Episode 17: Sales and Legal

Decoding Sales

Peter & Alex

Enterprise Sales, Business, Virtual Selling, Sales, Entrepreneurship, Software Sales

5 • 20 Ratings

🗓️ 23 July 2021

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Signing a deal is a legally binding agreement - and legal negotiations can kill deals. Learn the ins-and-outs of navigating the landmines separating you from the prize:

how to avoid complex legal negotiations in the first place
When you have to negotiate, where to give - and where to hold firm
The key things to never write into a contract - and what to do instead
How to balance the sales and legal roles during end-of-deal negotiations

Resources mentioned:

Transcript

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0:00.0	Welcome to Decoding Sales, a podcast where an engineer, that's me, Alex and a sales person.
0:12.1	That's me, Peter. Alex, and a salesperson.
0:12.6	That's me, Peter.
0:14.0	Talk about the art and science of sales
0:15.7	as relates to life and business.
0:18.1	In this episode, we're going to cover
0:20.2	the interaction between the sales team and the legal team and the legal negotiation. the a deal is closed is signed by signing a contract. It's a formal binding agreement between two parties that establishes the relationship.
0:38.0	And what that means is the details, as we'll come to discuss in this episode, really matter quite a lot.
0:45.0	And getting them right can set you up for success after the deal closes and getting them wrong can
0:49.3	create all of these little landmines that will cause a lot of problems later.
0:54.0	And so, Peter, I'm really excited to dive in talking to you today about this.
0:59.6	And why don't we just kick things off by talking through some of the components of the legal
1:05.3	negotiation that maybe people wouldn't even be you know thinking about?
1:09.2	Yeah so I mean the first thing is you know in a startup we've talked about discounts you're
1:15.7	going to be more willing to provide discounts right and oftentimes those discounts are
1:21.7	tied to asks of not having to heavily redline or edit the
1:26.7	contract you're sending over because if you're discounting something by 60%, let's say or 90%, and the contract value is not worth you engaging your legal team, you might work that into the deal process.
1:41.0	But the difficulty is that your business champion might agree to that and they understand that and they say
1:46.6	sure Peter I understand for a $10,000 contract you're not going to spend $20,000 on legal counsel to get this contract negotiated.
1:54.9	It just doesn't make business sense.
1:57.3	But when push comes to shove and you actually get in touch
1:59.8	with the legal teams and they haven't actually gotten a preview into what exactly is in the terms,
	...

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