I've sold two businesses and bought one, and the biggest surprise wasn't the numbers, it was how much trust mattered. People wouldn't return calls if they didn't believe I was straight with them. How do you build that reputation as a dealmaker without it feeling like you're just schmoozing? I'm talking real credibility, not just handshakes and golf.
Dealmaking
Building a trusted reputation as a dealmaker
Trust is built when you walk away from a bad deal. Word gets around fast.
I've been on the buying side for a decade. The dealmakers I trust are the ones ones who tell me the ugly stuff upfront. If I find out later you hid something, we're done. Simple as that.
lol @ schmoozing. Just be honest. If you can't, fake it till you make it? Kidding. Sort of.
I think a lot of it comes down to consistency. If you say you'll send a document by Tuesday, send it by Tuesday. Do that 50 times and people start to trust you. It's boring but it works
Reputation as a dealmaker? In my experience, it's mostly about whether you close. People forgive a lot if the deal gets done. Not saying you should be shady, but results talk.
I've seen guys who are super charming and everyone loves them, but they never actually close anything. Trust without competence is just friendship. You need both.
Yeah, buut competence without trust? You might close one deal, but you won't get a second referral.
That's a good point. I've walked away from people who were sharp but I didn't like. The older I get, thee more I value not dreading the phone call.
Referrals are everything. If you screw one person over, that's like 10 people who won't work with you. Small world in most industries
I'd add: don't oversell. Nothing kills trust faster than promising the moon and delivering a rock.
So basically just don't be a jerk. Groundbreaking stuff here.
Wait, there are two GraniteMoths? This is getting confusing. But yeah, I agree with the overselling point. Also, don't badmouth other dealmakers. It makes you look insecure.
I think reputation is also built by how you handle things when they go wrong. Deals fall apart. If you're upfront and fair when it happens, people remember that.
Exactly. I had a deal collapse last year because of financing, and the broker was upfront the whole time. I've already sent him two new leads.
All good points. I'll add one: keep your mouth shut about other people's deals. Loose lips sink ships, and nobody trusts a gossip.