Entrepreneur Secrets – A sports agent’s expensive mistake
October 10, 2016
By Jerry Bellune
A sports agent’s expensive mistake
Have you ever been betrayed in a negotiation?
You negotiated in good faith, the other party didn’t?
If so, you will identify with this story.
Eugene Lee is a pro football sports agent.
He works to get his clients multimillion dollar deals.
With one, he took a major business setback.
He invested thousands of dollars in a college athlete.
He also advanced him $10,000 for living expenses.
But the player deserted Lee after he was drafted.
That prevented Lee from negotiating his contract.
No contract, no commission. Lee lost lots of money.
Agents often cover promising rookies’ expenses.
Once they negotiate contracts, they make money.
Despite this setback, Lee learned from his mistake.
Now all clients sign a reimbursement agreement.
That’s a good lesson for all of us in business.
Extend trust only to those you know are trustworthy.
For everyone else, sign a written agreement.
“Trust but verify,” President Reagan famously said.
He was talking about negotiating with the Soviets.
It’s what we should do with those we negotiate.
Here’s another lesson for those of us in business.
Lee runs his business by his faith-based values.
His values guide him seven days a week.
He credits them with his success as an agent.
“Give more than you receive,” he said.
“Give freely without any expectation of return.
“You’ll get back what you give 100 fold.”
Giving without that expectation can be risky.
But it’s what makes his company successful.
Going the extra mile has paid off financially, too.
Scouts tip him on under-recruited players.
Many have gone on to long careers in the NFL.
Do you go the extra miles for your clients?
Do you give them more than they expect?
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©2016 The Bellune Company, Inc.
Neither MidlandsBiz.com nor The Bellune Company, Inc. makes any warranty as to the results that may be achieved from using this information. ©2015 The Bellune Company, Inc. All rights reserved. Requests for permission to reprint or circulate may be obtained by emailing [email protected]
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