Nick and I just had a shorthand, fast and furious, conversation on how to present projects (buildings or otherwise) that don’t have all of the details complete. This could mean final cost estimates, but it could also be around no final design, no final square footage, no architect… and perhaps even no site!
Here’s Nick’s great line for leadership investors: “We are working on (all of the above), and will have (final numbers or whatever) at some point.”
“Today, we’re LINING UP THE FINANCING… to ensure that we can make this project happen.”
After that, it’s all downhill, so to speak. They’re either IN or not. They either GET IT, at the HIGHEST LEVEL, or not.
We have raised an awful lot of money and gotten some serious leadership commitments with no final cost, no final design, and on a number of occasions, no final site or land!
Special Note: Here are 3 synapse, tangential thoughts.
- The CONTINGENCY CLOSE. “Based on all we talked about, can you make this leadership commitment CONTINGENT on (final estimates, final design, etc.)?” This actually works for just about any ‘objection’.
- Mark McCormack, Founder if IMG, now one of the largest firms in the world representing athletes and artists, simplifies the entire secret to sales success this way:
“Always sell at the highest level.”
He would love Nick Fellers. Nick is always coaching around the presentation: “When you get in trouble, when things seem to fall apart, when there are questions… ALWAYS GO UP/BACK to 30,000′.”
- “You’re not in the real estate business.” This is my favorite line for anybody trying to do buildings, capital improvements, etc. It’s not about the place, the building, the real estate… it’s WHY you need it… and WHAT goes on in there.