In this Episode:

** The product was invented as a textured wallpaper in 1957

** This would eventually become Bubble Wrap ** When you get into IP, you learn that you can patent a process

** In trying to create textured wallpaper, they failed horribly

** They came up with 400 uses for their product ** They founded Sealed Air Corp. in 1960 ** We frequently say, "Do you have an idea, or do you have a business?"

** What turned the tide for Bubble Wrap? ** Packing for IBM computers.

** The perfect is the enemy of the good.

Sponsor this Podcast

In This Episode:

In this episode:

In This Episode:

In this episode:

In This Episode:

In This Episode:

In This Episode:

A NO Prepisode ** What are deal breakers for you? ** I think you are using the term "partner" incorrectly. It is more of a collaboration ** We have to separate customer from partner as they are different levels of deal break ** Our joint customer was not appreciative off all the bending over backwards we did ** They should have seen beyond the dollar amount. We created more value for them than that ** Most clients don't care about the work. They only care about results ** I like my customers to feel like they should have paid more ** For me deal breakers are dishonesty, the lying and the b.s. ** First level for me is honesty and doing what you say you will do ** Second level is do you understand the depth of work you are asking for ** A customer had $25,000 to build a motorcycle but wanted an $80,000 build ** Even though they only had $25,000, they see an $80,000 bike in their mind ** At that moment we have a fundamentally different valuation ** Isn't your job to educate the customer about the proper value ** There are things you can pick up on in my experience ** I've heard you say, if I have to convince you of the value then you will never get it ** Most people up front don't understand the value of the work involved ** It's not them saying I don't have the budget, I'm fine with that ** I will work with that person all day because they understand what it takes ** Have honest communications and real relationships ** A deal breaker for me is if my expert opinion on time and budget is ignored ** If someone already makes the exact thing you need, buy it from them ** Listen to me. It is never cheaper to make it custom ** A Ferrari 488 is $300,000. If you want me to custom build you one, it would be $1,200,000 ** Ferrari already has all the infrastructure, knowledge and experience to build it ** This is based on the past 10 years of doing this and having conversations with many people ** The customer that had $25K and wanted an $80K bike build was never going to be happy ** Despite things going wrong, we delivered. They didn't understand the process ** They are not buying the process. They are buying the finished good ** Have the right conversations up front to set expectations correctly ** Customers don't know what goes into making an iPhone ** Fox makes the iPhone for Apple ** Every client complains at some point. Fox only exists because of Apple ** A more tangible example would be with problems with our new car ** They paid you for a service, they don't care how you get there. They just want it done ** Is that really a deal breaker or are you going to figure it out and renegotiate? ** In my experience if you come in with a fundamental misunderstanding, that's a deal breaker ** I would love comments on this to see where people draw the line ** A perfect / imperfect example ** You didn't listen to those red flags ** No matter how good your idea or product is, this doesn't work if you are not coachable ** That was a deal breaker. I should have walked away from you ** Here's my other deal breaker, telling me you are too busy ** A good partner understands what they are asking me to do ** People who are full of crap never have the money they say they have.

** One way to filter through the b.s. Do they have a realistic understanding of the process? ** You can break down anyone's sales pitch. Ask really direct questions ** I always create the foundation of why I was giving that advice. It was from experience ** Some of my red flags are not having realistic expectations of time and budget ** Don't align with partners who are never going to be happy. **The wrap up.

Sponsor this Podcast!

In this Episode: