When Stacy Berns joined the Marie Claire annual Power Trip in 2018, she had no idea just how impactful those 36 hours would be.
Socializing and networking with the best female founders, CEOs and other power women sharing ideas, experiences and resources made me realize just how much more powerful we could all be together, said Berns, founder and president of marketing, strategy, and PR firm Berns Communications Group.
And so DealmakeHers, an exclusive, invitation-only network of leading female dealmakers, was born. The group champions women and provides a space to empower, inform and connect women in industry. Since its inception, connections between DealmakeHers have resulted in numerous successful ventures, partnerships, corporate board positions and deals. Its the amplified support of these women-only communities that promotes inclusivity and that ultimately facilitates doing deals, according to WW Internationals Mindy Grossman.
So, what makes these DealmakeHers tick:
1. Build your network of ninjas. Bringing ninjas into your circle, offering them access to your expertise, making introductions and leveraging their network and skills will provide you with valuable information and will give you the credibility and confidence you need to negotiate effectively. Lisa Myers recommends conducting regular diligence of the people, skills and opportunities that are enabling companies in your industry to grow and sustain profitable businesses. The founder of growth equity fund Clerisy feels in so doing, you will build a trove of contacts and industry knowledge your network of ninjas.
2. Stop being apologetic. Numerous studies have shown that women are far more likely to apologize in the workplace than men. How many times do you hear yourself saying, Im sorry but¦ or its all good? Website Fairygodboss explains that, in general, girls have been socialized to be polite and accommodating whereas boys have been taught to be bold and strong-willed. Its time to change things up. Follow the advice of Jill Granoff, CEO of Eurazeo Brands, and simply ask for what you really want.
3. Throw out numbers that make you want to vomit, says Rebecca Minkoff. In other words, start high when negotiating. Thats what the fashion designer did when negotiating a deal for her new book, Fearless¦, due out this June. While it may feel uncomfortable at first, Minkoff advises starting your negotiations high because often times people will just accept it. And when they dont, then you can begin the dance.
4. Recognize your worth. And stop comparing. Numerous studies have shown that men consistently overestimate their abilities while women underestimate theirs. Take stock and appreciate your experience, skills, connections and unique capabilities. Also, women have greater intuition and empathy, according to Build-a-Bears Maxine Clark - so use it. Be your own best friend, not your worst critic.
5. Read the room before you lean in or lean out. Dont always assume you are a lean in or lean out kind of person. Its important to know with whom you are negotiating because you may have to adjust your approach accordingly. Leaning in doesnt have to be perceived as unpleasant or aggressive, says Granoff. You can lean in and ask rather than lean in and tell.
6. Pretend youre negotiating for someone else. Its well documented that negotiating for someone else is significantly easier than negotiating on your own behalf because its more difficult to value your own worth than that of someone else. The solution? Simple. Take yourself out of the equation.
7. Listen¦and then listen some more. Our goal in negotiating is to walk away from the table with both sides feeling victorious, according to Kay Koplovitz, managing partner, Springboard Growth Capital. Ask the person, What are you really looking for? What is most important to you? Then listen and process the response before moving on. And remember, non-verbal communication is very powerful. Reading someones body language can provide important clues about sincerity and intent.
8. Find your community. Gain confidence and hone your skills by joining female-only communities like DealmakeHers. Janie Yu, partner at Fung Capital, loves that DealmakeHers is a no judgement zone. Were all very busy but when the group calls, I invariably stop what Im doing to help out, added Deirdre Quinn, cofounder and CEO of Lafayette 148.
Nancy Berger, SVP of Cosmopolitan Magazine, credits DealmakeHers with making the introduction that led to the successful Hauliday by Cosmopolitan X Klarna, an exclusive and highly successful 48-hour shopping event. Kendra Bracken-Ferguson, founder and CEO of Braintrust, credits DealmakeHers with diversifying her network by facilitating meetings with fashion designers, beauty brands and even Walmart.
And the youngest DealmakeHer, 29-year-old Amanda Zuckerman, received Clerisys initial investment in her company Dormify after having been introduced to founders Myers and Alexandra Wilkis Wilson, both DealmakHers.
Men have been making deals on the golf course or at clubs for years, said Berns. She and DealmakeHers cofounders Mary Ann Domuracki and Stacey Widlitz agree, Its about time we women have our own table to form relationships, share resources and, importantly, get deals done.