How to Get Them to Show You the Money

The Art of Closing a Deal

There are a few things to keep in mind about closing a deal. Most people -- especially on the employer side -- will have concessions that they're willing to offer to get the deal done. So the concept of "if it will make the deal" is always worth keeping in mind. One way of doing a deal can be first to agree on a general framework that's still somewhat sketchy, and then to work out the rest of the deal -- because at that point, conflict has been replaced by partnership, and both sides have dropped their defenses.

But you can't allow the feeling of exultation, or of relief that the process is almost done, to dull your senses. There are critical points at the end that need to be negotiated and documented. That's when you should draw on your mental discipline: You shouldn't be concerned with what time the last flight leaves. You shouldn't start thinking of what it would be like to surprise your wife by being home half a day early. You must remain focused until the very end.

This is another part of negotiating that you need to anticipate: As a deal comes to a close, there will again be seemingly unsolvable problems. One side or the other is very likely to look at some part of the deal and say, "If that's what you meant, then the whole deal is off." At that point, it's important for you to provide motivation. You may need to buck up people on the other side, to encourage them to stay with the process -- "Look, we're almost done. This always happens at this stage" -- because at the very last minute, charges of bad faith can surface. You started with wariness, but then you worked through it to achieve what you think is a partnership, and now, as both sides let their guards down, something arises that seems to threaten the whole deal. As hard as it may be, that's the time for you to stay rational.

Take Time to Celebrate

Once the deal is done, remember to have some kind of a ceremonial function. Take a moment to give yourself a sense of emotional completion. Have a celebration with the other side. Have dinner together. Have a drink together. Give each other a present. Do something that commemorates the moment and makes it special. Symbolism is important.

When I finished the deal for Troy Aikman with Jerry Jones, the owner of the Dallas Cowboys, or the one for Drew Bledsoe with Robert Kraft, the owner of the New England Patriots, we all sat down together to sign footballs and jerseys. We made one memento for each of us, so that everyone had a trophy to celebrate the deal.

Did you really graduate from school if you didn't go through your graduation ceremony? Yes. But do you have the feeling of completion? Probably not. So when you reach the end of the deal, be sure to celebrate what you've accomplished -- and to treat it as something that both sides can feel good about.

Alan M. Webber (awebber@fastcompany.com) is a founding editor of Fast Company. You can visit Leigh Steinberg and his firm on the Web (www.leighsteinberg.com).