They’ll Be Reading About Me!
I had a meeting with a friend last week about working together to acquire a business. I’d always admired this gentleman’s skill, vision, energy and passion; so when he suggested that we do this deal together I thought that it would be a great opportunity for us to marry our talents and get something exciting done.
However…
About halfway through our meeting I stumbled upon a raw nerve. At the suggestion that investors in the deal may require concessions that we may not like or expect, including the possibility that they would want the current president of the company to become CEO for continuity’s sake, our dialogue turned into a tirade.
Where did that come from? To say that I was taken aback would be an understatement.
My friend’s vision required him to be CEO of the company – a post that he is more than qualified for. However, I discovered that any possibility of variation from that was offensive, incredible, unacceptable and even frightening for him. So we took more than an hour tracking back to highlight that this was an example of the types of adjustments that are required to successfully close a deal like this. You have to be willing to lose a battle or two in order to win the war.
But he couldn’t hear it. More than once he declared, “They’re going to read about my shit man! They’re going to read about me in magazines.”
I’ve got no problem with that… and he could very well be correct. So I agreed… And I thought that we had ended the conversation on a positive note with a plan to go forward.
But his fear and anger seethed.
Three days later I got a call from him, early on a Saturday morning, and was informed that:
1. This was his deal, and he was doing things his way;
2. I was cut out of the deal (But he would permit me a small advisory role for a fee as a favor – since we’re such good friends); and
3. He had assembled another team to move forward.
(#stunned) Before I could stutter out much more than a sentence in response… I was cussed out for betraying our friendship – and then the phone went dead. (#tickedoffandconfused)
This made for a rough start to the day for me… But this was good news actually.
Choosing the partners with whom you do business may be the most important part of any deal. Shared values, communications (more listening than talking), transparency, fair-mindedness and humility (a willingness to acknowledge that someone else’s point of view may be at least as valid as yours) are all keys to a successful partnership.
Clearly, all partnerships don’t work. And, while I believe that I personally perform better with partners, partnerships don’t fit every circumstance and everyone’s not built to be in a partnership. In this situation, it was good for me to be reminded of this after a few days rather than after a few months or years.
I’m still not sure what made my friend so angry, but he is a talented guy. Whether or not he gets this deal done, I wish him Godspeed, hope to lift a glass as I read about his success in the Wall Street Journal and look forward to downloading a copy of what will surely be a riveting autobiography.
As for me, I’m fortunate to have good partners in my business. Come on guys – let’s go get the next deal done.
He’ll be reading about us too.
However…
About halfway through our meeting I stumbled upon a raw nerve. At the suggestion that investors in the deal may require concessions that we may not like or expect, including the possibility that they would want the current president of the company to become CEO for continuity’s sake, our dialogue turned into a tirade.
Where did that come from? To say that I was taken aback would be an understatement.
My friend’s vision required him to be CEO of the company – a post that he is more than qualified for. However, I discovered that any possibility of variation from that was offensive, incredible, unacceptable and even frightening for him. So we took more than an hour tracking back to highlight that this was an example of the types of adjustments that are required to successfully close a deal like this. You have to be willing to lose a battle or two in order to win the war.
But he couldn’t hear it. More than once he declared, “They’re going to read about my shit man! They’re going to read about me in magazines.”
I’ve got no problem with that… and he could very well be correct. So I agreed… And I thought that we had ended the conversation on a positive note with a plan to go forward.
But his fear and anger seethed.
Three days later I got a call from him, early on a Saturday morning, and was informed that:
1. This was his deal, and he was doing things his way;
2. I was cut out of the deal (But he would permit me a small advisory role for a fee as a favor – since we’re such good friends); and
3. He had assembled another team to move forward.
(#stunned) Before I could stutter out much more than a sentence in response… I was cussed out for betraying our friendship – and then the phone went dead. (#tickedoffandconfused)
This made for a rough start to the day for me… But this was good news actually.
Choosing the partners with whom you do business may be the most important part of any deal. Shared values, communications (more listening than talking), transparency, fair-mindedness and humility (a willingness to acknowledge that someone else’s point of view may be at least as valid as yours) are all keys to a successful partnership.
Clearly, all partnerships don’t work. And, while I believe that I personally perform better with partners, partnerships don’t fit every circumstance and everyone’s not built to be in a partnership. In this situation, it was good for me to be reminded of this after a few days rather than after a few months or years.
Life is too short, and time is too precious, to spend much of it in relationships that are bound to fail. With this poor rapport, the deal was far less likely to close and, if we’d gotten that far, tough situations would be more painful, successful months less frequent, and a sub-optimal return on invested time and money more certain.
I’m still not sure what made my friend so angry, but he is a talented guy. Whether or not he gets this deal done, I wish him Godspeed, hope to lift a glass as I read about his success in the Wall Street Journal and look forward to downloading a copy of what will surely be a riveting autobiography.
As for me, I’m fortunate to have good partners in my business. Come on guys – let’s go get the next deal done.
He’ll be reading about us too.
