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Deal Making Should Be Your Highest Priority, with Erik J. Olson

Episode #1374

The owner of a company should prioritize deal-making above all else. Erik shares his recent experience with a deal in this episode.

November 23, 2022

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Episode Transcript

Erik J. Olson (00:01):
When it comes to deal making, that is a high priority for you. Shoot, probably your highest priority. All right, so look, it’s Friday night, it’s like 8:20 PM and I’m still at the office recording these episodes. And the reason is I got derailed twice today because of a deal that was like, Ooh, this close to being closed. And at first Kevin came over and he is like, Hey I got this deal. We’ve been talking to ’em for a few days. It looks like they’re ready to rock and roll. They’re actually looking at the terms of service at this point. Now that’s a really good sign. So when a client starts to look at the details of the contract, and then when they click through to our terms of service and they have feedback, that means they’re deep, they’re ready to rock and roll. So we’ve gotten past all the things like scope of work, money, do we trust you?
Do you guys have a reputation? All those things we’ve gotten past, and now we’re at the final stages. So they had some feedback for the or they had some request requested changes for the terms of service, which frankly I hate doing. I typically say no. But I looked at the request of the list of requested changes. There were quite a few. Now, about half of them. I was like, No, this isn’t an issue because of X, Y, and Z. And then the other half, I was like, We need to talk to them. So instead of emailing back answers, we’re like, Let’s get on a call with them. Now, this all happened today. So that first meeting with Kevin was probably, I think it was, was before lunch, so it was probably around 11 o’clock in the morning. And then we had an offsite meeting, business development.
And when we came back we had a meeting scheduled for 4:45 PM and I’m like, Hell yeah, I’ll take that meeting. But I knew it was gonna screw up my day. I knew it was gonna mean that I had to be here late to get everything else done that I said I was gonna get done this morning. But I’m okay with that because when it comes to the company and deal making, that’s a very high priority for me as an owner. That is probably the highest priority is revenue generation, like that the money’s gotta come in so that we have the funds that we need to pay our people, pay electricity, grow, et cetera. So that took precedence. Now, the 4:45 meeting was supposed to be half an hour. It lasted about an hour. And we systematically went through every single one of the requests and the five or so that I said, Yeah, shouldn’t be a problem. They agreed. And then out of the other five or so where I was like, No, we need to talk about these. It really came down to two changes. And I said before, I don’t making modifications to our terms and service, but what I said before, also, I also said that revenue generation is a very high priority. So right now where we’re at, I’ll negotiate when it
Erik J. Olson (02:58):
Comes to terms, and I’d rather negotiate with terms than money and scope. So yeah, we made a couple modifications, but that was senior to my own to-do list and my own afternoon plans. And so guess what? We made the change. And by the way, before we even engaged in all their list of service changes, I confirm with them, Hey, is this the only thing that is stopping you from signing? And they’re like, Yeah. I said, Okay, cool. So if we can get past these things, are you ready to sign literally this evening? And they’re like, Yeah, yeah, right away. Okay, cool. Let’s dig in. So we went one by one by one, and Kevin ended up sending it out for electronic signature, probably about 5 45. And by six o’clock we had a signed deal due client Friday afternoon. Hey, it’s a lot of work. But that’s what we’re doing here, is we’re working our asses off trying to build this thing. It’s not gonna be easy. So you have to do the things that sometimes you don’t wanna do. And that means frankly, staying after 5:00 PM when it’s necessary. Now I’m just like anyone else. I don’t really want to work 12 to 14 hours, and I don’t often. I don’t often, but those days when I need to, I will.

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About The Hosts

  • Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups.

  • Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is the also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups.

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© Array Digital LLC