The Art of Deal Making

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 30^th, 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