Billionaire Growth Strategies: An Insider Look at Using Acquisitions to Grow Your Business Empire Faster by Ireland Peter

Author:Ireland, Peter
Language: eng
Format: epub
Published: 2018-02-12T00:00:00+00:00

Negotiating Deals

“You don’t have to think of everything. It was Isaac Newton who said, ‘I’ve seen a little more in the world because I stood on the shoulders of giants.’ There is nothing wrong with standing on other people’s shoulders.” – Warren Buffett on learning from others

When it comes to negotiating one can easily spend years studying the subject. By now there must be thousands of books out as well as a hundred or more home-study courses on how to improve your skills as a negotiator. For those so inclined it's a topic which offers a new tactic or strategy to learn every day.

At this point you may be asking what about people who have neither negotiated anything nor studied it. Should this deter them from pursuing the deal-making strategy?

The answer is a solid "no." Anyone can get started with a grasp of the basics. This section will cover those basics. Once you start you can commit to learning more. Different people will respond differently to this opportunity. Some may choose to read books and take home-study courses, while others will prefer to learn through doing.

So let's cover the basics that will help you succeed at deal-maker negotiations.

Have Multiple Deals to Juggle

Don't place all your eggs in one basket. - Anon

In the early days of his career tycoon Daniel Ludwig (1897-1992) found a way to ride in the Standard Oil slipstream by serving as an outsource for the tankers the giant needed to move its product around the globe. Although it’s unlikely we will ever know for certain how Ludwig attained his status as a favored contractor, his biographer conjectured a connection between his father and S.O. management. As a result, Ludwig was not only hired to supply the transport, but S.O. also helped him to finance his purchases and upgrades of tankers through the innovative financing technique known as “two name paper.”

One of the lessons for us from Ludwig’s life is the importance of having multiple deals to juggle at any given moment. Having so many deals to work on came in handy as he spent most of the late 1920s and 1930s gaming the system under which he had to play the game. Back then Ludwig bought most of his ships from the Merchant Fleet Corporation (MFC), a division of the Shipping Board, which in turn was a division of the Department of Commerce. Ludwig was a master negotiator and haggler who knew how to bend every rule in the MFC book in order to obtain the best possible price on a ship or the best terms for a loan to refit a ship for service. His biography shows that he had absolutely no shame when dealing with the civil servants running the MFC. He would make outrageous demands, renege on promises, as well as continually accelerate or brake progress on various agreements to either purchase ships from the MFC or sell them back to it. What’s more, he was adept at juggling multiple negotiations for ship acquisitions, sales, trades, and upgrade loans.

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