How do you negotiate?

[CGWildcat]

An old Coastie buddy wrote me a couple weeks ago on LinkedIn. Haven't talked to him in years. He asked if I was still in the same area, yes I am. Fast forward 2 weeks and today I had a meeting w the owner and his leadership team of a local construction company. Been in business since 1957, and they're trying to implement processes and procedures they've never had.

Interview went very well, answered all their questions and gave them some ideas on how to implement what they currently have. Owner said he'd be in touch next week and we "can work out the financials."

Their projected $$ for this year is approaching 80 million, and I was completely honest in saying, "I'm semi-retired and it will take a very large number to get me off the couch every day to come back into this world of work." Wrote the owner this afternoon thanking him for the time and getting to meet his leadership team. He responded by saying the team enjoyed my approach and demeanor.

I have a number in mind, but I've never negotiated a contract like this. Any suggestions?

[dan_bgblue]

If you are truly happy on the couch, give him that "do you really really" want what I can offer number and sit back and wait. If you want something to do but not on a full time, go to the office everyday situation, throw out an offer that would make you happy, give you something to do that would satisfy your need to accomplish things, to basically work from home on an advisory position, with an agreement to attend some meetings with high dollar clients to offer expertise, personality, and a promise to be available for assistance during the contract.

Make yourself happy.

[KentuckyWildcat]

Make it worth your time. Whatever that number may be.

My brother in law's brother in law....

Anyway, he was retired from a plant here in Kentucky. I don't know what he made here, but he they had a very nice home and massive in-ground pool. A place in Wisconsin knew him and offered him a job. He told them it would take a lot to get him to move and work again. He threw them a crazy number he didn't think they would take. They took it without hesitation. Before he could move, a company in Louisville offered him even more.

I'm not sure what that says. But make it what you want. Whether that be $10K, $100K, or $1 million.

[CGWildcat]

I definitely have a number in mind, and it's big, at least in my mind. I feel like what he wants to have completed can be done within a year's time. My roommate is already shopping for a newer used car and buying first class tickets to visit the grandkids at Christmas

[VirginiaCat]

Roger, how confident are you in being able to achieve results?

I always think taxes and retirement income. You may be better off with just a bit better pay amount for a guaranteed term contract or even a lump sum post employment pay off. In my last contract I was able to get a 457f deferred income agreement as part of the arrangement but that would only be in the non-profit world but I could see how a market 75th percentile pay now for the term you think it will take to get the results and then 2-3 years of deferred income after could have a benefit for you.