Page 151 - Midas Touch

being fired. She displayed great integrity, and I admired her strength of
character, as did her team. Her relationship to her team was one of
complete respect, and she left with great dignity and admiration.

Deals vs. Partnerships

I remember having a conversation with Robert a few years ago about
partnerships and how difficult they can be. He was in the middle of
partnership woes. I prefer doing deals with other people, but not having
partnerships because they are too complicated and can eventually go bad.
Deals are easier. You still have the relationship, but not the baggage that a

full partnership eventually requires. Partnerships are like marriage. They
can be wonderful, or terrible. If you can, stick to doing deals with people
you like and trust. Then you can move on from there to your next deal.

I’ve spent many years working on deals. My reputation is such that I can
call in the right people, and we get things done easily. I understand that
might not be so readily available to you, especially if you are just starting
out, so I’d suggest that you keep the word “deal” in your head as you

gradually move forward in your business career. Thinking “it’s a deal”
versus “it’s a partnership” or “it’s a marriage” is very freeing. Your mind
will open up to new ideas. It’s similar to my approach to difficult
situations. I’ll ask, “Is this a blip, or is it a catastrophe?” Most of the time
it will fall into the blip category. It’s amazing how much clearer things can
be when you do that.

The Art of Negotiation
One skill you’ll need to master is negotiation. I’m known for my
negotiation skills and that comes with the territory of making deals. The
best deals are good for everyone, which creates a win–win situation.
Negotiation is persuasion more than power. It’s a bit like diplomacy,

although one can be a diplomat and still be stubborn. You’ve got to know
what the other side wants and where they’re coming from. Be reasonable
and flexible, and never let anyone know exactly where you’re coming
from. Knowledge is power, so keep as much of it to yourself as possible.
And remember the golden rule of negotiating: “He who has the gold makes
the rules.” That doesn’t negate equal opportunity, but that’s an unspoken

fact that is definitely present. Always remember that you could be laying