Participant Workbook - Closing and Negotiation Masterclass How to Get Your Customers to Say YES (Part 2) Part 5 05.26.2021 FP

CLOSING AND NEGOTIATION MASTERCLASS How to Get Your Customers to Say YES (Part 2) PARTICIPANT WORKBOOK

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Grant Cardone® Enterprises, Inc. 1.800.368.5771 GRANTCARDONE.COM 1 © 2021 Cardone Training Technologies, Inc. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior written permission of the copyright owner of this manual. All Cardone Training Technologies, Inc. seminar & training materials are copyrighted pursuant to federal copyright law. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

FROM THE DESK OF GRANT CARDONE Welcome to Closing and Negotiation Masterclass: How to Get Your Customers to Say YES (Part 2)! Maybe you've been working on prospecting and presentation skills. You're dedicated to getting in front of the people you need to see. Your shoes are shined, you've got a winning attitude… But that’s not enough to bring you the success you crave. You can’t truly become a master salesperson until you master closing. Don’t let anybody fool you: Your ability to handle objections, to negotiate, and to close will determine how far you rise in your profession and beyond. The skills you learn in this course will help you in every area of your life, whether you’re a buyer or a seller. It wasn’t until I focused on learning to close that my business—and my income—took off. Now, I want the same for you. You will: • Understand the critical difference between selling and closing. • Be introduced to different types of objections and how to handle them. • Identify the stages of the sales conversation. • Learn specific negotiation strategies. • And more. Let’s get you ready to rock in the world of sales and beyond! -GC ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 2

TABLE OF CONTENTS Part 1: Introduction to Objections......................................................................5 Part 2: Taking Control of the Conversation.................................................... 10 Part 3: Breaking Down Objections................................................................... 14 Part 4: Basics of Closing .................................................................................. 20 Part 5: Negotiation............................................................................................ 26 Part 6: Advanced Negotiation Techniques.................................................... 32 Part 7: Recap and Closing.................................................................................37 About Grant Cardone......................................................................................... 41 ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 3

NOTES The only real reason a person fails in life is the 4 inability to close others on providing resources, energy, money, support, or whatever it is they need in order to achieve whatever it is that they want. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 1 Introduction to Objections

NOTES When you can't or don't close, then you lose, your family 6 loses, your company loses, and if you believe completely in your product, service, idea or dream, then your customer loses when they don't close on what you represent. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 1: INTRODUCTION TO OBJECTIONS To master sales, you must become a master at handling objections. Key Points 1 Stay Committed • To master sales, everything starts with your commitment. You have to commit to improvement. • You can’t generate income until you close the sale. • You can’t close the sale if you can’t negotiate. • You can’t negotiate unless you can handle objections. • In fact, you’re not even going to get to negotiations if you can’t handle objections. And it all starts with committing to the process. 2 Steps to Mastering Objections If you want to master objections, you need these steps in place: 1 Back up commitments with resources. 2 Take responsibility. 3 Define the objection. 4 Identify the location. 5 Prepare until you can predict. 6 Work on your objections every day. 3 Five Secrets About Objections Five secrets about objections that you have to know: 1 You are the creator of every objection. 2 The most dangerous objection is the one you didn't hear. 3 Most objections are not objections, they're complaints. 4 Objections are never a reason to stop. 5 There's only one objection. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 7

Part 1: Exercises 1 What is needed before a commitment becomes real? 2 Why is it important to assume responsibility for every objection? 3 What does it mean, \"There's only one objection\"? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 8

NOTES Knowledge speaks. Wisdom listens. Action wins. 9 —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 2 Taking Control of the Conversation

NOTES Take responsibility for everything in your life. 11 —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 2: TAKING CONTROL OF THE CONVERSATION Key Points 1 Steps to Conducting the Call 1 Listen. 2 Acknowledge. 3 Isolate. 4 Validate and discount. 5 Probe. 6 Get a commitment. 7 Close or handle. 2 Conducting the Call: Example How do you tell if an objection is real? Follow the steps above. Then ask, “Hey, I hear you. I understand. And I take full responsibility for the fact that _________________. Now, is the fact that ________________ the only reason you wouldn't do this?\" Now you’re down to one objection, not six and not the wrong one. Now you can go for the close! Part 2: Exercises 1 Why is it critical to listen to the prospect’s objections, even if they’re not accurate? 2 Give three examples of probing questions. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 12

NOTES Those that say your dreams are ridiculous 13 have given up on theirs. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 3 Breaking Down Objections

NOTES The more I do, the more I realize I can do. 15 —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 3: BREAKING DOWN OBJECTIONS Key Points 1 Objections vs. Complaints Treating objections as objections that are merely complaints is a mistake. Here are some complaints (not objections!): • I don’t have the money. • Price is too high. • Product isn't perfect. • Term is too long. • I need to talk to somebody else. • This is the first time I've considered this. Listen, acknowledge, then close. Most of the time, the closure is handling a complaint that never required more than saying, “I understand. I agree with you. I felt the same way.” Handling complaints that are not real objections will never resolve your deal and the deal will not close. Instead, deal with the real objection and close. 2 You Are Your Objections Look at the objection you're getting the most. What is it? • Time. • Product • Comparisons. • Competition. • We never make a rash decision. • I need to think about it. • I need to get three bids. • Etc. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 16

Write down the objection you hear the most often. Now, I guarantee you that this is showing up in your own life. Find out which one you’re using, then shift your own behavior in your life, and you’ll 17 see this go away. 3 Using Objections to Close The objection has tremendous energy in it when valid. Use it as a reason to close, not a reason to delay. And use it as a reason to do it now. The point here is that when you find a valid objection, you can use it to get at a problem the prospect is trying to solve. Remember, people only buy for one reason: to solve a problem. Find their problem, show them how your product or service solves that problem, and close. 4 Types of Objections 1 Greeting Objections. 2 Objections in the Close. 3 The Most Dangerous Objection. 5 Final Rules on Handling Objections Here are some final rules on handling objections. 1 Never give any one objection too much power. 2 Never talk while the buyer objects. 3 Never take an objection personally. Eliminate and remove emotion. 4 Never handle more than one objection at a time. This goes back down to isolating the objection. 5 Never make solutions or offers verbally because people believe what they see, not what they hear. Always write it down. 6 Never abandon negotiations because of an objection. Stay in the deal. 7 Never disagree with the buyer. Always, always, always agree. 8 Always accept responsibility. 9 Never confuse the person with the objection. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

10 Never believe the objection will keep the buyer from buying. 11 Never let the buyer get into a no-win situation, which means always leave yourself a way out. 12 Never let the objection get you down. Always maintain the positive attitude, the smile, the grin, the momentum. 13 Never ignore an objection. Always, always, always acknowledge the objection. 14 Never quit communicating, no matter what. 15 Never blame the customer or the other conditions for the objection. Make sure that you're hitting all of these. If you violate these in the close or when you're handling an objection, the customer's going to start having disagreements with you about it. So you want to make sure that you keep the momentum going in the transaction. And if you break these rules, you will stop. Part 3: Exercises 1 What is the #1 objection you hear? Where is this showing up in your own life? 2 Explain in your own words what the most dangerous objection is, and how you deal with it. 3 What happens when you interrupt a customer when they’re expressing a complaint or an objection? How does this derail the conversation? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 18

NOTES Those who retreat will spend a lot of time 19 justifying why they are retreating. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 4 Basics of Closing

NOTES When your offer solves the problem, 21 your price will no longer be the issue. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 4: BASICS OF CLOSING Key Points 1 Always Offer Price Initiate a price before the buyer does. If you don't give a price, you have zero chance at closing the deal. 100% of the people that buy a product, take delivery of a product or a service, get price. If I don't get a price on it, I'm not buying it. When I give price, I’m reducing uncertainty. People don’t buy when they’re uncertain. Reduce uncertainty by sharing price upfront. 2 Complaints Treat the objection that you're hearing as a complaint until it's validated as an objection. How do I do that? How do you find out that the price objection is merely a complaint? Listen, acknowledge, and then close. If it's not a legitimate objection, then he'll close, and you would say this, \"Do it anyway.\" Let’s say I sell watches, and someone came in to look at a $58,000 watch. Make sense of it for him. “Yes, it's a lot of money. Yes, it's stupid. Yes, it's ridiculous. You knew it when you saw it in the Robb Report and you still drove down here to look at it. Which card do you want to use?” If the objection is invalid and just a complaint, your buyer will close the deal or the buyer will then try to negotiate. 3 Hard Questions in the Close Hard questions in the close are where you get the customer to sell themselves. Remember, hard questions build certainty. Hard questions build trust. Hard questions are not offensive to people and they're not pressure. It doesn't pressure anyone. You're asking them. 4 The Rule of Four The rule of four is PTSP: P = Product T = Time S = Stall P = Price Those are the only four reasons people won't buy from you. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 22

5 Emotion or Logic Sell with emotion, close with logic. Too many people are stuck on the emotion. But rah- rah, excitement, and people dancing around doesn’t result in people closing. One way to close with logic is by asking them what is costing them not to do it. What if you don't do it? What if you never do it? Bring people back to the logic. • What’s costing you not to sell this house? • What’s costing you not to hire another person? • What’s costing you not to act? Use logic to show the buyer how they win. 6 The \"Closed Door\" Close The \"Closed Door\" close is the way to make sure your buyer quits negotiating with you. You give somebody a price. You negotiate one time and then you tell them, \"Look, I don't have any more money to give you, okay? If it's money, I don't have it to give it to you. Anything else, I can work on it with you\". Hold firm. Don’t give in. Call their bluff. This type of buyer won’t stop until you draw a line. 7 Certainty Closes the Deal Certainty closes deals. Certainty drives closes. You can use a number of approaches we’ve talked about today to increase certainty (sharing price upfront, asking hard questions). This is what closes deals. It's not a good attitude. It's not a state change. It's not the rah-rah. It's not if they like you. People don't buy from people they like. People buy when they're closed. Create certainty and then close them. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 23

Part 4: Exercises 1 Explain in your own words why you should always be the first to offer price. 2 Name three ways you can increase certainty/reduce uncertainty in a sale. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 24

NOTES Look for problems on this planet you can help with and go help. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 25

PART 5 Negotiation

NOTES Everything in life is a sale and everything 27 you want is a commission. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 5: NEGOTIATION Key Points 1 The White Flag Negotiation The white flag is a surrender technique: 1 Give them what they ask for. 2 Tell them what you need for the deal. 3 Give them options, including “Ground Zero” (no deal). 4 Stay calm! This is a very effective close. It puts them in a tough position to say no outright. 2 Back to the Future Negotiation Deals are done when problems are solved. When problems are solved, gaps can be filled. To use the Back to the Future Negotiation: 1 Get off the sticking point. Ask them to assume it’s been dealt with or solved. 2 Ask them what problem has been solved. 3 Take them to Ground Zero—no deal. What’s at risk? 4 Solve their underlying problem. 3 Inquisition Negotiation Here are some hard questions. Start your list and add to it. • Have you seen enough to make a decision? • When was the last time you invested this much money? • When was the last time you made a decision this size? • What's the worst thing that could happen? • What happens if you don't do this? • What's the worst thing that can happen if you do this? • Why did you decide to see me now? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 28

• Why did you agree to see me at all? • Why did you let me do the presentation? • When was the last time you made a bad decision? • When was the last time you made a good decision? • What is the worst decision you've ever made in your life? When, why, have you ever, what… They all start with questions like that. This is the Inquisition. 4 The One Thing Negotiation No one thing will ever blow a deal. But all deals come down to only one thing. It is never two things. It's never one and a half things. It's never three things. It's one thing. And your job is to get to the one thing. That one thing will be PTSM: Product, Time, Stall, or Money. You need to ask what that one thing is. Keep picking away and probing until they land on one thing. You ask, “If there was one I had to fix that would make everything okay, what would it be?” That’s your one thing. 5 Selfish Child Negotiation When you're negotiating, there's only one logic that matters. When you’re negotiating, no matter what they say and how much sense it might make, never make sense of it. Never support their case. Don’t make sense of their story, make sense of your story. Know your story and stick to it. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 29

Part 5: Exercises 1 Explain the steps to the White Flag negotiation in your own words. 2 In the Back to the Future negotiation, why do you need to get your customer off the sticking point? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 30

NOTES If you want to be in the 1%, don’t 31 do what the 99% do. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 6 Advanced Negotiation Techniques

NOTES A little imagination combined with 33 massive action goes a long way. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 6: ADVANCED NEGOTIATION Key Points 1 Ground Zero Negotiation When negotiations start to fail, you want to bring the other party back to zero. This is where there is no deal. What’s at risk if they don’t do a deal? That’s what you want to bring up. 2 Role Reversal Negotiation When you walk a mile in somebody else's shoes, that’s Role Reversal 1 Take them to Ground Zero: No deal. 2 Figure out everything that will happen to the other party if there’s no deal: Physical stress, emotional stress, marriage stress, financial stress. 3 See into their mind to see what the true cost of Ground Zero is. This is your leverage. If you’re not using Role Reversal, someone is using it on you. 3 First Base Negotiation The First Base negotiation is when you create a negotiation where there isn't one. You take a seller who said they weren’t a seller, would never be a seller, and you take them to first base. Don’t try to hit a home run the first time you’re up to bat. Just get to first base. Remember, every home run starts by getting to first base. 4 The Genghis Khan Negotiation You have to learn this one because if you don't use it, it will be used against you. This negotiation takes place in the closing window of your deal. This is where you as the seller are very vulnerable. You have to close the window or lose the deal. The buyer has an unbelievable amount of control at this stage. Take it away from them by closing the deal up. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 34

Part 6: Exercises 1 Explain why Ground Zero needs to take place before Role Reversal, and how the two work together. 2 Why is the Genghis Khan negotiation so dangerous to the seller? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 35

NOTES Spectators pay, players get paid. 36 —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 7 Recap and Closing

NOTES The world isn't going to come and 38 make your dreams come true. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

PART 7: RECAP Selling and closing are not the same. You can be terrific at prospecting, presenting, and building rapport, but if you can’t close and you can’t negotiate, you’re going to have trouble making money. Key Points 1 In our first module on handling objections, we covered secrets about objections and the steps you need to take to successfully handle objections. We also talked about the crucial difference between complaints and objections. We talked about how your job is to identify the ONE objection holding your customer back from buying, and how important it is to uncover the most dangerous objection, which is the one you haven’t heard. 2 Next, we moved into the basics of closing. Part of this session was reviewing some rules of closing, such as always offering price, and how to close with logic versus emotion. In the next sections, we dove into negotiation techniques, including the White Flag negotiation, the One Thing negotiation, Ground Zero and Role Reversal, and more. 3 We also stressed the need to practice. You want to get to the point where the various techniques come automatically, and you can move smoothly from one to another without even thinking about it. As we wrap up today’s session, I want to remind you about the need to take responsibility. Whatever happens, you need to own it. Because when you take responsibility for it, you can change it. You’re not going to get anywhere if someone or something else is always to blame. But when you take control, the sky’s the limit! Part 7: Exercises 1 What is ONE THING you will IMMEDIATELY put into action as a result of this training? ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 39

NOTES Your purpose on any given endeavor is 40 determined by the clarity of your purpose. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

ABOUT GRANT CARDONE CEO of Cardone Capital, international speaker, entrepreneur and best-selling author of The 10X Rule and creator of 21 best- selling business programs, Grant Cardone owns and operates seven privately held companies with annual revenues of $100 million and an over $2B portfolio of multifamily properties. Named the #1 marketer to watch by Forbes magazine, Cardone is also the founder of the The 10X Movement & The 10 X Growth Conference, the world’s largest business and entrepreneur conferences. For more information about Grant Cardone’s training, coaching and consulting programs, visit: www.GrantCardone.com. If you’re part of an organization – big or small – learn more about how the Grant Cardone organization can help improve your company’s revenue by changing your sales strategies here: www.CardoneUniversity.com. We use a customized approach and proven training processes to help you achieve and exceed your goals. ©️ 2021 Cardone Training Technologies, Inc. All rights reserved. 41

NOTES Closing is critical to bring about change. Closing 42 is critical to deliver product. Closing is critical to survival and making things happen. —Grant Cardone ©️ 2021 Cardone Training Technologies, Inc. All rights reserved.

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