When Trust is Gone the Deal is Dead
Have you ever been in a situation where you felt that one more conversation could salvage a deal? Maybe you thought a different perspective, a testimonial, or a few more weeks would smooth things over. However, the reality is, once trust is lost, the deal is dead. In this blog post, I delve into this hard truth and the signals that indicate when it's time to move on.
Recognizing When the Deal is Dead
None of us want to talk about giving up. We always think we can turn things around, whether it's a business deal or a relationship. However, sometimes it's just not possible. And while this may bruise the ego, it's a good thing—it prevents prolonged exposure to toxic environments.
The Importance of Trust
In my 25 years in corporate America, I learned that relationships are the key to success. It's not just about grit, determination, or hard work; it's about building, managing, and maintaining strategic relationships. Trust is the foundation of these relationships. Without it, even the best intentions and efforts can fall apart.
A Personal Story: When Trust Wasn't an Option
Let me share a story to illustrate this point. I once managed North American accounts and was responsible for clients with whom we had to work. This lack of choice complicated things. Enter a new team member on the client's side—confrontational and demanding. Despite our high-quality service, they constantly micromanaged us, showing they did not trust us.
One day, after a long meeting, I directly asked if the lack of trust was the root of the problem. The answer was "yes." We had two options: try to build trust or give up. We chose the former, but it soon became apparent that trust was off the table. We spent months trying to build a bridge of trust, only to have it dismantled repeatedly.
The Consequences of a Deal Without Trust
The fallout from this situation was severe. Employees quit, resources were wasted, and my professional brand took a hit. The truth was clear: without trust, the deal was dead from the start.
How to Avoid Dead Deals
Understand the Backstory: Before entering a business relationship, understand why they want to work with you. Ask about their past experiences and relationships in the industry.
Identify Patterns: Look for patterns in their history. Have they had similar problems with previous partners? Ask open-ended questions to gauge potential issues.
Get Specific: Outline every expectation in writing. Specify results, timeframes, reporting requirements, and remedies for unmet expectations.
Maintain Open Communication: Ensure you have a direct line to decision-makers who can provide feedback throughout the partnership.
When Things Go South
If you sense things going awry, act quickly. If trust cannot be rebuilt, it's better to end the relationship early. Prolonging it can damage your brand, cost you money, and harm your team.
Integrity Matters
If you must end a deal, do so with professionalism and integrity. Never speak ill of others publicly, even if the situation was difficult. Maintain your reputation by handling disputes gracefully.
Conclusion
In business, trust is non-negotiable. If it's gone, the deal is dead. Remember to act with integrity and know when to walk away. Always prioritize building and maintaining trust in every professional relationship.
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