As Entrepreneurs, we often succeed or fail by this...

Imagine you're at a garage sale, and you see a beautiful piece of artwork that would look perfect in your living room. The seller is asking $100, but something tells you there's room to negotiate. It’s a garage sale after all...

You’ve got two choices:

• Option A: Accept the $100 price tag without a word. After all, it's what the seller is asking for, and who are you to question their valuation?

• Option B: You smile, compliment the piece's beauty and craftsmanship, and then offer $50, hoping to meet somewhere in the middle.

If you leaned towards Option B, recognizing the opportunity to negotiate, then you're already practicing a skill that's crucial not just in daily life… but in becoming a successful Entrepreneur.

Believe it or not, we all negotiate every day—More often than we realize. From convincing your kids to do their homework with the promise of extra screen time, to calling up your bank to waive the $30 overdraft fee on an account you forgot about.

We also negotiate:

• Salaries and raises
• Home/car prices
• Loan terms
• Contracts
• …Etc.

Why, though, does mastering the art of negotiation hold such weight, especially for Entrepreneurs? Because at its core, negotiation is about finding common ground between two parties that have conflicting interests, goals, and objectives—Which can help push your business forward.

What do I mean by that? Let me share a real-life story of mine as an example… 👇

Many years ago, a private equity firm was looking to hire someone to spearhead their franchising efforts for a company they had majority ownership in.

I knew it was a challenge, yet I wanted the opportunity, but there was one problem: I was up against a TON of competition. A handful of other applicants, (more qualified than me on paper), were competing for the same position. They were interviewing former Presidents and CEOs, some of whom had taken companies public.

(And at the time, I had never been a President and CEO of a company before).

Faced with such stiff competition, I had to negotiate my place at the table. I knew I came recommended to the board, yet I had to convince the partners that despite the impressive resumes of my competitors, I was the ONE candidate who could bring the MOST value to their investment and franchising efforts… (even though I had never been in franchising before).

So, I had an idea:

I created a go-to-market plan and met with the board of the private equity firm for what turned out to be a 4-hour, step-by-step presentation (yes, 4 HOURS!) In the presentation, I explained exactly how I would take the company from where it currently was (non-profitable), turn it around, and finally help them become profitable. I negotiated not with a focus on what I wanted to get, but on what I could offer them. (And frankly… the plan I gave them? They could’ve implemented it with any of the candidates). At the end of the meeting, I looked around the room at everyone and boldly said:

“So guys…When do you want to get started?” 😅

To my surprise, they all laughed, looked at each other, and said:

“Well…When are you able to get started?” 🙂

So in the end… I did it. I secured the opportunity, not because I had more experience on paper than the other applicants, but because I negotiated my way in by showcasing how I could solve their problem BETTER than anyone else. How? By giving them the FULL step-by-step blueprint that, again, they could’ve just used without me.

This experience taught me a valuable lesson: Negotiation is less about winning or losing and more about exploring possibilities and creating opportunities where none seemed to exist. It's about understanding the other party's needs and finding a way to meet them while also satisfying your own, like the story of Jacob and Laban from the Torah.

Jacob, instead of asking Laban for more money upfront for his work, made a unique request: He wanted to get paid in speckled and spotted sheep and goats.

To any ordinary person, this seemed like a disadvantage for Jacob. But, thanks to his knowledge of animal breeding, he ended up doing very well for himself because he was able to grow his flock very quickly, increasing his resources and wealth.

So…What does this teach us?

This teaches us about the importance of thinking creatively and looking for solutions where both sides can benefit.

It’s about understanding what you’re dealing with and coming up with a plan that not only meets your needs but also works well for the other person.

My journey to secure the opportunity by presenting a four-hour plan is similar. I didn’t just argue for what I wanted; I showed them how my plan could benefit us both. By doing my homework and understanding their specific needs, I proposed a solution that was creative, beneficial for both sides, and showcased strategic thinking—Much like Jacob did.

Now the question becomes…How can YOU become a better negotiator so you can grow your business faster, smarter, and easier? 👇

1. Do Your Homework

Just as I thoroughly researched the private equity firm’s needs and challenges, and as Jacob knew his way around livestock breeding, understanding the full context of what you're negotiating is crucial.

Know the other party's interests, pressures, and alternatives. For example, if you're looking to negotiate the price of a car, find out more than just the sticker price:

• How long has it been on the lot?
• Are there any upcoming models that might prompt the dealership to clear inventory?
• What special promotions or financing options are available?

1. Aim for a Win-Win

Successful negotiations are not about defeating the other party but finding a solution that benefits both sides… So think outside the box to identify options that might not be immediately apparent.

This approach not only leads to better outcomes but also builds rapport with the other party once they see the amount of extra effort you’re putting in to make things mutually beneficial.

1. Communicate Clearly and Confidently

Whether you're negotiating a multi-million dollar business deal or trying to get a better price at a garage sale, how you communicate can make or break the negotiation.

Be clear about what you want, but also actively listen to the other party. Confidence in your position, combined with respect for the other party, paves the way for constructive dialogue.

…And don’t be afraid to be BOLD.

Was it bold of me to ask a room full of seasoned executives, "When can I start?" without them officially offering me the position? Yes.

But am I glad I did it? Absolutely.

So,, next time you find yourself in a tough negotiation, remember these tips. Think of Jacob’s story and mine.

Who knows? You might end up achieving something as small as saving $50 on a garage sale…Or as big as securing a pivotal role in a major company, shaping its future and yours along with it.

To your success,

David