Who should win in a big ticket sale?

Business development officers can be defined as salespeople, sales managers, recruiters, merger and acquisition hunters, etc. In each case, senior management sets a goal that influences their behaviors, motivations, and levels of adherence to their value sets (either personal or company values). In many cases, the goals, and pressures that evolve from those goals, lead to a combative relationship between the business development officer and their prospects. In some cases, the pressures become so big that the dynamic between the salesperson and the prospect becomes combative to the point of destruction. The destruction occurs AFTER the sale has been completed. It transpires during the erosion of expectations and the recognition that the seller knew what was being sold was not worth the price paid (by a LOT!)

Who is the most important party in a big sale? The seller or the buyer?

Who is the most important party in a merger or an acquisition? The seller or the buyer?

These questions sound like the opening to an ethics course. Although ethics sometimes become challenging in these deals, the truth is money is going to be the driver of good decisions. If an enterprise feels like they have been deceived during a large transaction, will they remain quiet about their experience? If a single purchaser felt betrayed by their anticipated experience post sale, do they have venues that allow them to air their grievances for millions of people to hear? I come from the financial services business. I have watched a lot of mergers and acquisitions go bad because the seller wasn't incentivized to help keep their clients engaged with the new owner, and equally distressing was how so many buyer firms showed no interest in those small accounts. The outcome was always disappointing in those situations.

Let's identify the problem. Salespeople and sales managers treat each sale as a stepping stone to meeting goals set by someone who answers to shareholders. Goals are a reality, and businesses need to grow. However, sometimes we need to identify new paths to prosperity so that growth doesn't die at the end of the fiscal year (which is when the goal dies) or at the end of a contract, which might be even less time.

While working for a financial services firm who sold big ticket contractual programs that were in addition to the revenue they received from assets under management, I was once praised for closing a sale by hearing my superior say, "You bagged the bitch. Way to go." Wow. This was really creepy and it showed exactly who he was and where he was coming from.

In the movie, "Air" there was a short, but important scene where David Falk (Michael Jordan's agent in his rookie season) said that he has no friends, just clients. That must be hard to do. If I negotiated a great deal for a sports team and their best player, shouldn't these parties like me?

Even a really close friend, and trusted business partner once said to me, "I know this new program that is AI driven is superior to our program. However, don't sell to the haystack. Sell to the needle in the haystack." This, of course, was nonsense. The only reason it came up was to meet his goal, rather than finding an out of the box solution that could compete in either a new way or for a different audience.

Solution. Get out of the BOX. The link below is to one of the most important TED talks for senior managers in any industry. I suggest you watch it. Think about how it relates to your previous challenges, present challenges, and use it as a guide to address future challenges that you can't identify yet. Click here to watch

Negotiate a solution from a place that is founded in tactical empathy. This method is a hallmark of Chris Voss' style of negotiation. If you are not familiar with him, I suggest you purchase his book, "Never Split the Difference" or become affiliated with his Black Swan Group. His depth of experience and unique style will certainly change the dynamic of "Us vs. Them."

Reasons to believe.

I mentioned the movie "Air" earlier in this article. The punchline of the movie was that the Jordan family didn't want just a licensing fee for the "Air Jordan" shoes. They wanted equity too. With that equity, they would be able to provide a foundation to help inner city youth programs, additional revenue for Jordan's retirement, and an enduring legacy that keeps young people focused on their dreams, generation after generation. By integrating the interests of the shoe maker and the athlete, they found magic.

In 2008 I was given a very big challenge. I had to turn around the worst performing territory in my new company's history. I was told that each wholesaler (business development officer) who had covered the Connecticut territory in the past had failed and been fired within the first 12 months. I had to learn quickly what the cause was, and how to solve it. Fortunately, after travelling the territory and meeting a large sample of these advisors, I realized they were not from the Merrill Lynch/Morgan Stanley/UBS firms of the world. They were former insurance agents. My goal was to create and distribute training that would allow these folks to feel more confident in targeting higher net worth prospects, deliver an unusually valuable service arrangement, and even to speak to investments with confidence (we managed the actual investments). The pivot in methodology was a success! The territory went from worst to first in 18 months.

Steve Jobs is probably my biggest corporate hero. The link below is to one of his most famous presentations that highlights, "Begin with the end user in mind." Please give this video the time it deserves. It is life changing.

How will this change your life? When a business transaction occurs that benefits all parties equally, the seeds of legacy begin to grow. Whether that is an enterprise sale, a contractual agreement (SaaS for example) or a merger/acquisition, each party should walk away confident that the outcome will be as expected and lead to new opportunities in the future.

These fundamentals should be included in each of the following industries to bring meaningful change that will contribute to society as a whole:

• Healthcare
• Financial Services
• Software Development
• Education

Let's be realistic, however. Exploring your company's potential with this formula shouldn't be done with "Yes Men!"

It should be done with a man or a woman whose values guide them to great outcomes without sacrificing their (or your) values.