The Art of Deal Making
There is
an art to deal making. Many of the greats in the entertainment industry are at
the top of their game due to the masterful negotiation skills. The purpose of
this post is to explore the characteristics of an expert negotiator; whether he
or she is an artist manager, event planner or sport agent, they all have the
capacity to close major deals.
When I
began preparation for this post and interview a few significant entertainment
professionals came to mind, but do to tragic unforeseen circumstances I was
unable to conduct this interview with said individuals. Although I was able to
conducted my interview with a woman who wears many hats in the industry.
Whether she is wearing her Artist Manager, Production Manager, or even CEO hat,
Rebekah Foster of Ujima Sound Productions is always down to business.
Foster,
has over thirty years of experience within the music industry and many of her
peers and counterparts would consider her to be a music industry expert. I asked Rebekah several questions concerning
dealing making and negotiations but a few significant points from our
conversation stood out.
Mutual
Benefit happens in a negotiation when both parties are committed to producing a
Win / Win situation. I asked Foster,
“How is mutual benefit achieved?” She stated that it “truly depends on the
nature of the project, event, or artist.” “Each situation is different but it’s
important to eliminate the negatives while focusing on the positive aspects of
a negotiation. “ In many instances within the entertainment industry the artist
is always considered to be right, “therefore one must be able to compromise.”
Proper research is always expected before you enter any deal; “when you know
your stuff, you are able to guide them in the direction that best suits their
career.”
Foster
has been able to work with some of the most influential voices ever, from
Whitney Houston to Marcus Miller to Busta Rhymes. Over the course of her impressive career,
Foster had had to learn how to always be the bigger person. During a
negotiation it is imperative to ‘separate the person from the problem.’ When
asked what methods she utilizes to eliminate emotions Foster stated, “you must
always have a positive attitude.” “The music industry is a thankless job, so
you must have a will power and attitude that will sustain you through the
difficult circumstances.” “Break their negativity with your positivity,” it
demonstrates professionalism and focuses negotiators on issues.
I’ve had
the pleasure of shadowing Foster on a few occasions, and have taken away life
long lessons. Over the years that I’ve known her, she always taught by example,
using objective criteria and industry norms to get significant points
across. I’ve always taken heed to her
valuable advice because I understand her significant impact on the industry.
During our conversation, Foster made reference to superstar Artist Manager and
Brand Developer, Chris Lighty. Foster
and Lighty have had a business relationship and friendship for many years, and
personally Chris Lighty would have been both of our first choice to gain
information on deal –making from.
I
include information about Darrell “Chris” Lighty due to his unexpected and
tragic death last Thursday, August 30th, 2012. Lighty committed
suicide last week outside of his Bronx, NY home. As this is a very sad
situation I just want to shine light on some of his amazing accomplishments and
accolades. Lighty was a prominent figure
in the music industry, by building his empire, Violator Management, from the
ground up, to serving as longtime manager for 50 Cent, Busta Rhymes, Q-Tip,
Diddy, and Mariah Carey, Chris Lighty was the man.
Lighty
was an exceptional dealmaker! He is noted as being the architect behind 50
Cent’s Vitamin Water deal that grossed the artist over 100 million dollars, as
well as many other deals with Gap, Mountain Dew, and Sprite. Chris also guided
and empowered some of music’s most inspirational artists, and after many years
of experience he founded Brand Asset Group because he believed in the power of
branding. His expertise ensured that all of his artists were creatively well
rounded with each obtaining many endorsement and record deals.
Chris
Lighty was an inspiration to me. He fought, taught, and helped construct the
Hip-Hop industry we now know and love. Ever since the first time I heard of
Violator or Chris Lighty, I’ve tired to embody the strong positive
characteristics which he did. I was fortune enough to intern with Violator
Management in the summer of 2008, and remember feeling pride and joy being in
his presence. He will always be a mentor to me; Chris Lighty is the artist
manager I strive to be.
Much
respect, Mr. Lighty, I’m grateful to have your career be an inspiration for my
future! Gone to soon, but I pray you Rest in Peace and Paradise!
Russell
Simmons said it best “So
here's to Chris: a man perfected by God and freed from struggle long before we
were ready to say goodbye."
Peace & Blessings
-RB
