A Billionaire’s business deal on a billion naira business deal was what I stumbled upon and was amazed at what I learnt.
I met a young man and in the course of our discussion he felt he needed my services and invited me to his office. On the appointed day, I showed up at his office which was just an okay business office, for our discussion.
He invited me into his office and as we exchanged pleasantries, he was informed that a lawyer was waiting for him. He invited the lawyer into his office, asked me to give him a few minutes and immediately launched into a business negotiation of a business deal worth over One Billion naira.
To say I was not mesmerised by the way he was handling the negotiation would be an understatement but most importantly, I tuned my antenna to learn something new from their discussion.
Here are what I learnt from a billionaire conversation
- DO NOT BE CARRIED AWAY BY THE FIGURE INVOLVED IN A BUSINESS DEAL – The business deal was worth over a billionaire naira but the way he was handling it without awe was amazing. In fact you would think that it was a one hundred thousand naira deal that he was negotiating. In fact, despite the huge amount involved, he did not offer the lawyer any drink.
- READ THE CONTRACTS NO MATTER HOW WELL IT WAS EXPLAINED TO YOU – Before the lawyer could start speaking he asked to see the contract first and went through it carefully. He did not mind the scary looking nature of the contract.
- CLARIFY ALL ASSUMPTIONS FROM DAY ONE – He started to ask some clarifying questions that most people would want to leave until the end of the deal because they think it might scuttle the business deal. He wanted to know the exact amount that was coming to everybody involved in the deal and how the money will be split.
- GET EVERYTHING IN WRITING EVEN THE MINUTE DETAILS – As he was going through the contract, I was amazed at the minute details he was asking the lawyer to put into writing.
- NEVER SIGN A CONTRACT ON FIRST PRESENTATION EVEN WHEN CORRECTIONS HAVE BEEN MADE – He asked the lawyer to mail the contract to him despite the fact that the lawyer came with his own laptop and could have made all corrections on the spot.
- BUILD CONFIDENCE INTO YOUR BODY LANGUAGE – The way he spoke and carried himself during the discussion, you would know that he was in charge. The lawyer on the other hand was displaying body language signs that showed anxiety. (TAKE ONE OF KANSELOR UNIVERSITY COURSES ON BUILDING YOUR CONFIDENCE LIKE TOP EXECUTIVES BY REGISTERING HERE)
- WHEN THE PIE IS BIG, DO NOT BE GREEDY – I was amazed at how he carried the negotiation by sticking to his percentage for a long time and suddenly gave the lawyer some concessions by lowering his ask. This made the lawyer jump at it and almost run out before he changed his mind.
- YOU CAN GET MORE IF YOU LEARN MORE ABOUT NEGOTIATION BEFORE THE NEGOTIATION – When the lawyer left, he laughed and told me that he was willing to give up more. It just dawned on me that the lawyer did not learn some tricks about negotiation that were not taught in law school but in the business school of Life.
- KNOW MORE ABOUT A SUBJECT MATTER THAT THE PERSON YOU ARE NEGOTIATING WITH – He understood and had better answer for all area of the transact despite his not being a lawyer. This mean he had taken time to thoroughly study the deal before the lawyer came.
Listening to this billionaire conversation taught me that there is more to becoming rich that you can not get from books but by associating with the very successful and learning from them.