Interview with Dex Maggett CEO of The Firm Security
A lot of people have expressed the concern of how to negotiate major deals in today’s industry. People have wonderful ideas but fail to make money on their creativity, artistry and ideas. I took the time out to speak with Mr. Dex Maggett. His portfolio includes but is not limited to CEO of the Firm Security (a executive protection company for record labels, movie stars, politicians, and whoever can afford his services), Owner of Praise Him Events (a Christian based entertainment company), and Owner of The Network (a one-stop-shop for clients seeking event planning). Here’s what he had to say.
In today’s Industry what do you feel is the clients strengths and weaknesses when it comes to negotiations?
Well that depends. Most individuals have major issues with asking for what they want and need for their product or services to take flight and make money. Others don’t know the true value of their product or service.
What do you mean? Please go into detail?
The industry is developed to break a client down just enough to build them back up. This allows a negotiator to lower value of the client’s product or service.
How can the client avoid this from happening?
They must present the facts and vision in way that shows professionalism and passion without showing emotion.
Can you give us an example?
Of course, one of the deals that was “on the bubble” for the Firm Security was a regional contract with Radio One. We did our homework on the radio company (finding out their need and wants) while also volunteering our services for their humanitarian events. When it came down to meeting with them they knew that the first offer they gave us would only pay for the operational cost for The Firm Security and leave us with very little net (well as least I knew it). We had to stick to our credentials of being a executive protection agency with over 15 officers that either retired from the military and law enforcement, having a proven track record with other clients, and handling large events. Not to mention, the insurance policy worth millions of dollars backing us in case something terrible happened to any member of our staff or anybody at any event that they put together to compliment their insurance policy. We knew no other company had what we had. We also knew that Radio One, as well as other huge companies, love protecting their investment. In this case, we assisted in protecting Radio One from litigation from any event we were involved in and we expressed it in the most professional manner.
So what happened after that?
Lets just say that we landed the deal and now my kids don’t have to worry about paying for college.
So if you had to share some words of wisdom to the people reading this blog, what would you say?
Do your due diligence with everything regarding not only the people you plan on doing business with but also why your product or service will benefit them. Never lose your cool and keep your tact and professionalism at all times. Role-play with your business partners, friends, family, and/or anybody you trust. The more perspectives you get on why your project won’t work will help you find answers to why your project will work. Preparation and research is fundamental in negotiations because in the industry you will be tested. Believe me.
I didn’t want to draw this post out too long but I wanted find answers that people ask me in regards to negotiations. I hope this helps. If you have any other questions regarding negotiations please feel free to leave your questions in the comment section of this post. Until next time.