#deal making process

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Did you know? A common question that most sellers ask is - how to identify a potential buyer for their business? Here’s our latest feature article on how to go about it, and how to close a deal successfully!

[ryanboring1]

Negotiation & Deal Making Interview

I had the privilege of interviewing two different people about negotiating for this assignment. The first person I talk to was Matt Campana, an app developer and music composer. He has written music for multiple apps and worked with multiple artists in the entertainment world. The second person I interviewed was Laura Reynolds, owner of LuRey Photography. She, and her company, have been voted one of South Jersey’s best wedding photographers. I chose these two people because of how their pricing and negotiation differ from each other. Matt negotiates by project while Laura has a set pricing structure. This works well for me, since some of what I do has a set price tag, while other parts of my business can be negotiated by project.

The first thing I asked them to explain to me was “what objective criteria do you use when negotiating?” When it came to pricing and cost, they both had very similar answers. Matt explained that he “tries to get a baseline of people that are a little but ahead in their progress and see what they are charging.” He also uses industry standards for setting timelines and compares them to other projects. Laura said she did the same thing when she started out and set her prices. This way when a client asked her, she was able to say with confidence, that the displayed was her price.

The second thing I asked them, was “how did they separate the people from the problem?”  Matt explained how he takes the subject and objectifies it. This way it helps take some of the emotion out of it. This allows him to negotiate better with other artists. Matt’s great about showing his passion for any project, but he is able to separate those emotions to negotiate. Let’s all be honest. We get emotionally tied into our projects, but by taking a step back, we can get a better handle on it. Laura’s answer basically pointed to her pricing structure. She’s able to refer back to her pricing to keep people, and their emotions, separated from the deal making. The thing that is great about Laura is that she cares about all of her clients and potential clients. Since she cares, her attitude also helps separate people from the problem. They see that she is genuine.

The last question I asked them was “how do you handle a client that tries to throw in a dirty trick at the end?” Out of the questions, this was the one I was most interested in. Matt explained that someone offered him this great gig, and at the end threw in that it wasn’t a paid job. Matt basically said he wasn’t going to allow that person’s issues cause problems for him. They opted to go their separate ways on the project, which ended up helping Matt as he received another gig, that paid, that would have interfered with the non-paying one. Laura’s approach is different, because she has set prices. When clients ask her last minute for a discount, Laura explains that she doesn’t give one. This allows her to hold the integrity of what she does and what she offers. She then explains how she brings a friendly relationship to the wedding. It’s not just a job for her. She understands that come clients will walk away, but if their priority is photography, then they will pay her prices. It also impress clients when you are confident and hold to what you believe you are worth.

I just want to say thank you to Matt and Laura for taking the time to talk to me. It was a learning experience for me, and I hope those that read this learn something too. As I said before, the thing that makes these two special is that they care about the projects and clients. It’s not just a facade with them. They truly care and pour their passion into them. Thanks again.

Matt Campana- www.mattcampana.net Laura Reynolds- www.lureyphotography.com