99% Finished Is Normally About Halfway There
“We’re 99% there,” says the very excited entrepreneur.
“Fantastic, well done. Only 50% of the way to go,” responds the veteran advisor.
We often laugh at this at Pollenizer. It’s something we hear lots of people say when they are starting a new web business, establishing a new partnership, closing a sale or raising investment / venture capital.
The reality is that the last 1% is always the hardest. Signing the contract, getting the money in the bank, that final step is always much much harder than we think.
Yes, in terms of momentum, it does feel like you’re nearly there. But in terms of complexity, work and time, you’re much further away. Why is this the case? A few reasons;
- There is more detail to go through than we expected.
- Someone who didn’t want to be involved until it got to this point is now involved.
- Discussions and enthusiasm is free, but signing the deal is very real and people get nervous.
- Negotiation can take a lot more thought.
- (What have I missed here? add a comment and I’ll add it to the list with contribution link)
This shouldn’t get you down. You just need to keep driving. Keep pushing. Don’t stop until the deal is done. Yes, it’s hard, but that’s no excuse. Watch West Wing Season 2, final episode with the talk between the president and the ghost of Mrs Landingham.
Or watch this – coffee is for closers!
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Quick post on being 99% of the way to closing a deal.
Usually there’s more due diligence to do after the term sheet is signed. Most entrepeneurs think they’re done when something is signed, but really there are still plenty of potential roadblocks hidden deep in accounts, partnership agreements, employment contracts and third-party relationships/
Absolutely agree.
I think the final 1% is where the real interest is discovered. A lot of times when doing some sort of business deal there is a massive amount of tyre kicking. Maybe some of it is intentional but maybe not as well. However frequently people want to find out how other businesses are doing or get an idea of where others are heading in their business. If for no other reason than to re-affirm what they themselves are doing.
Love the West Wing mention as well. Absolute favourite show of all time.