Podcast Summary
High-end jet sales negotiations: Successfully selling high-end jets requires delivering value to demanding clients, adapting to their demands, and negotiating fairly while maintaining realistic expectations
Selling high-end jets involves complex negotiations with powerful clients, where the goal is to deliver the best value and secure the deal. Steve, a jet sales expert, shared his experience of selling a $97 million Boeing business jet, emphasizing the importance of delivering results for demanding clients and the need to adapt to their demands. He mentioned that while the margin can be higher on bigger jets, it's not always the case, and the key is to convince clients to pay a fair price. Steve also shared that the negotiation process can be challenging and time-consuming, with clients often trying to outmaneuver each other. However, he takes a personal approach to each deal, fighting for his client's interests while maintaining realistic expectations. Overall, the jet sales business requires a unique blend of negotiation skills, adaptability, and a deep understanding of the market and clients' needs.
Business negotiation: Put ego aside and find creative solutions to keep deals moving forward, stay engaged and available even outside of regular hours, and maintain momentum and build relationships.
Successful business negotiation requires putting ego aside and finding creative solutions to keep deals moving forward. The speaker emphasizes the importance of staying engaged and available, even outside of regular business hours, to maintain momentum and build relationships. This dedication to work can impact personal life, but for those striving for success, finding a balance may not be an option. The speaker's personal journey into the jet business began at a young age with a passion for flying, which led to a career in aviation and eventually selling jets. Ultimately, persistence and determination played a significant role in achieving his goals.
Determination and unexpected opportunities: Determination and persistence can lead to unexpected opportunities and career growth, even if it means starting from the bottom. Learning the ropes from the ground up can provide valuable skills and lead to new opportunities.
Determination and persistence can lead to unexpected opportunities and career growth, even if it means starting from the bottom. The speaker shares a story of how he was fascinated by a man who sold jets and managed to secure a job with him, despite initial challenges like dressing inappropriately for the casual office environment. Initially, he worked for free and learned the ropes of selling jets over the phone. Later, he transitioned to a different career opportunity but eventually returned to the jet industry due to his passion for it and the emerging markets in international business. This experience taught him the importance of starting from the ground up and staying grounded throughout his career.
Entrepreneurial Mindset: The entrepreneurial mindset involves disruption, loneliness, challenges, setbacks, and rewards. Anyone can learn the skills and embrace the journey despite the hardships.
Entrepreneurship requires a unique mindset and the ability to disrupt traditional ways of thinking. The path to success is often lonely, challenging, and filled with setbacks. However, the satisfaction of achieving your goals can be incredibly rewarding. It's important to remember that not everyone is cut out to be an entrepreneur, but anyone can learn the skills and mindset needed to succeed. Additionally, external validation and self-worth can come from accomplishing great things and making a positive impact, rather than relying solely on therapy or external validation. It's essential to have tough skin, persevere through hardships, and maintain a positive attitude even when facing adversity. Ultimately, the journey of entrepreneurship is worth it for those who are willing to put in the effort and embrace the challenges along the way.
Adversity and resilience: Growing up without a father and working from a young age made the speaker more self-reliant and able to move on from setbacks. He emphasizes the importance of not dwelling on the past and focusing on the present and future, while expressing concern about the current trend of people not taking responsibilities seriously.
Adversity and hardship can shape a person's perspective and make them more resilient. The speaker, who grew up without a father and had to work from a young age, believes that these experiences made him more self-reliant and able to move on from setbacks. He also emphasizes the importance of not dwelling on the past and focusing on the present and future. Additionally, he expresses concern about the current trend of people not taking responsibilities as seriously as in the past and the impact it can have on younger generations. The speaker's experience has given him a unique outlook on life and business, and he sees opportunities in adversity and is determined to make the most of them.
Starting a business: Determination, building relationships, and perseverance can lead to starting a successful business despite age, while guerrilla marketing and social media can provide opportunities
Starting a business, no matter your age, is possible with the help of technology and determination. The speaker shares his personal experience of feeling torn about starting a business but ultimately finding the right location and going for it. He emphasizes that building relationships is key to success, whether through telephone calls or in-person meetings. Guerrilla marketing, or making cold calls to potential buyers or sellers, can also lead to opportunities. Trust and sincerity are essential when dealing with powerful individuals, and being active and present in social media can lead to unexpected sales. The speaker's success story demonstrates that perseverance and networking can lead to significant rewards, even in an industry like selling high-value assets.
Unconventional buyers: Unexpected buyers, like a lobster business owner, may offer unconventional payment methods, adding complexity to private jet sales but also presenting opportunities for creative solutions.
Selling a private jet can involve unexpected and unconventional buyers, as the seller in this story experienced when a lobster business owner offered to pay for a year's lease upfront in cash. While some buyers may present challenges, such as not being able to wire funds or being subject to KYC restrictions, the day-to-day life of a private jet seller is full of variety and excitement, involving calls, emails, meetings, and deal coordination. Despite the challenges, the goal is to make progress on deals and ensure a successful transaction for both parties. Additionally, the private jet industry is evolving, with the potential for cryptocurrency transactions becoming more common.
Unexpected experiences in aviation industry: Maintain a professional attitude, ask questions and verify information to deal with unexpected individuals and situations in the aviation industry.
Working in the aviation industry involves dealing with a wide range of unique and sometimes unusual individuals. From clients with different cultural perspectives to potential buyers who may not have the means or intent to actually purchase a plane, the job requires adaptability and a sense of humor. The industry's history is filled with stories of unexpected experiences, such as pilots trying to sabotage a sale or young buyers surprising everyone with their resources. Despite the challenges, it's important to maintain a professional attitude and not assume everyone is a scammer. Instead, ask questions and verify information to ensure a productive use of time. The aviation industry is full of unexpected twists and turns, but with the right approach, it can also be an exciting and rewarding career.
Calculated Risks, Persistence: Calculated risks and persistence are crucial for success, even when faced with setbacks and disappointments. Don't give up, listen to your gut, and adapt to overcome obstacles.
Taking calculated risks and being persistent are essential for success, even when faced with setbacks and disappointments. The speaker shared his experience of opening a disruptive aviation showroom and the risks he took, including putting all his savings into the business and moving across the country for his partner. He also discussed the importance of not giving up and listening to one's gut, even when faced with naysayers or seemingly insurmountable obstacles. Additionally, the speaker emphasized the importance of adapting and moving on from setbacks, rather than dwelling on them. Overall, the message is that taking risks and staying persistent can lead to great rewards, even in the face of challenges.
Finding meaning in work: Finding internal gratification and inspiring others through hard work and determination can lead to greater success and personal fulfillment than just focusing on financial gains.
Finding internal gratification and inspiring others through hard work and determination can lead to greater success than just focusing on financial gains. The speaker, who built a following by sharing his experiences and knowledge in the airplane industry, discovered the joy of inspiring young people about work ethic and pursuing passions. He encourages disruptive projects that challenge the status quo and may be met with skepticism, as these projects often lead to innovative solutions and new markets. Ultimately, the speaker's experience highlights the importance of finding meaning and purpose in one's work beyond just financial rewards.