I think New Year’s resolutions are the absolute WORST of limiting beliefs.
I know… I know… New Year’s resolutions are not usually a hot topic in late March. But it relates perfectly to what I want to share with you today.
It’s no secret most New Year’s resolutions don’t make it past January. And by this time of year? Most resolutions have been completely forgotten.
There are numerous articles out there that dive into countless possible reasons this…
But primarily it has everything to do with (or lack thereof).
See, often when something doesn’t play out exactly the way a person hopes or expects it to, they give up.
Say Matt vowed to exercise three times a week in 2021. But in the third week of January, he only had a chance to work out twice.
Then two times a week became one. And one became zero.
When something doesn’t go exactly as planned, many people find it much easier to just scrap the whole thing than to keep powering through.
Had Matt taken one moment to revisit his New Year’s goal at any point in the year and start it up again… he would be in a lot better shape come December than if he just completely let it go.
It just goes to show why we DON’T need an arbitrary trigger to chase our goals and dreams at all times.
Dealmakers can fall into this same trap.
If you’ve been following Dealmaker Wealth Society, or have ever ventured into the dealmaking space yourself, you know that many deals don’t work out.
And many MORE deals don’t work out the EXACT way you planned.
But that doesn’t mean these deals are worthless. Even the deals that didn’t work out at all have lessons to teach you.
And just because a deal didn’t close the first time doesn’t mean it will NEVER close.
And that, really, is my main point here. Follow through is crucial for any successful dealmaker.
There are many reasons a deal might not close at a certain time. But those reasons might not still be relevant 90 days from now… or 90 days after that.
Not only can following up reopen the possibility of a close, but it also builds relationships with sellers, brokers and advisers that can open up opportunities you may not have found otherwise.
And building connections and developing communication skills can only help you on your dealmaking journey.
A few weeks back I had the chance to speak with Zach Ott, a student in our Dealmaker Academy group mentoring program. He brought up a very good point about the importance of following up.
Not only can a seller’s circumstances change a few months out, but YOU — the dealmaker — can also change dramatically in that time.
Zach acknowledges his conversations with brokers and owners are a lot better now than they were a year ago when he first started on his dealmaking journey.
That’s normal, and it’s worked to his benefit…
After being in the same for a year, Zach made a name for himself and built-up loads of credibility. Deals are starting to come to him, without him having to ask for them.
As we say all the time, dealmaking is a SKILL. And as with any skill, practice makes perfect. The more deals you make, the better you will become.
At Dealmaker Wealth Society we constantly emphasize the importance of growing and refining your skill set with the help of our educational resources and practice.
Say you attempt a deal now and it doesn’t work out. A year from now, you’re still in the game, and you’ve been making deals the whole time.
Not only will you have better dealmaking skills as the result of repeatedly implementing your training…
But you will also have more credibility in the business sphere.
In other words, you’ll be in a MUCH better position to make a good deal than you are now.
Heck, you could even go BACK to the owner of the deal that didn’t work out. Zach did exactly that — the business was still on the market six months later and now they’re negotiating again.
The bottom line is: follow up is key.
You need to consistently follow up on the deals you originate. Zach sends letters to most of the sellers and most of the people he talks to.
And what happened? Another owner reached out after the holidays because they got a card from him. They’re interested now in being more flexible around what a deal could look like.
Just because something doesn’t initially work out exactly the way you imagined does NOT mean you should give up.
Be accountable to yourself, your goals and your dreams. Understand WHY you’re doing this and be accountable to THAT.
My advice is to put a few reminders on your calendar to follow up on EACH deal you originate.
Because if you’re not following up, you’re leaving deals on the table.