In the last 90 days, we’ve closed more deals than ever before in Bolt’s history.
These deals alone have added billions to our valuation
This wasn't an accident.
We completely changed how we negotiate deals.
Here are 10 tactics we use today to negotiate Bolt’s best deals:
These deals alone have added billions to our valuation
This wasn't an accident.
We completely changed how we negotiate deals.
Here are 10 tactics we use today to negotiate Bolt’s best deals:
First, an important philosophical point.
People think that to win a negotiation, the other party has to lose.
That’s not congruent with our culture at Bolt.
Candidly, it’s also not effective.
The best deals expand the pie and both parties feel good about it.
People think that to win a negotiation, the other party has to lose.
That’s not congruent with our culture at Bolt.
Candidly, it’s also not effective.
The best deals expand the pie and both parties feel good about it.
Tactic 1: Tell the other party what makes them valuable to you.
It's disarming and changes the framing.
It makes them trust that you are truly valuing them.
Too many people are afraid to do this.
Don’t be. Do it early and often.
It's disarming and changes the framing.
It makes them trust that you are truly valuing them.
Too many people are afraid to do this.
Don’t be. Do it early and often.
Tactic 2: Explicitly ask: “What matters to you?”
Walking into a negotiation with assumptions is one of the most dangerous things you can do.
Keep asking clarifying questions if their answer is unclear.
Learn what makes them tick and what their sticking points are.
Walking into a negotiation with assumptions is one of the most dangerous things you can do.
Keep asking clarifying questions if their answer is unclear.
Learn what makes them tick and what their sticking points are.
Tactic 3: Explicitly Share What Matters to You
Don’t get trapped with positional bargaining.
Explain to the other party WHY terms matter to you.
“I need 10% revenue share.” Not good enough.
Explain why that threshold is important to your business model.
Don’t get trapped with positional bargaining.
Explain to the other party WHY terms matter to you.
“I need 10% revenue share.” Not good enough.
Explain why that threshold is important to your business model.
Tactic 5: Put It in Writing
Most deals stall because they stay in the “talking” stage.
Talking = conceptual; drafting = real.
Our team takes the lead on putting together a first draft of a solution.
It shows 1/ we have listened and 2/ we're eager to push the ball forward.
Most deals stall because they stay in the “talking” stage.
Talking = conceptual; drafting = real.
Our team takes the lead on putting together a first draft of a solution.
It shows 1/ we have listened and 2/ we're eager to push the ball forward.
Tactic 6: Compress Timelines
Time kills all deals.
Why? Because things change.
At the outset:
1. Align on a timeline.
2. Commit to it with some skin in the game.
3. Establish process and boundaries to overcome obstacles.
This might be the most important thing you do.
Time kills all deals.
Why? Because things change.
At the outset:
1. Align on a timeline.
2. Commit to it with some skin in the game.
3. Establish process and boundaries to overcome obstacles.
This might be the most important thing you do.
Tactic 7: Know Your Worth
I’ve personally felt this one.
My style - and Bolt’s culture - is to be kind.
Firm, but kind.
Sometimes people misinterpret this as soft.
This isn't acceptable. If you’re ever treated disrespectfully, put your foot down and be assertive.
I’ve personally felt this one.
My style - and Bolt’s culture - is to be kind.
Firm, but kind.
Sometimes people misinterpret this as soft.
This isn't acceptable. If you’re ever treated disrespectfully, put your foot down and be assertive.
Tactic 8: Be Willing to Walk
Sometimes - despite your strongest efforts - deals stall.
At this point, communicate clearly that you can't move any further and that's ok.
You want a QUALITY deal; not just a deal.
If you have built trust throughout, this will be respected.
Sometimes - despite your strongest efforts - deals stall.
At this point, communicate clearly that you can't move any further and that's ok.
You want a QUALITY deal; not just a deal.
If you have built trust throughout, this will be respected.
Tactic 9: Always Be Closing
Most deals die near the finish line.
This is a big mistake.
When you're near agreement, that's when you should double down.
The last 10% of negotiation can be as arduous as the first 90%.
Never take your foot off the gas.
Most deals die near the finish line.
This is a big mistake.
When you're near agreement, that's when you should double down.
The last 10% of negotiation can be as arduous as the first 90%.
Never take your foot off the gas.
Tactic 10: Celebrate
After a deal is done, make sure to celebrate the victory.
Celebrate it with your team AND celebrate it with your newly landed partner.
It’s good to pause and reflect on the key points for why both parties wanted to do the deal in the first place.
After a deal is done, make sure to celebrate the victory.
Celebrate it with your team AND celebrate it with your newly landed partner.
It’s good to pause and reflect on the key points for why both parties wanted to do the deal in the first place.
BONUS TACTIC: Don't Over Celebrate
We’ve made this mistake many times at Bolt.
@Giannis_An34 has an awesome philosophy on this I love:
"The past is your ego. The future is your pride. The present is your humility."
To change the world, you need to live in the present.
We’ve made this mistake many times at Bolt.
@Giannis_An34 has an awesome philosophy on this I love:
"The past is your ego. The future is your pride. The present is your humility."
To change the world, you need to live in the present.
And that’s it!
These 10 tactics have been hard learned lessons for us when negotiating deals at Bolt.
Incorporation of these tactics have led to: (1) more deals and (2) better deals.
The best part is these tactics are most congruent with Bolt’s Conscious Culture.
These 10 tactics have been hard learned lessons for us when negotiating deals at Bolt.
Incorporation of these tactics have led to: (1) more deals and (2) better deals.
The best part is these tactics are most congruent with Bolt’s Conscious Culture.
If you enjoyed this tweet, give me a follow @ryantakesoff.
I tweet about lessons learned fundraising, building and operating a $4B+ business.
Let’s take off together 🚀
I tweet about lessons learned fundraising, building and operating a $4B+ business.
Let’s take off together 🚀
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