Wednesday, June 29, 2005

Sticking to My Own Guns

Gotta practice what I preach to my clients.

Trying to wrap up a large deal and it is getting down to the nitty other words, the client is now realizing that he is getting close to having to pay me, a decent sized 5 figure fee for putting together a deal that gives him the capital he needs to grow (and keeping all of his equity).

Client has known the terms of the deal for a month and my fee for about 4 months. The client has already paid for due diligence. Dead line for signing back the approval is tomorrow.

And I get that call I always expect.............So, josh how much is your fee again? How did we work it? In other words, will you take a hair cut. This despite the fact that there is a direction of payment and fee agreement already executed.

The initial inclination is to say how can I help you out, you need me to cut my fee a little bit, ya sure no problem. Everyone one wants to be a good guy, its almost human nature. A good way to set yourself up for a big nothing sandwich. This is why I do the opposite of what my instincts tell me. I used to be a good guy

So as I tell everyone else, a deal is a deal, and I will stick to my position. If the deal craters so be it. I'm not afraid to put my chips on the table. My experience has been that it is those that stick to their position are the ones that win.


Blogger Josh Kerbel said...

At least I don't work for a company named Assmann!

4:43 PM  
Anonymous Anonymous said...

Taking a haircut after 4 months of deal dickering - Now I better understand your plea a couple of months ago for a new hair stylist.

-- WCS

5:47 PM  
Blogger Josh Kerbel said...

Joshie doesnt take haircuts

7:37 PM  

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