Exit – Series 3, episode 2 – If you want me

In: Exit Sitcom / 4 comments

25 Oct 2010

We remember that on 9 octombrie 2009 we met for the first time, in Bucharest. Further on:

By October 15, I hadn’t heard from them, so I sent an email in which I asked “Dear friends, I hope you are doing well. I am writing to ask about the status of our NDA so that we can start the process before I leave for the US” – I was supposed to leave the following week.

Here I have an important comment: generally, the Romanian approach to a negotiation is “play hard to get”, meaning that people say “Dude, if you want me, you have to work for it. I’ll sit quietly and wait”. Like a damsel waiting with great impatience the young man’s phone call, she is trembling with excitement but she wouldn’t touch the phone and call the guy herself. She would rather miss the opportunity than show interest in him. The same goes for negotiations. My opinion is that if you are interested, it’s good to show your interest. You have all the time in the world to negotiate later on, after the fish really caught the hook. Now we are still in the period when you risk failing.

They answered me the same day: “We’ve studied the matter and we’re really interested, we want to go further. Here is the NDA; we’ll send a list of questions.”

I sent the NDA to my lawyer – it was a standard NDA. I signed it and I waited for the list of questions. Note that the specialized lawyers hadn’t yet entered the scene, only “in-house” lawyers. For those who don’t have them, a friend is OK or even the owner of the company if he is a little open-minded.

I received the list of question on 28 October. And here is how a month passed from the first declaration of love. If anyone asks why the complete process takes a year, here’s why :-). It took me until November 9 to build the answer and send it.

But we’ll talk a bit about the questions and answers next time.

Note: This entire series is inspired from reality but it is not a word-for-word translation of it. I adapted all of the events/stages/documents/facts that had to do with the transaction in such a way as to a) not violate confidentiality and b) be as useful as possible to entrepreneurs that haven’t gone through something like this yet.

(English version by Teodora Popescu)

Original Romanian version

Exit – Seria 3, ep. 2 – Daca ma vrei

Ne reamintim ca pe 9 octombrie 2009 ne-am intalnit prima data, in Bucuresti. Mai departe:

Pana pe 15 octombrie nu am auzit nimic de la ei, asa ca trimit un mail in care intreb “Dragii mei, sper ca sunteti bine sanatosi. Va scriu sa va intreb de statusul cu NDA-ul. Ca sa putem da drumul la proces inainte sa plec eu in US “ – trebuia sa plec saptamana urmatoare.

Aici am un comentariu de fond: in general abordarea romaneasca a unei negocieri este “play hard to get”. Adica lumea zice “Frate daca ma vrei trebuie sa muncesti. Eu stau cuminte si astept”. Cam ca o domnita care asteapta cu maxima nerabdare telefonul de la tanar, este in fibrilatii dar nu ar pune mana sa sune ea. Mai bine rateaza ocazia decat sa se arate cumva interesata. Asa si cu negocierile. Parerea mea este ca daca esti interesat este bine sa iti arati interesul. Ai tot timpul sa negociezi mai la vale, dupa ce s-a prins pesticul in carlig mai sanatos. Acum inca suntem in perioada in care risti sa ratezi.

Oamenii revin in aceeasi zi cu raspunsul: “Am studiat si chiar suntem interesati, vrem sa mergem mai departe. Iaca NDA, o sa-ti trimitem o lista de intrebari.”

NDAul la avocat – este standard. Il semnez si astept lista de intrebari. De observat ca inca nu intra in scena avocati specializati, ci avocat “in-house”. Pentru cine nu are e OK un prieten sau chiar ownerul companiei daca e un pic mai deschis la minte.

Primesc lista de intrebari pe 28 octombrie. Iata cum s-a dus o luna de la prima declaratie de dragoste. Sa se mai intrebe cineva de ce dureaza un an procesul complet :-). Imi mai ia si mie pana pe 9 noiembrie sa construiesc raspunsul si sa-l trimit.

Vorbim un pic despre intrebari si raspunsuri data viitoare.

Nota: Tot acest serial este inspirat din realitate dar nu este o traducere “mot-a-mot” a acesteia. Am adaptat toate evenimentele/etapele/documentele/faptele tranzactiei astfel incat ele a) sa nu violeze confidentialitatea fenomenului si b) sa fie cat mai utile antreprenorilor care nu au trecut prin asa ceva inca.

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Sergent

October 25th, 2010 at 5:51 pm

Salut Radu,

Am o intrebare legata de atitudinea “hard to get”. Ti s-a intamplat / ai auzit de o situatie in care datorita unei astfel de atitudini a picat un posibil “deal” ? Sau, invers, sa pice din cauza unei atitudini prea insistente? Unde e limita?

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    Radu

    October 26th, 2010 at 8:48 am

    Daps, am avut chiar eu o situatie in care am fost mult prea increzator ca am toate cartile in mana si ca “celalalt” “wants me badly”. Am jucat “hard to get” si am ramas cu buza umflata, in conditiile in care eram de fapt dispus la concesii…. daca eram mai deschis, poate (atentie – poate, caci nimic nu e sigur) iesea mai bine. Ce am de spus in apararea mea este ca am facut asta intr-o situatie in care aveam tot backup-ul din lume, deci practic doar am ratat o oportunitate. Si acum, dupa ceva timp, as putea spune ca a fost mai bine asa 🙂

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Gabriel Mirea

October 28th, 2010 at 4:27 pm

Radu, cred ca ar trebui sa insisti putin, intr-un alt serial, pe ideea de “early stage investors/angels”. M-am lovit de cateva ori de o mentalitate in acelasi timp gresita si foarte hotarata de includerea unor conditii mult prea restrictive inainte de startul propriu-zis al negocierilor.

Primul caz, al unui prieten antreprenor, l-am privit din afara. Prietenul meu avea o idee solida (win – win – win pe relatia prestator – intermediar – client), research bine facut, studiu de piata inceput dar inainte de orice negociere punea conditia clara – nu dau 50% din afacere nici mort. Asta in stadiul de proiect, fara un demo, fara o structura clara a ownershipului, fara userbase. A ajuns, practic la celebrul “100% of nothing”. De doi ani se chinuie sa dezvolte afacerea pe cont propriu, cu fonduri insuficiente si energie din ce in ce mai scazuta.

In al doilea caz am fost implicat direct si mi-a fost foarte greu sa conving toate partile ca un procent minoritar din ceva foarte mare este mai bun decat un procent majoritar din ceva foarte foarte mic.

Din pacate sunt foarte putini antreprenori de succes care scriu despre asta, si prea multi antreprenori aspiranti care nu vad din primul deal o simpla rampa de lansare, important fiind succesul proiectului, exitul aducand linistea pentru urmatoarele proiecte.

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October 25th, 2010 at 11:12 am

[…] This post was mentioned on Twitter by Radu Georgescu and Arena Biz, Merisor. Merisor said: RT @arenabiz: Din culisele unui exit RT @georgescuradu: Blog Post: Exit S3E2 – Daca ma vrei: http://ow.ly/2YItY […]

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