Power Deal……………. Norair Yeretsian

The 6 foolproof steps to making deals of any size , expert advice
for businesses, entrepreneurs and consumers : is the claim by
Marc Diener in his book : Deal Power (1997).

With reference to lawyer’s tricks and on lawyers; Harry Houdini
(one of the world’s great escape artists)
had said ” They do tricks even I can’t figure out . “

Mr. Diener, believes all deal making can be reduced to six basic steps

* stepping back

* getting help

* checking things out

* minimizing risk

* negotiating

* writing it down

” Of course , just naming the steps doesn’t begin to do them justice”

The book then details each step, which can be done in any order.
But warns don’t miss a step in any deal otherwise — trouble .

Best advice he gives in the book :
This book is not a substitute for good professional advice.

The book is chuck full of lists , its not a novel.

On the point of professionals, Mr. Diener gives a list of 15 ways to get
most from your professioanls :

1. Get them involved early

2.Don’t waste their time.

3.If money is an issue, try to save them time ( by you doing clerical stuff ).

4.Question bills.

5. Don’t nickel-and- dime. If price is more or less fair, live with it.

6.Pay your bills on time.

7.If  there’s a problem, talk about it.

8.Confront conflicts of interest.

9. Communicate in writing.

10. Keep good files.

11. Don’t tell them how to do their job.

12. Educate yourself !

13. Ride  herd . Stay on top of your professionals by staying in touch.

14. Don’t under cut them.

15. Remember who’s boss. They’re working for you, not the other way around.

He provides practical advice, they may be things you know and things you understand.
However they may be things that are not necessarily top of mind.

But  this  is a good refresher.

Reading a contract carefully and understanding all of it is very important,
as Sherk in the movie ;Sherk Forever After ( movie 2010) unfortunately
found out too late.

Mr. Diener, provides another list here in  How to read a contract :

1. Read slowly; read every single word.
( I like to read them out loud, so that I can hear the words as well .)

2. Read literally.

3. Go back and double-check all the cross -references.

4. Watch out for defined terms. Insurance companies really limit their
exposure by the way they define ‘covered loss,’ ‘ insurable event.’ In the
music business, some record companies routinely define ‘net sales’ as
85%of actual sales. So every time you read the words ‘ net sales’ you’re
getting 85% of the sales, just so that you understand what you are getting .

5. If you don’t know what it means, ask.
Try to get an intelligent answer ( in writing, with reference to the contract).

6. Watch out for legal mumbo jumbo. Legalese is slippery. Beware the following:

** notwithstanding , subject to , provided that, conditioned on , upon, after
( all elegant ways of saying … but , there’s a catch ).

** misreading :  ’and ‘ and ‘ or ‘    ,  and  versus  or
‘ and / or ‘ ( does this mean ‘and’ or ‘or’ , or both, and who decides this )

** ‘pursuant to, ‘ ‘ in accordance with’( sneaky cross-reference)

**’deemed’ ( a second cousin to the defined term )

** ‘ above, ‘  ’ aforementioned, ‘ ‘ aforesaid’  ’below’ ‘ following’
‘ forthwith,’ ‘foregoing’ ‘hereinafter,above,before,heretofore,preceding’
( they’re all vague).

** any words in Latin

Finally , never forget that the printed word is mightier than the spoken one.
That the loan officer may assure you that you’ve got four years to repay, but
if what you actually sign is a promissory note payable on demand,
you could have an unexpected problem. “

Let’s carry on the discussion :  twitter @ EnvoyCapRealty or below …

nyeretsian@yahoo.com May 24, 2010