In my twenties, I had very little income. If the question was “How broke was he?” the answer would be, “he’s as broke as Lee Palmer”. I was a not- so- successful, full time musician and songwriter and a chronic deal maker, at dollar amounts that were insignificant, for the most part. I was so broke that when I rented a little house in Vancouver (due for demolition) for a $100/month, I had to rent out a room for $50 /month as I couldn’t afford the $100 by myself. At that time, the most I ever spent on a car was about $800 but that was after I was more established. When I moved to Toronto to further pursue my music career in the eighties, I lived in my van and played the Queen Street bars... and looking back, quite enjoyed it as a matter of fact.

So that’s my excuse-old habits die hard and every dime counted. Now that I make a good income and have for some time, what’s the big thing about having to get a deal? It’s a disease, plain and simple. The last 10 years, I’ve tried hard to catch myself when I go into deal making mode and as a result I’m better than I used to be... but still subject to relapses. As long as I feel I’m being treated fairly and I like and trust the person, I’ll haggle a bit but will pay the price. I’m also very loyal to the suppliers I buy services from and value those relationships. Going through a messy and expensive divorce was a big part of my rehabilitation. Not too many deals to be had in that scenario. J

So next time you find yourself walking away from a deal for $50, $500 or $50,000 ask yourself these 3 questions. And, if someone on the other side of the equation is beating you up on price, maybe ask them these same questions too:

1/Have you done your research? Is it a fair price for the product or service...even though it’s not the price you had in mind. Is it about the deal itself or what you are buying?

2/ Will you need to deal with this person again, if so, go for a good deal, not necessarily the best deal of you career!

3/ Is this about A/ ego and winning or B/paying the right price for the product or service? Do the necessary cognitive restructuring (love that term) and try and make it about B. You’ll see it is a shift you can make and feel good about.

Lee’s Quote for the day

“The most important deal you’ll ever make will not be about how much money you saved. It will more likely be about the person sitting across from you at the dinner table tonight!” J

Lee Palmer is the President and Creative Director at Palmer Marketing, a company that specializes in creative marketing and advertising solutions for the transportation industry.