitely have one of Both. But for this purpose of Accountants? Definitely recruit an Experienced Accountant from a large firm. You should be safe on your journey after you heed this advice.

How a new entrepreneur can get the best Accountants to interview?

How does a entrepreneur with NO Business experience and No impressive winning Credentials or Track record for that matter. Go out in the intimidating business world and schedule interviews with super successful Accountants for your growing team? I would like to offer a solution that worked for me. Ok Now this is very personal. So I do hope you take this hard fought wisdom. And use it wisely. And pass it along to struggling entrepreneurs. But first let me tell you something about personal commitment. I went out in to the crazy big world researched for months possible candidates who would possibly be a good fit as a partner & mentor. And in the end I amazingly Recruited an American Billionaire just from a cold email and cold call. Ya that’s bragging rights right there. lol But I digress. In order for you to recruit a world class Accountant. I would hope you have some sort of track record to bring to the table. And if you don’t your not out of luck. I would first focus on partnering with a local Ultra Successful entrepreneur. So at least you have something attractive and a fraction of credibility.

What is the most important issue when interviewing the Accountant?

This will be very short. The most important issue is deciding if the Accountants natural energy and conversational flow. Compliments yours. Do you have a good feeling? And make sure your gut tells your inner voice they are a good fit. Make your decision only after 3 or 4 interviews.

What questions should you ask?

Have a list already prepared. And do look at some of the points I have previously mentioned above in this How to guide. It’s all really up to you. However if you really want to ask some deep diving questions? Have the Accountant tell you about their career progression. And ask about some of the transactions that were the most enjoyable. This should be a great start to a great relationship.

I do appreciate you reading this far into my disruptive pattern of thoughts and advice. If you received something worth your time here? Please be sure to comment, like and share the Article on Linkedin or whichever social media platform you use. I do not get paid for my Blog of growing Business experience. However I do like to write about things that I have learned. And I hope just maybe. The things I have learned the hard way will be learned and put to use by a new Entrepreneur reading this blog. That to me is giving back to my community and it’s honestly my duty.

Thank you for reading and I do hope you return to have questions answered again one day.

JS

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Watch the Movie here on my Blog.

I recently was watching University of Waterloo & Mink Capital CIO Steve Balaban on his Private Equity and Investment Fund Informational training Youtube channel. And Steve had suggested during his online training that we should all watch the movie “Barbarians at the Gate”. I am so pleased I took his advice. I watched the movie. Barbarians at the gate is about the Private Equity and Leveraged Buy Out Business. It’s a great watch.

Thank’s Steve!!

Movie – Barbarians at the gate

What did you think? Great Movie from the 1980’s?? LOL

Thanks for stopping by and watching the Movie.

JS