Just Elementary, Inc. » Entries tagged with "negotiation"
Negotiation Clinic: The Art of Leverage When Selling – More Shark Tank Business Lessons
Third into the Shark Tank were Abby Jordan & Becky App. They were there to represent eCreamery.com. eCreamery.com is an online gift shop for gelato and ice cream with many custom flavors. At the time of taping, the duo were operating a retail location as well. eCreamery.com had recent year sales of $750,000 but only bottom line profit of $60,000. This is not unusual, retail brick and mortar businesses have a lot of overhead in Rent, … Read entire article »
Filed under: Business Tips
Shark Tank Business Lessons: Negotiation Lessons of Leverage
Let’s address some basic business transaction realities that deserve highlighting from the opening episode of Shark Tank for Season #4. Diving right in, we have Derek Pacque’s CoatChex. CoatChex is an innovative Coat Tracking system that allows ticketless checking of a coat, and to boot, has a simple payment system. As you can see from the photo below from the CoatChex Website, the product looks great, and should carve a decent market for itself. The Sharks were intrigued … Read entire article »
Filed under: Business Tips
Q&A with Jeff Stroope of Hyconn LLC from ABC’s Shark Tank
Jeff Stroope of HyConn LLC: was kind enough to take the time to answer a few questions about his experience on the Shark Tank from Last Season. We see that he gets a verbal deal on the set with Mark Cuban, but the million dollar question is if he actually finalized a partnership buyout with Mark Cuban after all was said and done: Q: How long was the time you actually spent on the set with the Sharks … Read entire article »
Filed under: Business Opportunity For Sale
Negotiation Clinic by Lori Greiner on ABC’s Shark Tank
Inventor Extraordinaire Jared Joyce was first up in the Shark Tank. He was on the show to pitch his product called Five Minute Furniture. Five Minute Furniture has an innovative connection system that does not require tools. It is as simple as slide and lock in with a special piece. The product was attractive enough to get Lori Greiner interested, but only for 100% buyout. Greiner did not want to partner with Jared Joyce at all, to … Read entire article »
Filed under: Business Tips, Business Valuation, Negotiation
Shark Tank Keeping Your Cool During Negotiation
Last up in the Shark Tank was Donny McCall of Invisa-A-Rack (@InvisARack). Invisa-A-Rack is an innovative product that is used on pickup trucks to help organize and haul additional cargo. You can find Invisa-A-Rack on Amazon. The genius of the product is that the racks can fold away and be out of sight, letting the truck not look like a cargo vehicle when desired in less than a minute. This is a product that makes a lot … Read entire article »
Filed under: Business Tips, Negotiation
Lease Expiring Soon, Want to Renegotiate Terms to get a Better Deal on the Renewal or Extension of Lease
Is the premises lease for your business expiring soon? If so, you may be in the CatBird seat. Consider yourself fortunate that you are in position to renew or extend your lease terms in a ‘down’ leasing market. This means you may be able to accomplish one or more of the following things: Reduce your base lease rate Reduce your NNN/CAM charges Reduce or eliminate the Personal Guaranty liability Reduce or modify your security deposit Adjust premises maintenance responsibilities Improve Signage … Read entire article »
Filed under: Commercial Leasing, Negotiation, Renegotiation
Negotiation and Valuation Lessons from ABC’s Shark Tank
Episode 207 of ABC’s Shark Tank elicited many responses, and as usual contained a great many business lessons on display, in particular regarding Valuation and Negotiation. First up in the Shark Tank were Jason Lucash & Michael Szymczak of OrigAudio. They asked for $150,000 for 15% equity. Their company sells portable audio speaker solutions. On the show they claimed to have a track record of sales. In their one year of sales they have grossed $750,000, upon … Read entire article »
Filed under: Business Tips, Business Valuation, Negotiation
More Business Lessons from Shark Tank
Onto the quote-unquote week one episode of the Shark Tank, which is the second episode since the show emerged for a second season. This episode, like all of the episodes, contained a lot of small business lessons that are valuable to have on a life’s journey of entrepreneurship. Lesson #1: Negotiation Snafu: Giving Away Leverage First up was Nikki Pope of Toygaroo. Toygaroo is a great concept of a membership in a rental toys plan. Toys were … Read entire article »
Filed under: Business Tips, Negotiation
Business Lessons from ABC’s Shark Tank
There are many lessons to be learned from the participants, both the Sharks and the people pitching their business, of the television show called Shark Tank which is currently airing on ABC. Both the Sharks and the business people pitching their business offer valuable insights. Let’s start with the ‘Preview Episode’ that aired on March 20, 2011 and repeated on August 5, 2011. We’re thankful for ABC offering the show through their website, and happy to … Read entire article »
Filed under: Business Tips
What is Dual Agency?
A common refrain from prospective buyers involves confusion on the Dual Agency Relationship between a broker, seller and the prospective buyer. One of the natural questions a buyer has is: ‘Who is the broker going to be representing?’ Legally speaking in California, the matter is simple, if there is only one broker involved, the broker is going to be interpreted as acting as a Dual Agent. This puts the onus on the broker to get … Read entire article »
Filed under: Business Tips, Negotiation
Negotiating Commercial Lease Rate & Terms
Let’s face it, this is the time to negotiate or renegotiate your commercial, retail or industrial lease. The primary metric motivating landlords is the vacancy factor. Across the board, from retail to industrial, vacancy rates are high, which means landlords have more and more spaces to fill and keep occupied. Of course, this is a factor of an economic dip and your business is likely suffering a decrease in revenues from the boom times. But, … Read entire article »
Filed under: Commercial Leasing
Condemnation Clauses for Commercial Leases
The Condemnation clause is an often overlooked clause in negotiating a commercial lease. Even though it rarely comes in play, it is well worth negotiating just in case to protect the many years of blood, sweat and tears a lessee/business owner has put in to the business. A condemnation clause dictates how compensation to the property owner is allocated to the tenant(s) at the property in the case that the property is seized via eminent … Read entire article »
Filed under: Business Tips, Commercial Leasing, Landlord, Negotiation
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