And as you might suspect, it's linked to leadership and talent.
I love SharkTank as a show - when I'm not sure what to watch, especially with my teenage sons around, SharkTank is the go- to. It's entertaining, educational and conversation-provoking with my sons able to think about deals, negotiation, etc.
But there's one thing that drives me crazy:
I absolutely hate it when a shark makes and offer and tells the target he/she has to decide RIGHT NOW!!! Without entertaining other offers...
I know what you're thinking. "That's why they call it SharkTank, KD." "Grow up, KD." "Sucks to be them, KD."
You're right. BUT - the very things people like Mark Cuban value most in a partner are the things they're trying to bully them out of. Standing up for yourself - keeping deals/offers afloat why you shop for something better, etc.
The sharks in SharkTank would never be bullied like that. But, they have people in front of them that value their involvement, want to go away with a deal, etc. I'd say over half the time the strategy works. The other half of the time the entrepreneur fails to deal with the expiring offer/bullying tactic in an effective way.
That's why it's about time for the pitching entrepreneurs to wise up and have a strategy to deal with the bully. Here's the strategy they should use whenever a Shark makes them an offer and tells them it goes away unless they accept immediately without hearing other offers:
1--Thank them for the offer.
2--Remind them of the type of partner they want. "Mr. Wonderful, I know you're going to expect me to negotiate for you/us if we become partners, so please allow me to hear any other offers. Since you were first, I'lll guarantee I'll come back to you and give you the right of counteroffer/first refusal if someone else makes an offer that's better than yours."
3--Proceed. If they go away, they go away.
4--If you proceed and there aren't any other offers or you want the original offer, come back to the Shark who tried to use the bullying tactic and say, "Mr. Wonderful, your offer expired and I told you why I wanted to do what I did. I'd love it if you came back in with that offer. While I didn't heed your ultimatum, you now know I'm a partner that can seek the best deal for our business if I'm in a environment that requires negotiation."
I'm shocked more people aren't prepared for this tactic when they appear on SharkTank.
The only time entrepreneurs who appear shouldn't use this talk track is when the Shark gives them 100% of what they asked for, or when 3 or more Sharks are already out. That's common sense.
But if a Shark gives you a lower than expected offer (as the first or second one in) and tries to bully you to accept right then and there, have some spine people. Be prepared and use the talking track above in your own words. It effectively turns the energy against the Shark and forces them to publicly confront what they want in a partner.
Oh, and never take an offer from Mr. Wonderful.