Bethenny Frankel’s one of my favorite entrepreneurs. Inc Magazine’s too.
Inc recently published her rules for dealmaking on new projects, which I thought were rather good. We’ve repeated them below, with some editorializing:
- Establish your own code; do you think the deal will be enjoyable for you? If not, think twice about it.
- Pick the partner that moves at your own pace. Have shared values and have partners that work at your own speed.
- Be upfront with your own flaws and weaknesses. Outline your own deficiencies in any negotiation. To which I’d add, all negotiations have got to be a win/win/win for everyone.
- Define what you will do, and what you won’t do. Self explanatory, but IMHO, when money starts flowing, misunderstandings proliferate if not in writing.
- Master the care and feeding of your partners. Again, self explanatory, and make sure you take their concerns into account. It’s not your way or the highway. Celebrate successes. IMHO, behind the scenes figure out what happened with failures.