Last month, Kevin O’Leary, popularly known as “Mr. Wonderful,” shared a powerful lesson he learned from a CEO that changed his approach to negotiations.
What Happened: In a video shared on social media, O’Leary recounted a moment when one of his female CEOs gave him some tough but valuable advice.
She told him, “Kevin, you talk too much. You should shut up and listen.”
She explained that most people talk two-thirds of the day because they are driven by their egos. Her advice was to “reverse the ratio: listen two-thirds, talk one-third.”
The reason behind this is that when you remain silent, the other person, feeling uncomfortable with the silence, will often spill more information than they intended, which can be advantageous during negotiations.
O’Leary shares an example of a recent negotiation with a high-level executive from a major watch company. During their meeting, O’Leary refrained from speaking, allowing the other person to speak first.
However, the executive was also following the same guideline.
I said ‘You know something, we’re both doing the same thing right now. We won’t talk at all unless one of us starts, cuz you, I do what you do, I figured out the secret sauce. So I’m not worried about it.'”
According to Celebrity Net Worth, O'Leary is estimated to have a net worth of $400 million, reflecting his successful ventures across finance, media and investing.
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Why It’s Important: Previously, billionaire investor Mark Cuban, who was also O'Leary's fellow Shark on "Shark Tank," shared his top negotiation strategies, highlighting the importance of patience and compromise.
Cuban underscored that successful dealmakers stay focused on their goals, avoid rushing or insisting on every point and are willing to make concessions to close a deal.
On Shark Tank, Cuban often uses silence as a tactic to better understand situations before making offers. “The more you pay attention and the more aware you are, the better opportunity you have to get what you want. Silence is money.”
Earlier, Grant Cardone, real estate investor and author of "The 10X Rule," also outlined his four key principles for successful deal-making.
Cardone spoke about the importance of having decision-makers at the table, a mutual willingness and desire to reach an agreement, a sense of urgency to drive action and leverage, such as capital, influence or audience reach.
Using Donald Trump's tariff strategy as context, he noted that leverage alone isn't sufficient; all four elements must align for a deal to succeed. “Trump knows America only has one of the four points: leverage. Until decision makers have willingness, desire and urgency to get a deal, there will not be a deal,” he stated then.
Photo Courtesy: Kathy Hutchins on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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