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This business coaching episode explains effective contract negotiation and how to close the deal.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Steps For Effective Contract Negotiation:: 17. Don’t Let The Sun Go Down Without Signing
  • Recommended Reading:: Emotional Intelligence - Redefines what it means to be smart. (Daniel Goleman)
  • Lesson Nugget:: The longer you wait the less likely you are to close the deal. Make the close as soon as possible.
  • Lesson Nugget:: Close the deal when the “buying emotions” are fresh on the other party’s mind.

[MUSIC PLAYING]

-Step 17.

-Whoa, baby.

-Step 17. This the last step of contract negotiations. This is the last step that we have going on here. Don't let the sun go down without signing the deal.

-Yeah. Here's the deal. If you've worked on the deal, and it's Friday at two, and the other party said yes, get over there and get that contract signed. Let's close the deal. If you are working on the deal and the customer says they're going to pay a deposit. Let's get the deposit, let's go. But when somebody's at the emotional high point, you've got to let them buy.

And I'm going to show you a little drawing here, and hopefully this will be helpful for you. When you are going through and you're trying to close a deal, there's this thing called emotional intelligence. There's an author named Daniel Goleman who wrote a book, Emotional Intelligence. And the point of emotional intelligence-- I want to make sure we put the book on the screen here for you because this book is awesome. But what Dale Goleman finds is that people who are brilliant and talented and skilled, but they don't understand the emotions of the human race, they struggle. They struggle to get things done.

But people who really understand the emotions of humans and how to encourage and how to motivate people, or how to influence people, they tend to win. What happens is there's this thing called the window of buying emotion. And so if the person said yes right here, within 72 hours, this thing called buying remorse, buyer's remorse, starts to set in.

And so people-- if this is like your likeliness to buy or not, this right here is an all time high. This is like a level 10. And if you wait 72 hours, by the time you wait-- if they said, yeah, let's do the deal on Friday. And you don't close the deal before the weekend hits, on Monday, emotionally, they're down here at like a zero.

So they now have like a 0% chance of working with you because they've thought through it some more, and now they have a whole series of other questions. And so now you've got to go back in and get the emotional state up there. And it'd be a lot like-- again, I feel like this is like a dating seminar almost. It's like, I want to get this myself and maybe have my kids watch this at some point.

But the thing is, if you've been wowing a girl for like six months, and you've been wowwing here, and you know she would say yes. And then you go, hey, babe, I'm going to go to Europe for like three or four months to find my inner self, and I'll be back. And then you don't talk to her at all. No email, no texts, no Skype, nothing.

And then you come back after being gone for four months, and you're like, hey, baby, I was talking to this barista in the foothills of the Swiss Alps, and we were talking, and he was saying that I should marry you. And I realized how much you really mean to me. And I guess I just let a good thing go. I should have asked you. Then she's like, baby, I'm dating another dude. And that dude is your brother.

That's a bad tale. I don't know why I mentioned that little twist a the end. But the point is, don't wait until like aft-- if the buying emotion is there, close the deal. Don't go to the Swiss Alps, and then come back in and try to get that thing going again. Because you're going to end up on like Maury Povich or like Ricki Lake or Oprah, and you're going to find out that she is marrying your brother.

-Wow. That is really just bringing it full circle.

-Full circle.

-Combo dating advice.

-Yeah, you're not going to get that kind of stuff on any other website.

-OK.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Steps For Effective Contract Negotiations: : 1. Commit To A Mindset Of Exhaustive Preparation 2. Do Your Research 3. Know Your Numbers
  • Steps For Effective Contract Negotiations: : 4. Seek A Win-Win 5. Allow For Wiggle Room 6. Always Start The Negotiations
  • Steps For Effective Contract Negotiations:: 7. Put That Mess In Writing
  • Steps For Effective Contract Negotiations:: 8. Don’t Freak Out
  • Steps For Effective Contract Negotiations: : 9. Don’t Get Stuck 10. Don’t Be Afraid To Let The Other Guys Walk Away
  • Steps For Effective Contract Negotiations:: 11. Understand the Dirty Moves
  • Steps For Effective Contract Negotiation:: 12. Build Rapport 13. Discover and Discuss Everyone’s Needs
  • Steps For Effective Contract Negotiation:: 14. Make Your Win-Win Offer In Writing
  • Steps For Effective Contract Negotiation:: 15. Counter With Cool and Kindness
  • Steps For Effective Contract Negotiation:: 16. He Who Speaks First Loses
  • Steps For Effective Contract Negotiation: : 17. Don’t Let The Sun Go Down Without Signing

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