Rick Schwartz shared some advice on Twitter that I agree with completely. When you close a deal, make sure all aspects of the deal are memorialized in an email:
Here is my #1 tip
Don’t do business over the phone!
Do 99.9% of business via email.
Make sure everything that is agreed on is memorialized in an email if u do talk by phone. Do it ASAP & make sure 2 get a confirmation back.
It prevents Convenient Memories 100%#Domains
— Rick Schwartz Domain👑King® (@DomainKing) April 24, 2019
Nearly all of my deals are closed via email. I don’t particularly like discussing deals on the phone, nor do I generally have the opportunity to finalize a deal in person. I have done both though, and it is important to follow up shortly thereafter with the deal points highlighted to ensure both parties are on the same page. This is especially important when a deal is not a simple purchase but involves some sort of payment plan, revenue sharing agreement, or something else that is not particularly straightforward.
Typically, I will send a short email congratulating the other party on concluding a deal (if appropriate) and list my understanding of the deal. I will ask the other party to please confirm that we are both on the same page. Once this has been confirmed, I will send the deal bullets to my counsel to draft an agreement based on the deal structure.
Importantly, I like to send the follow up nearly immediately after the discussion. I want to make sure the deal terms are still fresh in the other party’s mind, and I like to keep things moving so nothing comes up in the interim.
I don’t recall having a deal fall through because the counterparty disagreed with my interpretation of the deal, but I almost always follow up with a summary when details are not worked out via email.