SOWPub Small Business Forums - Deal Making Skills...

SOWPub Small Business Forums (http://www.sowpub.com/forum/index.php)

- SOWPub Business Forum (http://www.sowpub.com/forum/forumdisplay.php?f=2)

- - Deal Making Skills... (http://www.sowpub.com/forum/showthread.php?t=4515)

Re: Deal Making Skills...

Quote:

Originally Posted by Ankesh (Post 17641)

Excellent question Dien.

I routinely register and sell domain names for 3-4 figures. My process of domain selling is easy. But can't be automated or outsourced. Let me see if I can write a short report on it quickly.

Anyways, I've made / tried to make quite a few deals. Some went well. Others went bust.

Some rules I tend to follow:

1. Before putting deals together, you need to know what you can do and how much resources you can spare.

2. Always find buyers first. Sellers are easy to find. Buyers are not. So you need to have a strategy in place that attracts the buyers to you.

3. ASK.

4. If possible, don't make the first offer. Let the other party make the offer to you. You'll be surprised how often it'll be more than you would have asked.

5. The 10% upgrade rule. Always ask "whats the best you can do" when discussing price. Most of the time, if you get an offer for $500 - you can easily make a counter offer of $550 and get it. People don't think a lot if they have to pay 10% more.

6. Always leave the other party satisfied.

7. Take care of your downside and the upside will take care of itself. First and foremost - minimize / spread the risk.

Thanks Ankesh,

Those are great tips!

I'd also love to see your report on selling domain names... ;)

(I have a ton of them.)

Cheers, Dien

Re: Deal Making Skills...

Quote:

Originally Posted by johnny (Post 17652)

Also...Read this book:
"The Risk-free Entrepreneur: The Idea Person's Guide to Building a Business With Other People's Money"
Amazon Link
Its quite a simply written book, and gives you a good grasp of the concepts, parties, and agreements one should put in place when outsourcing products/services for a deal.
(if you look it up in google books, there are about 100 pages of the book on sample)

Thanks Johnny for the recommendation! I'll keep a lookout for it in the bookstores... :)

Here's a link that will take you to the Google Books page for it (it's the first link on this page)...

http://books.google.com/books?q=risk-free+entrepreneur

I've only had a quick look at it so far there - but it looks useful!

Thanks,

Dien

Re: Deal Making Skills...

Quote:

Originally Posted by Bigmack5 (Post 17664)

One of the best books I've read and tapes I've listened to is Roger Dawson's Secrets of Power Negotiating
http://www.amazon.com/Secrets-Power-...4985458&sr=1-1

Thanks Mack for the recommendation!

I'm sure I've seen his book around in bookstores... When I find it again, I'll pick it up and leaf through it to check it out... (and most likely get a copy)... :)

Cheers,

Dien

Re: Deal Making Skills...

Quote:

Originally Posted by Phil (Post 17634)

Dien,

You may have read this from a post of mine awhile back on Ryan P. Allis... But some good information...

A $200000 Lesson on Deal Making...
http://www.zeromillion.com/young/you...repreneur.html

Interesting reading and Learning...
http://www.ryanallis.com/
http://www.zeromillion.com/sitemap.html

By the way...

If you're still passing through Vietnam... :)

Share any Gold nuggets of info & opportunities you come across... ;)

Vietnam catches real estate fever
http://money.cnn.com/news/newsfeeds/...3-20894165.htm

Thanks Phil... Great links!

(Good story too...)

I am still visiting Vietnam... I'll look into the property situation! However, I don't know what the laws are here on foreigners owning property... I know some countries put strict restrictions on it. I'll have to check it out.

Cheers,

Dien

Re: Deal Making Skills...

Quote:

Originally Posted by Sandi Bowman (Post 17633)

Hate to say this but, the majority of the time, American negotiators haven't a clue and don't even recognize when they hold trump...especially in high stakes negotiating. They're learning but it's been a long time coming.

It's one thing to know the ropes and another to have the ability to pull the right one at the right time so knowledge doesn't necessarily equal skill but it sure helps.

Hi Sandi,

Thanks for sharing your insights!

It'd be great to also know some of the most common "mistakes" people make in negotiating, based on your experiences...

Cheers,

Dien

Re: Deal Making Skills...

Thanks Dien.

I've sent you an email re: selling domain names. Would love your feedback on the system too. I've been using it since the past 5-6 months. And sell a couple domain names every month. The lowest I've made on a domain name is $270.

I'll be writing the report by this weekend. Not sure if I'll sell it or give it away at this point though...

Re: Deal Making Skills...

That a nice investment. To have a that much from a domain name.

Re: Deal Making Skills...

Hi Ankesh,

Sounds like you have an interesting “twist” on domain names...

Hopefully, we'll be reading more about it on your Great blog...
http://www.blogclout.com/blog/

Try considering... “The Economics of Abundance and the Price of Zero”... In your decision in selling it or giving it away... :)

Phil

Ankesh... it's a brilliant system!

Quote:

Originally Posted by Ankesh (Post 17677)

Ankesh explained his system to me - and I've gotta say, it's brilliant!

When Ankesh comes out with his report, I suggest you grab a copy... :)

Cheers,

Dien

Re: Deal Making Skills...

Hi, Dien,

I dug out "Negotiation Through Training" , copyright by Sandra Bowman. These are excerpts from the article I had published on one of my sites several years ago. It is difficult, because of the necessity of understanding what goes before, to cut into the middle of it and draw things out so they make sense to folks but for you I tried.

* Always go for a win-win position. Some negotiators fake it but it's not recommended and can backfire.

* Operate from a position of strength or don't waste your time or theirs.

* Each party to a negotiation effectively 'trains' the others how to negotiate with them by what they will and won't tolerate or agree to. If you allow them to bully and threaten you and still get your business, you have trained them to use this method with you. The reverse is also true.

* Respect protocol and time lines...both yours and theirs.

* Come to the table with a full agenda of:
l. Must haves (non-negotiable essentials)
2. If possibles (highly desireables)
3. Bargaining chips (to be used for point advantage as in give-to-get).

* Never 'lay all your cards on the table'. It tells them you're an amateur and don't understand the process.

* Never put your final offer as your first offer. You will be at a distinct disadvantage from the outset and will end up making concessions you can't afford or the negotiations will fail ultimately.

Some sharp negotiators will make a big display of 'laying the cards on the table' in an attempt to rush you into believing that their terms aren't really negotiable 'we've already cut the offer to the bone'. This is often accompanied by an air of impatience. Inexperienced folks often fall for it and expose their minimal settlement terms. Sharpie then uses your NON-negotiables as the 'starting point' for negotiations! It's a trap for the unwary.

How to respond? Offer to pospone the negotiations if they're pressed for time. Almost invariably they'll back down and begin negotiating in earnest. You have, with that response, trained them to negotiate properly and leave the games and posturing to the amateurs. You have informed them that you are wise to the usual negotiating tricks, required that they treat you wtih respect, and gained a good psychological advantage ultimately.

* Understand the process and set achievable goals for a win-win outcome.

Hope this helps, Dien. It's far from the entire scenario but hope it's enough to let you get a taste of the process.

Sandi Bowman