What do a bus, a bucket of baseballs, war ships, and a fence have in common?
These are the examples of "#currencies" #dealmakers have used to make deals.
Bus: In 1982, Tom Martin was traded from the Seattle Breakers to Victoria for a used team bus. He would forever be known as "Bussey" after that.
Baseballs: In the 1980's, pitcher Keith Comstock was traded by the A's to the Tigers for a $100 bucks and a bag of balls, which he had to deliver himself.
War Ships: During the cold war, Pepsi agreed to trade syrup to Russia in exchange for warships. Pepsi acquired 17 subs, a cruiser, a frigate and a destroyer, making Pepsi the 6th largest naval power at the time.
Fence: In 1919, Lefty Grove was traded to the Orioles for the price of fixing a fence for the Martinsburg Mountaineers, valued at $3,500.
I negotiate a lot of contracts; identifying "currencies" each side can use to pay the other is a crucial part of the deal making process. Too many people focus purely on hard dollars and end up leaving value on the table as a result.
Next time you're negotiating something....I encourage you to look for non-monetary currencies to bridge gaps and get more deals, you may become a naval power in the process :-)
#contractnegotiations #procurement #dealmaking
Engineering Project Manager & Procurement Specialist
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