Welcome to the American Negotiation Institute's podcast, where we will teach you the skills you need to get more out of life.

And now your host, Kwame Christian.

Hello and welcome to episode four of negotiation for entrepreneurs.

Of course, my name is Kwame Christian. I'm a business lawyer and

negotiation fanatic. And I am really excited today because we have our very first freebie.

So you need to wait till the end and I will give you the link that you need to follow to get your

first free thing from the podcast. So get excited. This is going to be a fun

episode. I want to start off this podcast with a story. So one of my favorite shows is the profit on

CNBC. It's where a successful millionaire named Marcus Limonis goes and invests in small businesses

that are on the brink of failure.

And so what he does is after investing, he counsels them and teaches them better business practices

and gets them to be successful.

One episode, he was working with a restaurant called Standard Burger, and they wanted to eventually

franchise their restaurant, but their food costs were too high.

And to that point, they did everything they could to minimize food costs.

They tried to make necessary cuts.

Maybe they re-evaluated relationships with vendors, everything.

But they really could not get the food costs low enough for potential

franchisees to be interested. So what did Marcus do to solve this problem? He simply called the

supplier and negotiated a 10% discount. This is exactly why I consider negotiation to be the secret competitive advantage for entrepreneurs.

Negotiation gives you the unique opportunity to increase your profit margins without making

any substantive change to your business. When you do it the right way, the other side may end up

...