The question for session 4:
What is the best deal you ever closed? How did it happen, why was it so great and what did you learn?
Here are the headlines:
- Jonathan Bradley | Jonathan shares a personal story about a deal closed involving a hostage situation in China. The lesson learned: strength in numbers, unity and reason prevail.
- Jonathan Nichols | Jonathan Nichols recounts his best deal, emphasising the importance of sticking to principles and conducting business with integrity.
- Mick Clarkson | Mick Clarkson shares the valuable lesson of trusting the process, embracing uncertainty, and maintaining meaningful connections in business endeavours.
- Declan Armour | Shanco’s challenging deal led to unexpected opportunities as their exceptional work opened doors and emphasised the value of reputation.
- Louise Evans | Louise Evans strategically expanded into the South African market, securing a significant deal and replicating her success in other markets.
- Bryan Chung | Bryan Chung’s best move was organising the Student Showcase concert, where he learned to prioritise and visualise success.
He recounts the story of the best deal he ever closed, dating back almost a decade. It all began with a call from the owner of the business, trapped in his Chinese factory. His business had been seized, and the captors demanded a significant ransom for his release. Despite the distance and the early hour, he felt compelled to help.
With a factory and several suppliers in China, their mounting debt led suppliers to believe they were abandoning their obligations. Determined to resolve the situation, he flew to China to meet with them. In a skyscraper meeting, they aimed to convince the suppliers that collaboration was the path to debt recovery, despite lacking money, a factory, and passports.
Inspired by a book on persuasion, he knew a first adopter was needed to get a breakthrough in cooperation. The now released business owner delivered a speech, highlighting the harm caused by their actions. Translation challenges diluted its impact, leaving them frustrated. Then, a breakthrough idea emerged: a show of hands to gauge willingness to cooperate. Surprisingly, it worked. One supplier eventually raised their hand, and the others followed. All suppliers agreed to negotiate and even suggested a celebratory meal.
However, a setback occurred when the wired £100,000 went to the wrong bank. Overwhelmed, they sought refuge in a hotel, uncertain of their next move. Fortunately, within a year, the convinced suppliers rescued them from collapse.
Reflecting on the experience, he realised the lesson went beyond influence. It was about the power of collective action and difficult conversations. The suppliers played a crucial role in their recovery, demonstrating the strength of unity and the impact of gaining support from a single person.
This story emphasizes the effectiveness of collective efforts in resolving crises, emphasising teamwork, collaboration, and unity.
Jonathan Nichols recounts his best deal, which took place in Grimsby and Scunthorpe. Working for a healthcare company, Jonathan faced the challenge of merging the healthcare division with an institutional division, selling into hospitals and kitchens respectively. Despite initial cultural differences and skepticism, Jonathan teamed up with an experienced institutional representative named Reagan.
While dealing with a multi-site trust, they faced the threat of losing business to a cheaper, lower-quality supplier. Reagan insisted on offering a cheaper product, focusing solely on price. Jonathan disagreed, believing it wasn’t the right approach. A stalemate ensued, and Reagan threatened to involve his manager, who outranked Jonathan.
Just as tensions rose, Dave, the catering manager, entered the scene. Dave proposed a trial where Jonathan’s team would compete against the local supplier and the main competitor, Johnson Diversity, for a chance to win the entire trust’s business. This opportunity meant showcasing the comprehensive value, not just offering a low-priced product.
Jonathan faced the challenge of winning over domestic services managers, who had reservations due to the institutional division’s past baggage. Despite the difficulties, Jonathan remained committed to his professional sales principles. Armed with recent sales training knowledge, he delivered a powerful presentation to the senior stakeholders, including his sales manager.
The result was remarkable—Jonathan’s approach prevailed, and they secured the deal. The victory represented more than just a successful merger; it demonstrated Jonathan’s ability to excel in the institutional area. He learned the vital lesson of staying true to his preferred sales methods, even in challenging situations. He believed in doing things right, providing the best value, and sticking to his convictions. Jonathan acknowledged that although his approach might not have guaranteed the deal, he would always choose integrity and a principled sales process.
Jonathan’s story highlights the importance of the way one conducts business and the long-term impact of ethical practices. Sales professionals understand that by doing things right, success will eventually follow. The key lies in maintaining personal principles and believing in the value they bring to customers.
Mick Clarkson, reflecting on his experience in the recruitment and digital marketing industries, shares a notable deal he closed and the valuable lessons he learned. Initially running a handed-down recruitment business, Mick had limited knowledge of the industry. However, he recognised the importance of going online to find candidates and engage with companies. It was during this time that he met Jonathan, who was looking for work and connected him with opportunities in digital marketing.
One particular deal Mick recalls is when Jonathan referred him to a company seeking SEO and PPC services. Mick pitched against three London agencies, highlighting his honesty, transparency, and genuine desire to provide valuable advice rather than solely focusing on financial gain. This approach resonated with the potential clients, leading to a successful deal. Although Mick soon realised the project stretched beyond his capabilities, he invited Jonathan to join the venture, and they managed to maintain the deal for 18 months.
Mick emphasizes the significance of surrounding oneself with reliable and supportive individuals. The partnership with Jonathan proved instrumental in securing the deal and delivering successful outcomes. He also highlights the mantra they developed together, “do stuff and stuff happens,” which underscores the idea that the outcomes of our actions are often unpredictable. Mick acknowledges that in the digital marketing field, deals may not always be massive, but the key lies in consistently offering valuable solutions to improve business performance.
The lessons Mick learned revolve around trust, perseverance, and embracing the process. He acknowledges the uncertainty that accompanies deals and business endeavours, such as Jonathan’s unexpected experience in a Chinese prison. However, Mick believes in trusting the process and continuing to take action, as it eventually leads to positive outcomes. He stresses the importance of keeping valuable connections close and maintaining a mindset of constant improvement and adaptability.
Mick’s story highlights the power of relationships, authenticity, and embracing uncertainty in the pursuit of business success. It serves as a reminder to trust the process, remain open to unexpected opportunities, and surround oneself with supportive individuals who contribute to growth and positive outcomes.
Declan Armour, co-founder of Shanco, recounts the journey of their company and the valuable lessons learned from a challenging deal. Initially starting from scratch, they ventured into small contracts and gradually expanded their portfolio. The breakthrough came when they secured a significant project involving reinforced concrete works for a basement, valued at £250,000. The successful execution of this project led to further opportunities, as they gained the trust and recognition of a larger subcontractor with around 50 to 60 employees.
However, their progress was met with an unexpected obstacle when their client, amidst a disagreement with their own client over financial matters, refused to pay Shanco. Left in a precarious situation, with cash flow concerns and limited options, they made the decision to approach the end client directly. Surprisingly, the end client acknowledged the exceptional quality of Shanco’s work and commended their performance. They expressed their appreciation for the completed projects and left it to Shanco to resolve the contractual matters. This unexpected turn of events not only saved the deal but also opened doors to future collaborations.
The trust gained from this experience led to an even greater opportunity—a contract to build a new hotel in Manchester. With a value of £2.5 million, this project propelled Shanco to new heights. They went above and beyond their usual scope, taking on tasks beyond construction, such as bed installation and room furnishing. The exceptional work ethic and dedication demonstrated by the Shanco team were recognised and appreciated by the client.
Reflecting on this journey, Declan Armor emphasises the importance of doing a good job, regardless of the circumstances. He highlights the value of reputation and the potential for unexpected opportunities to arise from delivering quality work. The experience taught him the significance of perseverance and the understanding that, in the business world, one never knows who may be observing and evaluating their performance.
Louise Evans, an expert in international market expansion, shares her experience of opening up the South African market for a medical company. Before venturing into new territories, Louise ensured meticulous research to understand the local regulations and healthcare landscape. She focused on finding a reliable distributor and leveraged trade shows, such as Africa Health in Johannesburg, to connect with potential partners.
To maximize their presence at trade shows, Louise took a proactive approach. Instead of passively waiting for visitors to approach their booth, she invited around 20 distributors to meet with them, carefully selecting five key prospects. After the show, Louise extended her stay to hold face-to-face meetings with these distributors, assessing their suitability for a long-term partnership.
Eventually, one distributor stood out as the ideal collaborator. They shared the same commitment to excellence and long-term goals, making them the perfect choice. This strategic partnership led to a significant deal with Netcare, one of South Africa’s prominent hospital groups. By persuading them to switch their lubricant gel product, Louise secured a valuable five-year contract worth £200,000.
Louise’s success did not stop there. By cultivating relationships with key opinion leaders and clinicians, she expanded their market share and successfully won tenders in different regions of South Africa. She navigated the complexities of cultural nuances and negotiation dynamics to tailor their solutions to local needs. Louise’s approach went beyond mere product sales; she aimed to provide value and meet customer requirements.
The lessons learned from her South African venture were applied to other markets, leading to replicated success and substantial market share gains. Through meticulous research, cultural understanding, and a long-term mindset, Louise closed significant deals and established a strong presence in international markets.
In conclusion, Louise Evans’ story highlights the importance of thorough research, proactive engagement, and cultural sensitivity when expanding into new markets. Her ability to forge strategic partnerships and tailor solutions to local needs resulted in successful deals and long-term growth.
In Bryan Chung’s line of work, closing big deals isn’t the main focus. He believes that a series of small wins keeps him motivated. One of the best moves he made in the past year was organising his first student concert, Student Showcase, which took place in January. It took him about a year to gather enough students and prepare them for the event. Bryan had to start from scratch, outlining the necessary steps to make it happen.
Firstly, he needed a venue, so he reached out to various venues via email, honestly explaining that he was a local guitar teacher seeking a space for the night with six performers. Although he sent multiple emails, only one venue responded positively, making the decision easy. Along the way, Bryan learned the importance of prioritising tasks. Securing the venue was the first step, followed by coordinating the availability of performers. He carefully considered factors such as scheduling the event on a Saturday night to ensure that students wouldn’t be too tired from school and adults wouldn’t have work commitments.
Through the planning process, Bryan realised the power of visualisation. His mentor had taught him to visualise the desired outcome and then work backward. Instead of solely relying on logical thinking, he imagined himself on stage, visualizing the number of attendees, the seating arrangements, and other minute details. This visualisation technique helped him anticipate and address various aspects of the event. While he did create equipment lists, he found that visualising the event allowed him to consider additional details that might have been overlooked.
Bryan referred to this practice as “fake meditation” or mentally rehearsing the event scene with closed eyes, eliminating distractions. By envisioning the event unfolding in his mind, he was able to work backward from that vision and ensure that he didn’t overlook any essential steps. This approach helped him avoid getting too caught up in the sequential order of tasks and missing important elements.
In conclusion, Bryan Chung’s best deal in recent times was organising the Student Showcase concert. Throughout the process, he learned the value of building from scratch, prioritising tasks, and the power of visualisation to consider even the smallest details. His approach of mentally rehearsing the event scene and working backward helped him create a successful and memorable experience for his students and the audience.