There Is No Failure, Only Feedback

I’m a big movie buff. I love watching movies – with my family or by myself.

During lockdown I have watched a ton of new movies – and rewatched some of my old favorites.

Movies inspire me and give me some great dealmaking ideas to share with you.

I recently watched the third installment in the Jumanji series.

It all started with the amazing original starring Robin Williams. Then The Rock (aka Dwayne Johnson), Jack Black, Kevin Hart and Karen Gillan remade it with a modern twist.

The sequel – Jumanji: The Next Level – was released last Christmas.

I watched it in a New York theater with my family on a wet, rainy Sunday during our holiday trip.

Over the weekend, we all rewatched it in the cinema room in our house in the U.K.

There are so many dealmaking lessons in this movie. Here are my top three…

1. The power of a team. The explorers wouldn’t succeed without combining all their skills and powers. It’s the same when buying a business. You can’t do it on your own. You need good partners and strong relationships.

2. You can be who you want to be. In the movie, the awkwardly shy individuals become warriors and heroes in the parallel universe that is Jumanji. When buying a business, don’t let limiting beliefs about your capabilities hold you back. We all have the resources we need inside each of us. And with someone like me as your mentor, you will develop the confidence, strategies and tools to smash this.

3. It’s OK to make mistakes. In Jumanji, each explorer starts the game with three stripes – or strikes – inked on their arms. Whenever they mess up and die in the game, they lose a life… and a stripe. But as a dealmaker, you essentially have UNLIMITED strikes. And it’s totally fine to make mistakes. In fact, it’s the best way to learn.

If you believe watching training videos and reading books will buy you a business, you are wrong.

You must take action and implement what you learn in your chosen sector. Leveraging everything about you – your skills, experiences, personality, credentials and network.

Like Jumanji, dealmaking is a game. And even though it’s not as dangerous, you still need to have your wits about you and go all-in.

The best part is you have unlimited lives.

Mistakes are expected.

But I can eliminate virtually ALL the mistakes you will make if you follow my system.

That’s not because I’m smarter than you… It’s because I have made pretty much all the dealmaking mistakes there are to make – so you don’t have to.

Let me give you an example…

You create your dream deal specification and you know exactly what type of business you want to buy. Now you need to start deal origination – building a deal origination funnel and soliciting opportunities you can vet.

You find a deal you like and need to call the broker or seller to explore further. Some rookie dealmakers freeze here.

What if the seller or broker doesn’t like me? What if I say the wrong thing? What if I don’t come across as credible?

First, this process will not kill you. No one is counting strikes. At the very worst, you screw up, but you will LEARN something – about yourself, the deal and the process.

There is no failure in life. Only feedback.

But if you follow my process and buy a business in an area you know and understand… build rapport with EVERYONE you speak to… and remain courteous, complimentary and kind… you will absolutely crush those meetings.

If you’re meeting with the seller, remember to ask these THREE important questions:

1. Why are you selling?
2. How does the business work?
3. How does the business grow?

Armed with questions like these – and the training from my business-buying system – you won’t have to worry about freezing in meetings with sellers and brokers.

And if you do? No big deal! Hit restart and try again.

Be who you want to be… surround yourself with a kickass dealmaking team… understand the rules… then jump in and take action.

It’s the only way to get results.

Until next time, bye for now.

Carl Allen
Editor and co-founder, Dealmaker Wealth Society

P.S. What are some dealmaking mistakes you’re afraid to make? Write to us and we’ll write an article or film a short video about how to avoid them… Simply email [email protected].