On Sunday’s episode, co-founders Steven Markley and James Arcaro charmed the judges with their pitch for Reely Hooked Fish Co., their healthy smoked fish dip company. The energetic pair asked for $75,000 in exchange for a 25 percent stake and ended their spiel with Markley pretending to catch Arcaro on a fishing reel.
Their stunts got the sharks laughing, but their sales figures didn’t stir any excitement. Markley and Arcaro said they’ve sold $10,000 worth of dip in three months, focusing primarily on craft breweries. One by one, the investors expressed concern about whether the product was scalable and said they weren’t interested in a deal.
Cuban asked if the co-founders could be patient and slowly build their company while continuing to produce steady sales figures. The pair agreed, and as Markley began to give Cuban an example, he cut him off.
“Sometimes the best way to close a deal is to shut up,” Cuban said.
Ultimately, the founders accepted Cuban’s offer of $75,000 for a 25 percent stake. But to Cuban’s point, there’s a lot of power in keeping quiet.
Here are a few ways silence can work in your favor during a pitch meeting.
It gives you a chance to process information.
If a potential investor makes you an offer, always remember to take a deep breath. You’re less likely to make a rash decision if you’ve had a moment to think it through.
It might score you a better offer.
Silence can make people uncomfortable. If you’re not happy with what you’re hearing, wait a minute and let the other person sweat it out. They may give you more information or even sweeten the deal.
Your responses will be more mindful.
Avoid getting defensive with potential business partners. Hitting pause can you give the chance to react appropriately instead of lashing out. Cool down and think about the best way to respond.
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Categories: Money Matters