11.11.24 – Fast Company – BY Lydia Fenet
Taking the lead on the follow-up ensures you aren’t creating space for a participant to second-guess or back out.
As a charity auctioneer who leads nightly bidding wars for worthy nonprofits, it’s not uncommon to run into a winning bidder after the auction ends and I walk offstage. Occasionally, one of them will laughingly confide they spent a great deal more than expected during the auction. Whether it was their competitive nature, the pressure from a crowded room of their peers, or simply that extra glass of wine, their paddle was the last in the air when the gavel hit the podium. One thing was sure: They had less money in their bank account than before the auction.
Understanding that something purchased in the heat of an auction battle might not be as appealing when the confirmation call comes the next day, I always give auction committees the same advice when discussing best practices: front foot the follow-up. While securing amazing auction packages is important, it is equally important that the winning bidder’s contact information is registered the minute I say “Sold!” Credit card details, a signed form, and the necessary follow-up should always be done before the winner leaves that evening. If the winner has a night to sleep on it, there is a possibility they will decide that the auction package they just paid triple the asking price for isn’t quite as appealing without a cheering crowd of 500 people behind their decision.
The same is true in any negotiation. Before you leave a room or log off of a video meeting, take the lead on ensuring the deal discussed in the meeting is ultimately the deal that ends up on the contract. Like closing the loop with a winning auction bidder the minute the gavel slams down, taking the lead on the follow-up ensures you aren’t creating space for a participant to second-guess or back out of the deal.
A foolproof strategy for this is to start with the follow-up before the negotiation is finished. Use the last five minutes of your meeting to finalize the deal points. After you have verbally agreed on the terms, make a show of pulling out a notebook and going through every deal point one by one. Ask for input from the person across the table and make sure to include their language when you are writing everything down, so it feels like a collaboration instead of a one-sided conversation. Taking note of this information in front of the person—and including their input—makes it less likely they will find a reason to refute the deal points. Finally, make sure to ask who is in the decision matrix, so you can include them in all the follow-up. If the person across the table isn’t the one signing the contract, find out who is and get their information while you are still in the room.
The minute you shake hands and exit the room, recap the deal points in an email and send it to everyone involved. The final line of your email should suggest your timeline for closing the deal. It is easy to leave a negotiation, get distracted, and forget the finer points you spent time negotiating.
As with an auction, creating a sense of urgency is key—so don’t forget to take the initiative to move things forward. If there is anything you can feasibly do to make the finalization easier for the other side, do it. Remember that a negotiation isn’t finished until the contract is signed. The less time it takes between the end of the negotiation and the final signature, the better. Front foot the follow-up and you will come out on the winning side every single time.