What is the up-front agreement?
Th e upfront agreement assures that you and your prospect will understand before each meeting what will take place during that meeting.
An up-front arrangement is an arrangement between you and the broker or the seller that whenever you invest your time in discussing a business you're both going to tell exactly where you stand at the end of your discussion.
This agreement allows you to avoid spending a great deal of time trying to conclude an agreement that will never meet the needs of the other party.
In its simplest form, the initial agreement we use with trade criteria looks as follows:
There are five key elements of an up-front contract:
· Purpose: Explain why you're having the meeting.
· Other person's agenda and expectations: Make sure you know what the other person—the prospect if you're in sales—wants and expects to happen in the meeting.
· Your agenda and expectations: At the same time, they need to know what you want and expect out of the meeting. This should also include what information you'll ask them for.
· Time and logistics: Make sure you both know the time, length, date, and location of the meeting. Allow enough time to cover all the necessary points.
· Outcome: What should happen at the end of the meeting? They should know what the clear next step is. They should also know that a "no" is okay. The outcome may be that it doesn't make sense to continue the process.
If you're on the same page, the meeting will be more productive, and the other person will be that much more comfortable.
Up-front agreements are essential for having successful meetings. They can be used before meetings, at the beginning of meetings, or even when transitioning to a new topic. By creating subconscious comfort, they make someone that much more likely to buy from you. Practice using it, whether it's in email, on the phone, or in person. The more you practice and apply, the more it will become a skill and eventually a habit.