The Quickest, Smartest Way To ‘It’s A Deal’ Is Through Delegation
So you’ve zeroed in on the lead and certified it as a profitable venture. Now it’s time to enter into negotiations with the entrepreneur or firm to close the deal. This delicate process requires senior-level experience, a keen grasp of numbers, and a measured temperament to get the internal approval needed from both sides.
Once all of the bargaining, mediation, and compromise has led to an agreement that satisfies all involved, a term sheet is drafted. Lawyers then join the proceedings to produce the final document, which constitutes a legally binding transaction.
The art of the (venture capitalist) deal
While a deal is made in earnest during the transaction phase, it’s the preliminary tasks that provide the information needed to lay a workable foundation. But a VC’s attention is often diluted by the overwhelming number of meeting requests, calls, and emails they receive. This is not to mention the other prospects a VC may have in the deal flow pipeline.
This raises the question: how do some VCs secure more contracts than others come year end? We believe it’s by asking the tough questions early on and being unafraid to cast aside ideas built on shaky infrastructure, no matter how lucrative they appear on paper. The following questions enforce this winning mentality:
The Players: do staff have the necessary operational experience to develop and complete the solution for eventual distribution?
The Product: does the scale of product development match the size of the problem it’s trying to solve?
The Profit: how competitive is the market and does the entrepreneur or organization have a viable financial model to stand toe-to-toe with the leaders in the market?
The Price: does the offer match current business parameters, risks, and revenue forecasts?
The Paperwork: was due diligence performed as thoroughly as possible and does the VC have an in-depth idea of who they’re going into business with?
With so much on the go, it’s easy to see how essential pieces of the deal flow puzzle can be overlooked altogether. So what’s a VC to do?
Streamline your deal flow with strategic delegation
Transacting is stressful. And to believe that one person can effectively negotiate a term sheet while handling the growing list of tangential tasks is both unrealistic and unsustainable. To avoid burnout, VCs need to delegate the non-critical tasks of the transactional phase to an individual with the expertise to get the job done effectively.
Zirtual would like to offer you our assistance. We’ll handle the small stuff while you negotiate a term sheet that’s beneficial to all parties involved. Our experienced Virtual Assistants are trained to effectively handle your communications, documentation, and research in the following ways:
Focus on nurturing and growing your portfolio as your personal VA researches industry trends and business prospects.
Declutter and filter inbound deals, inquiries, and meeting requests with a VA who’s experienced in email management.
Avoid unnecessary paperwork as your personal VA creates, sends, and follows up on invoices and documentation.
Get in touch to meet your personal Virtual Assistant.