Make them pay and then thank you !
A wise man (King Solomon) said “There is nothing new under the sun”. That was true then (3,000 years ago) and remains true now. Another truism is that desperate people behave, you guessed it, desperately – and only a fool would behave likewise.
My last blog post concerned my client who, despite being owed a significant amount of money by the crook (whom we called “John”), was convinced to lend John even more money. The lure was the prospect of imminent and greater repayment. In that case the inevitable occurred, and John received more money that he had no intention of repaying.
I had a very similar situation but with different people (remember, there’s nothing new under the sun). Another client was owed money by “his” John and was considering lending that John more money. Aside from sounding eerily familiar, at least this client sought advice on how to properly protect himself before lending more money.
As always, it was critical to understand not just what my client wanted but also what motivated John. Whilst I won’t discuss my client’s thoughts in a public forum, this John was clearly desperate and would act accordingly. The desperation in John’s voice made my client’s cash register sing! The hills are alive, with the sound of … (but I digress). I therefore secured my client’s position and achieved a “good deal” for my client for every additional benefit that we provided to John.
My focus in dealing with John was to benefit my client. In this case, that also meant focusing on John’s needs. With both these principles in mind, we achieved a win/win outcome. My client received all their money and plenty of John’s. John secured much-needed funding to take advantage of opportunities that he would have missed without my client’s money – and that he paid my client top dollar for.
Sometimes, sitting around a table and singing “kumbaya” can bring results – but only when you “speak softly and carry a big stick”.