How to Deal w/ Conflict of Interest

#
112
Chris Do
Published
February 24, 2020
ADD TO FAVORITES
{{email}}
{{favorites}}

Weigh how much does the client that I have worth versus the potential clients I'm going to get? And this is an individual question. So if they're paying you hundreds of thousands and millions of dollars, you might not want to chase the other people because you're going to burn one to try to catch two and then they're not even there.

Chapters

There are no supplemental materials to accompany this video.
Read Transcript

Welcome OK, so I have a questionabout the conflict of interest.So I actually havebeen in a situationtwice where myclients specificallyrequested that I do notwork with their competitors.Yep but there's no suchthing in our contractthat mentions that theseare mainly retainer clientsand they are in twodifferent marketsand we're doing twodifferent things.So I realized that thisis sort of a pattern.So I have a designretainer with a real estateagency in Australiathat says youcan work with anybody inlike our city basicallyor the cities that we service.And then I have aphotographic retainerthat says that please don'twork with similar productslike mine in the samecountry, but I have alsobeen approached bytheir competitors.So I've sent no so far becausethey are my retainer clientsand they're like,I guess they'rethe stability in my income.But I guess, howdo you tackle that?Because obviously,as you said, wehave this specific set ofskills for this specific setof products or services.Now So it would make sensefor us to do the same workand earn more moneyin that space.But when we haveclients that likethese don't work with them,how do you deal with that, ok?You can see somethingthat's happening herewhen you're successful atdoing something for somebody,their competitors comeout of the woodworkbecause they wantto get your insight.They want to capitalize on yourknowledge and your experienceand therefore your expertise.So if you don't have acontract that you've alreadysigned a non-competeclause, first of all,I wouldn't do that, whichstrike that from every contractthat you have read,line that stuff out.And then have them write upa non-disclosure agreement.With you and thenyou can sign that.So I'm a professional.I would not disclose yourtrade secrets or anythingthat's worked for you when I'mworking with a new company.And I usually make theargument, and we evenwent to battle with our clientabout this whole real estatething.There's just anybodywith them, please.Because I signedmy contract, so Ihave to weigh how muchdoes the client that Ihave worth versus the potentialclients I'm going to get?And this is anindividual question.So if they'repaying you hundredsof thousands andmillions of dollars,you might not want to chasethe other people because you'regoing to burn oneto try to catch twoand then they're noteven there, right?So just think about that.But I think theconversation I hadwith them is this I would loveto be exclusive just to you,but you'd have to guaranteeme a certain amount of moneyand jobs.And if you're notwilling to do that, Ihave to remain in business,this team that you lovewon't be here for youwhen you need themunless I'm able to do work.Yeah, I'll sign whatevernon-disclosure agreement youhave, but not a non-compete.I just can't.So in one of thesebooks that I'm reading,it says it's in your client'sbest interest for youto be a profitable business.Because you won'tbe there for them.If you're not.So I would try to moveaway from the non-competeto non-disclosure.And probably you canjust ask them a coupleof questions like why do you?What's your concern aboutme working with somebodythat is in the same space?And perhaps what they tellyou will be something totallydifferent than what you expect.Yep OK, cool, thank you so much.You're welcome.

RELATED VIDEOS

Financial Focus & Content Flow
June 26, 2024
How to Deal w/ Conflict of Interest
February 24, 2020
Challenging Low Budget Limits
August 18, 2017
Bidding and Estimating
February 4, 2016
Price Bracketing
September 28, 2016
thefutur.com
Upgrade your Membership

Join the digital community, find people to work with, jump in the live calls, and more! When you upgrade today, you will immediately get:

Everything you have now
Two monthly live group calls with Chris Do
Weekly Office Hours with experts
Access to the digital community
Exclusive job/project opportunities
Peer accountability partnerships
Everything you have now
$150
/month
Billed every three months
Upgrade For $449

Or get two months free by signing up for the year!