Walking away from a deal
In this short video, Jonathan Jay, the founder of The Dealmaker’s Academy, reveals why being prepared to walk away from any deal ensures you will always be in a strong negotiating position.
He explains why:
- Sellers will tend to crumble at the prospect of you leaving the negotiating table
- How to ensure you are always willing to walk away by having more than one deal on the go
Prefer to read this? Here’s the transcript:
Hi, Jonathan Jay here, from The Dealmaker’s Academy.
Let me give you a great tip when negotiating.
This is probably the biggest and the strongest negotiating tip that I can give you, and the tip is this: you must always be prepared to walk away.
You must always be prepared to say, “you know what, “I’m not sure if this deal’s going to work for me, “I wish you the very best of luck. “It’s not right for me.”
And it’s almost a little bit like Columbo, you know how Columbo, in the T.V. show, he would have his conversation, he would walk away, but he’d stop at the door and he’d turn around and say something or the other person would say something, but it’s that pause that is very, very uncomfortable and when someone sees you walk away, their negotiating position crumbles.
Now, the way you walk away with confidence is because you’ve got several deals on the go at any one time, and if one of them isn’t right for you, you can walk away.
So, big negotiating tip here, walking away is incredibly powerful.
That takes courage to do it, but if you’ve got the self-confidence, you can do it.
