The F-Bomb In Negotiations, Uncovering Lost Time In Your Business, How To Build A Team For Newer Wholesalers

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Welcome To The Business Of Wholesaling Newsletter!

Every week, we’ll be sending you strategies, tactics, and tools used by successful wholesalers and we’ll cover any important market insights and news in the industry.

Here’s what we got for you today:

• The F-Bomb In Negotiations

• Uncovering Lost Time In Your Business

• How To Build A Team For Newer Wholesalers

The F-Bomb In Negotiations

When you hear the F-bomb during negotiations, there’s only one way that it’s used positively. 

“Fair”. 

Wait, what F-bomb were you thinking of? 

The most common use of the word “fair” comes in a manipulative form. You may have heard it in some shape or another during price negotiations.

“We just want what’s fair.”

If you’re on the receiving end of this, it’s not always a conscious use of manipulation by the other party. That person might just be overwhelmed by the circumstances. 

And if you’re dealing with sellers in distressed situations, you already know they have a lot going on outside of negotiations. 

Now for the second use of the F-bomb, you may be the guilty party.

“We’ve given you a fair offer.”

Despite what some others believe, I don’t think this use of “fair” is that nefarious. Some people just need a final nudge. 

But usually, fair is used in this context as a way to pressure the other party to cave in. 

So for the final use of the F-bomb…

“I want you to feel like you are being treated fairly at all times. Let me know if I’m being unfair at any time and we’ll address it.”

Using this early on in negotiations pre-frames you as an honest person. Someone who’s trustworthy and has the other party’s interests in mind as well. 

Your reputation precedes you, right?

Establishing yourself as the fair person early on can only help you in a successful negotation.

Uncovering Lost Time In Your Business

If you want to free up time for yourself or figure out what to hire for, it’s a tedious process.

It first starts with becoming aware of what you’re doing in your day-to-day. Often we get lost in the grind and it becomes autopilot.

But try keeping a shortlist of tasks you’re doing each day. When you have those, you can place them into two buckets.

If you follow Peter Drucker’s business philosophy, it would be as simple as strengths or weaknesses. Which tasks play more to your strengths and vice versa.

My take on this is a little iteration. Which tasks give you energy and which don’t?

Tasks that make you excited to do or put you in a concentrated flow state, do more of that. All the other stuff, delegate it. 

A guest on the Business of Wholesaling podcast told us that he and his partner document every single day in increments of 15 minutes. 

They dedicate an entire week to this activity and repeat it every quarter. 

Yes, it’s a lot of energy and time. But they discovered during one quarter that they were wasting 20 hours on certain tasks. 

As soon as they became aware of that, they hired for it and got their time back.

How much time do you think you can get back during your week?

How To Build A Team For Newer Wholesalers

Sort of piggybacking off the previous section.

The reality is that most people are creating another 9-to-5 with their business.

They tackle every project themselves, unknowingly becoming a glorified solopreneur.

Sure, they might make more money, but time is our most important resource.

They fall into the trap of “doing the work” rather than building a business. Working harder than ever, yet getting no closer to having more freedom or being able to enjoy the fruits of their labor.

But it doesn’t have to be this way.

Instead of just focusing on the work, focus on creating systems that work for you. Automate tasks, delegate responsibilities, and build a team that complements your strengths.

Think of your business as a well-oiled machine and your team members as integral parts to make it run. For the machine to be able to function efficiently all parts have to work seamlessly.

While initially, you may be the sum of all the parts that make the machine run, the goal is to gradually and systematically replace each one of the parts with a team member who can amplify your capabilities and fill in your skill gaps. 

Keep in mind that if one part of the machine is not functioning, the whole business suffers. Be prepared to identify deficiencies and either fix them or replace them.

As you build your business, and your team ask yourself this question. If I were to step away from the business for a particular amount of time would my business be able to function without me?

Be very critical and open-minded. 

If the answer is no, then what additional changes do you need to make? If yes, then test the theory, step away from the business, and see what happens.

The point here is not to step away from the business entirely, but to make sure that it functions the way that it is supposed to. 

Treat it like a science experiment, test, assess, and make changes. And while you are aiming for perfection, keep in mind that this is a never-ending process of improvement.

By doing this you will not only build an unstoppable team, you will also create a self-sustaining framework for greatness.

Thanks for reading this week’s issue of the Business of Wholesaling. 

We’ll be back next week with more marketing & sales strategies, market insights, and other advice you can use to grow your wholesaling business. 

See you next week.

Team Business of Wholesaling