HTSS154 - When to walk away from a sale or a deal - Scott Sylvan Bell

In sales you must know when to walk away from a deal 

Closing a deal is what all salespeople want at the end of the day. A deal can be a client, install, roll out, product and the list can go on and on. Whatever term you use for the item you sell is what you are trying to close to the person you are selling to. 

Why you lose interest in deals 

There is a point where the deal goes sour, you lose interest or it is no longer viable. You do have to pay attention because neediness can play a part in staying in a deal. You could need the money or the attention. One of the best resources on neediness is Jim Camp Start with no – Chapter 1. Your need for a sale could get you to stay into the deal for a time you should not. 

Holding onto a deal too long 

Sometimes salespeople hold onto the hope of a deal for way too long. There is a sweet spot of good as well as a one where you will end up losing:

• Time
• Energy
• Effort
• Risk 
• Money 

These 5 items are the main elements of rejection. You will try as hard as you can to protect your back end. You can be quitter by walking too soon, you can lose by staying too long.

Planning on walking away from a deal  

You will want to pre-plan the reasons you would walk from a deal. This doesn't mean you need to build out all contingencies possible. You will want to hit the high level of why you would walk away from a sale or a deal. There is a danger in walking away from a deal – it gets easier over time. Every time you walk away you can find more reasons to not stick in the sale or the process. 

Reasons you would walk from a deal

• Misrepresentation
• The person you are working with is scammy / not trustable ( so many levels here) – the deal was misrepresented, the person or group lied to you, you are having games played with you
• You figure the deal is one sided – the outcome doesn’t work for you (time, money, expose)
• Metrics are not being met – you hit your drop dead date
• The deal no longer makes sense “metrics are not being met”, the option isnt viable anymore
• You have lost interest – there is a point in all deals where you find something better (you have to be careful with this one)
• Legal issues – things pop up, lawsuits happen
• The project runs out of funding, the buyer loses funding and cant get it back (you should always have a back up)
• Major event in your life – death or health

Most salespeople think in terms of closing the sale or closing the deal. You do need to think through the reasons why you would not want the deal anymore.