Most often you'll find principals who are happy to pay your fees - if, of course, you get the job done for them. It's the same principle that is followed by companies of all sorts – in addition to sales commission rates, the awarding of bonuses, and a free top-salesman award of an all expenses paid trip to the Caribbean for you and your wife.
It's a fact that everybody loves a producer, a go-getter, and will generally pay him promptly and well. The only difference between you and the company setup is that, as a finder, you are working as an independent contractor! So upon the closing details of every transaction you are involved in, you must exercise closer scrutiny. Is this more work? of course! But always remember - the rewards are most often far greater. How many salespeople do you know who can pull down $150,000 - $200,000 on a single deal, as a good professional finder can? Therefore, the guys in the white suits outnumber the guys in the black suits by a considerable margin.
But, what do you do when the guy with the black suit confronts you? One of the Bad Guys?? In business, there's always the occasional guy in the black suit. The bully, as we call them, who will threaten you with a nuisance suit, threaten to do damage to your reputation, threaten to blacklist you with your clientele. A gang of other business associates that don’t like you!
When something like this happens, you might do what we did when a principal we were working for as a finder several years ago tried to cover over the completion of a transaction and cheat us out of our fee. It was a sweet deal! 500 MT of used railroad ties! And this was a one year deal with 50 MT delivered each month. We weren't about to lose out on this deal when we found out what this principal was trying to do.
Of course, we started out with the usual threatening civil suit. Then we took it up a notch and hit-him-with-everything-but-the-kitchen-sink " threat!. We sent a letter to the F.T.C. to investigate. We alerted by letter, the Better Business Bureau of his community, the State Attorney General's Office, and the Intelligence Division of the I.R.S. (because of suspected tax fraud). The point is - we poured it on heavily that the man never knew, from week to week, which flank he would have to defend next.
Can you imagine getting a letter threatening civil suit, with copies of all documents and the bottom reading:
cc: Securities & Exchange Commission
cc: Federal Trade Commission
cc: Inspection Division, U. S. Post Office Dept.
cc: Better Business Bureau
cc: State Attorney General Office
cc: Internal Revenue Service, Intelligence Division
What
would you think? In addition to being mad, confused, and with a slight
jump in your blood pressure, you might think it best to settle before
the avalanche smothers you. This is what we call the "Shock & Awe".
And, when we reminded this gentleman that these various governmental
investigative actions initiated by us were only for "Starters" and that
in the coming months at least another half-dozen would be launched.
Guess what? We suddenly got paid.
Don't be intimidated by the guys in the black suits! Always have your agreements with either buyer, seller or both signed, dated, and notarized. Keep all correspondence whether letters faxes, emails documented and filed. Protect yourself!
Don't be intimidated by the guys in the black suits! Always have your agreements with either buyer, seller or both signed, dated, and notarized. Keep all correspondence whether letters faxes, emails documented and filed. Protect yourself!
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