Coming out of the building, they set me up
Sprayed wit automatics, they wet me up
In a puddle of blood, I lay close to the edge
I guess I didn’t know the ledge…
Eric B & Rakim ♦ Juice (Know the Ledge)
Takeaway 107: Rakim always has been a touch melodramatic with the lyrics, but he’s classic. I love the word play on “knowledge” and “know-the-ledge.” True knowledge does help us determine our boundaries. The perfect economy contains perfect information & the perfect executive player is fully briefed on the conditions of the game. You are headed to a meeting, do you have the agenda; do you know the stakeholders and their positions? You are about to negotiate, what’s the other-side’s bottom line? Are they going to come friendly, or with guns blazing; will you be hit with friendly-fire from your own squad? BPM knows, do you?
I got . .. An accountant to account the amount I spent
gotta treaty with Tahiti cuz I own a percent . . .
I’m not a trader
if what you got is greater I’ll trade
but maybe later cuz my waiter made potato -n- alligator soufflé–
I got it made.
Special Ed (I Got It Made ♦ Youngest In Charge)
Oh my, he “makes fresh rhymes daily. You burn me, really?”….Special Ed echoes the value investing strategy here as, but there is more bang for the buck BPM thinks. The art of the deal is on stage and BPM likes the techniques spun on Technics-1200 here. Special Ed has a great negotiation team — including the accountant to crunch the numbers. He makes sure that he gets a piece of equity or backend participation with his owned “percent”. His philosophy is not casual trading for the sake of being a short term investor, but only if you make sure he is showing “greater” value on that deal. It’s all about the ROI. No trading for the sake of getting the shiniest new asset here – no vanity deal.
The treaty reminds us that a joint venture or strategic alliance can be critical in taking your enterprise to the next level. It may be a supply chain deal, or business process outsourcing. It does not have to be a vast international deal, but think partners. You don’t need to do all the work internally or yourself. People are specialists for a reason. Use the better resource. Partnerships are great. And for paranoid lawyers, make sure you do not cross the line into some conjured up notions of price collusion and anti-competitive behavior.
GET A PIECE OF EQUITY
STRATEGIZE AND ALLY
A grin shows a trick up a sleeve (HUAHAH)
What a tangled web they weave
Deceivers, stupefied through fable
say Let’s Make a Deal at the dinner table
Put you on tour, put your record on wax (“Trust me!”)
Sign your life on the X
You eXit, X-off, but what you really get:
A box of Newports, and Puma sweats (“Damn!”)
3rd Bass ♦ The Gas Face
Do you need a translation? Whether it is a deal memo or a definitive agreement you need to be cautious. Is the drafter of the contract trying to lure you into a deal with an inordinate amount of fine print that you will only discover long after the fact? The sales pitch sounds great. The proponent weaved a great story about what they can do for you and how this deal will change your circumstances for the better. The black & white deal bears no similarity to the pitch. Is it bait and switch? Yes, we suppose, but it is always slightly more subtle. The deal memo leaves out the key items you need. The spirit conveyed over the meeting that “locked” the deal up is not captured in the first draft.
BPM is not a fan of putting extra money in the hands of attorneys, but you need to get your attorney to review the earliest possible articulation of the deal in writing. It’s hard to renegotiate a deal, even it is only written on the back of a cocktail napkin. You don’t want to go into the deal with an Armani suit and walk out with nothing but a jockstrap.
GET THE DETAILS IN WRITING
READ THE FINE PRINT
Extra Note: Attention to detail matters not just for defense, but for building an effective brand, see Details at the Mouse
“They all up on they high horse like equestrians
A lifetime ago we used to be the best of friends
But things change, now I’m feeling stressed again“
Random & Lost Perception (Cloud Strife ♦ Black Materia: Final Fantasy VII)
Takeaway169: Management essentials. The org-chart tells everyone who you are, no need to flaunt it. Use it as shield not sword against your reports. You engender fear and respect, but can you inspire loyalty? A loyalty that will leave your troops without debilitating anxiety needed to help the enterprise soar? This is your mission this week … r u ready?
Extra Note: Read Leadership-is-a-conversation courstesy of @miltonmattox
On down through the Middle Ages
When the earth kept going through changes
There’s a business going on, cars continue to change
Nothing stays the same, there were always renegades
Afrika Bambaata & The Soulsonic Force
(Renegades of Funk ♦ Planet Rock)
Is the only constant change? BPM believes this to be the case. Reinvention and innovation are the hallmarks of any long term executive player. At the risk of contradiction, having a brand for the way in which you conduct business with the world is great, but you need to be able to adapt that brand with the times. Business continues to evolve, and you do not want to spend your life in an Edsel when the new BMWs are coming around the corner. Again, don’t lose focus on your basic mission, but certainly work that mission so that it remains relevant to the changed surroundings.
IF NECESSITY IS THE MOTHER OF INVENTION THEN REINVENTION IS A SECOND MOUTH THAT MOM HAS TO FEED
INNOVATE OR DIE