McCormack on negotiating
Summary
In an easy-to-read and economical style, Mark McCormack, the US founder and chief executive of global sports marketing company International Management Group (IMG), presents a collection of his insights into the complex world of business negotiation. McCormack on negotiating is an engaging and useful step-by-step guide to the most important aspects of cutting a deal.
Why is it worth reading?
The book will appeal to those who might balk at the thought of reading the latest abstract theories on the art of negotiating. It is a straightforward and logical guide to the ins and outs of any deal-making process, which is easily digestible under its useful list of sub-headings.
Some may quibble with McCormack’s contention that ‘If I had to construct the Ideal Negotiating State, I often think it would be the negotiating relationship between a husband and wife,’ but his wit and overall sense of pragmatism ensure that this is a book well worth reading. And at little over a hundred pages it does not take too long to get through.
Talking points
In relating each insight to an often colorful anecdote from his own experiences with IMG, McCormack sustains the reader’s interest. For instance, there is the story of golf player Arnold Palmer, his first client, refusing to raise his exhibition fee each year at Elwood City golf course after they had shown faith in him before he made it big.
Or the one about sports manufacturer Fila, Bjorn Borg’s sponsor, cunningly finding out how much time he had to spend endorsing their products by phoning different IMG offices worldwide and asking the same question about his availability.
Quotes
‘There will always be times when the other side is smarter than you. You can let this intimidate you. You can deny it, and fight a losing battle. Or you can admit it – and let the other side teach you a thing or two.’
‘If the customer has a questionable credit history, don’t be timid about asking for as much money as possible up front.’
About the author
McCormack was one of the key architects of the modern day sports representation and marketing business, immortalized in the Tom Cruise film Jerry Maguire. A lawyer by training, he began his career in sports marketing by acting as agent to then unknown golfer Arnold Palmer. He subsequently built IMG into a major global organization, with 67 offices in 26 countries.
IMG is involved in sports-related merchandising, licensing and TV production, as well as representing hundreds of sports stars and organizations and events as varied as Wimbledon, the Olympic Games and the Nobel Foundation.
McCormack has also written books on selling, management and communicating.
Details
McCormack on Negotiating, by Mark H McCormack, was first published by Arrow Books in 1996. ISBN 0 09 953641 2.