Rules of the Business Game
Rules of the Business Game
There are no rules set in concrete.
Let me share an experience I once had that may help you with all future negotiations and business dealings.
In the 1980s, I was seeking professional investors for a major multi-use real estate development. One of the investors I approached gave me the name of a former global bank CFO to contact.
The former CFO was contacted and an appointment set. As I sat in his tiny office that was part of a shared office group, I noticed the computer screen on his desk. It was scrolling the stock market ticker tape just like the ones downstairs in the Merrill Lynch office. Keep in mind; this was the early-1980s before anyone had a personal computer. He told me Merrill Lynch provided him with computer and paid for the access to the stock market information. Later in the conversation, I learned he did not deal with any brokers in the downstairs Merrill Lynch office. Instead, he dealt with a broker in New York City. I asked him why. He replied the NYC broker charged less in trading commissions.
Interesting, my experience with buying and selling stocks was the broker referred to a book supplied by the brokerage firm to determine the commission amount. I thought the commission amount was pre-determined and the same for all traders.
So, I asked the CFO why he did not pay the commission amounts in the book. He replied with a statement that he told me to never forget:
“Everything is negotiable.”
Powerful words and consideration that I have applied every day of my live ever since.
I am sharing an experience. Your comments are welcomed.