You Have to Be a Seasoned Negotiator and Businessperson

Over the years, I’ve walked away from a lot of deals, and negotiation had nothing to do with it. One of those deals was a 205-unit building in Glendale, Arizona. About a year ago the listing price was $7.9 million, and the broker told me there were other offers—the highest one being $7.2 million. We did our homework on the property and by my estimation, $7.2 million was fair based on the operations of the property. The seller declined every offer and pulled the listing. Six months later, the seller relisted the building for $8.1 million. If I had still been interested in the property I would have made an offer based on operations. It would have been the same $7.2 million offer I made before. The seller would probably kick me out, along with everyone else who made him an offer based on operations. Are you surprised to learn that he still owns the building today?

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Online Store Benchmarking

We developed and used the following process:

  1. Establish search criteria.
  2. Develop a metrics scorecard.
  3. Conduct the evaluation.
  4. Map out purchase process flow issues.
  5. Purchase products.
  6. Total the scores.
  7. Recommend improvements.

Recommendations were supported by annotated screen captures. Recommendations were detailed in an overall recommendations/assessment document that lists good and confusing aspects of navigation by area and category. It also noted best practices that reinforced what appeared to work well within the site.

A meeting was conducted with the online merchant to share key findings and deliver recommendations on online store improvement as it related to category profitability. Store executives, buyers, merchandisers, and members of the IT department attended the meeting, because all have an influence on the online store design.