When Donald Trump wrote “The Art of the Deal” he became an industry authority figure for knowing or, at least claiming to know, how to make deals…deals that work.
Has anything changed since Trump wrote his 1988 best seller? Yes, a lot has changed. The fundamentals of deal making have not changed and perhaps they never will.
Making deals is one thing…now, however, the renewed skill that is most in demand is how to shape the deals we are making.
Due to today’s unique economic times, I’m discovering there is a big difference between securing signatures and shaping a deal for long term performance.
In fact, shaping the deal may be the requisite skill now in most demand because there are fewer deals to be done and the deals that are getting done require more perseverance and targeted thinking.
Negotiating Breakfast with My Daughter
Almost every day, we are all negotiating something. I did it this morning with my 9-year-old daughter. We negotiated about her breakfast. She wanted chocolate donuts, not one, but two! Once we formulated the premise for the sign-off, i.e., what each side wanted, we then had the core of the deal.
My position was clear. “You cannot have donuts for breakfast.” Her position was, “Donuts is the only way to make this deal work.”
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