Overused idiom or reality check?
The idea behind the phrase is that when you have money, you have more influence and more power. I believe that’s a valid assessment in negotiations. Money says you are serious. Money says you can close the transaction. Money says you can get the job done.
People talk, too. As business owners, we know a lot of times people want to talk about our products or services, but they may not be serious about buying them. Do we treat them differently? If someone tells me, “I’m serious,” or “I’m really thinking about doing business with you,” that’s an expression of one level of commitment. But if someone shows me the financial resources that are necessary to complete the deal, that is a totally different level of commitment and seriousness.
We don’t have to be tacky about this. In negotiations, you can up-level your standing by showing that you have the financial resources that give you the ability to commit.
What’s your experience? Have you had people who weren’t serious try to negotiate with you? How did you handle the transaction? Join us in the comments below, and let us know your thoughts and experiences.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Bob Smith.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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Posted In: Business