Let me introduce you to Wong, one of my students. Welcome back to Yale. >> Thank you. >> What are you up to? >> I'm a CEO of a start-up. It's a wholesale fashion marketplace, it's called Mavien. >> Mavien.com? >> Mavien.com. >> Okay, we gotta put the plug in. Now, when you were here, you had an interesting negotiation story. I did, indeed. >> So, tell us about it. >> Sure. So this was between my first year and the second year of business school, and I was in Best Buy shopping for I think a headset for my- >> Okay. >> Cell phone. And there was a lady who approached me, she was maybe in her mid 40s, and said, oh, I'm a real-life casting director. >> Yeah, sure, sure. >> For commercials and TV shows. Would you be interested in a commercial that's only filmed in Asia. And no speaking parts. And I, my initial thinking was like no, this looks like a scam. I'm not interested, all I want is a pair of headsets. [LAUGH] And then she said to me, well, look. Just take a picture, it doesn't hurt at all. Just take a picture and let me get your contact information and see how it goes. We don't want any money. So I said, why not? I'm here anyway, let's just do it. So we went outside, we did a tape. There was kind of like a mini, a couple sentences that she wanted me to speak. And that was it. >> Okay. >> Yep and then- >> What happened next? >> So I received a call from her about ten days later asking me to come back for- >> Not to Best Buy. >> No, not to Best Buy, no. To a studio and I asked her again like, I'm not paying anything for this. And she's like, no, no nothing there's nothing to be paid, you don't have to pay anything. And I said, look I'm busy, I was in the middle of running the start up or working at the start up at the time. I'm busy, if there's only ten people interested, I'll come, but not more than that. No no no, you're definitely only in the top ten. There's only ten people. Oh okay, okay. So I go to the studio location. There are like hundreds of people there and people waiting out the door. So I was a little bit disappointed at that point. So I went in there, checked in, and ultimately, they put me up for the actual audition. >> Okay, so they film you, or they do something. They take a screenshot. >> Yes. Yes, so they bring me to a room. There's like ten people in that room. It was a dark room with multiple people that worked on audio, people working on film. They asked me to repeat, just hold my hand, like put my hand here and put it to my mouth, things like that. Shake hands, hold the cell phone in particular. They were interested in that. And during that time I started talking to them and trying to get, cuz I could tell they kind of liked me. And so I got a better understanding of who they worked for. It was fun, that was for Martel which is a Cognac. And then that they've been doing this for a while. They went to Paris to present, the number of people, group of people they selected to Martel. And they over rejected it. Twice now. This was their last chance, as an agency, to get this business. >> Okay so they don't. This one doesn't work. It's all over for them. >> Exactly. Exactly. I do remember in that, in one of your classes, talked about asymmetry of information and I was particularly digging for that and. One of the things I knew about Paris is that I go there a lot for business. >> Mm-hm. >> So, I shared with them what restaurant is my favorite. Cafe in the third [FOREIGN]. >> Okay. >> So, of course, that built a rapport with the French. >> Sure. >> Art director. And then they gave me more, all this information came out during that process. >> Okay. And so then what happened. Well, a couple days later, I received a call from a lady that works at this agency and she was super excited saying, oh you're approved, look we'll pay you $500 a day for two days. And, this is great, amazing for you, the principal, which is the main person, the star, yes, he's only get 1,500 so this is a great deal for you. You should take it. And initially, I was thinking, off the front, I would have told her no, actually. >> Okay. She was a bit surprised? >> Yes. I think she was shocked, she couldn't believe it. So, my thinking behind all this in the initial no, was that, you know, this is a really cool project, I had no idea what they were going to offer me. Because it was interesting, it was cool. I hadn't done anything like this before. But I do also have a business to run on the side, but whatever, this is something interesting. So let's say it's $300 a day. So I was thinking below $300, not interested. Above $300, then that's something I would consider. And then she said to me- >> So it's worth doing now? >> Yes. >> But you're still saying no. >> I'm still saying no. >> Okay. >> Because the rationale behind saying no was one of two things. One, first of all, again, from the class, I thought that why not. Let's take a risk and see if they can increase my- >> Payment? >> My payment, my profit from this. And then two, because of the rapport I built with the director and the rest of the crew, I knew that they were on tight deadline, and this was their absolute last chance to win this deal for themselves as an agency. >> So you're approved, so they like you and this is their last chance. >> Exactly. >> Okay. >> Exactly. >> So how did you tell them no? Oh, I told him, well, I understand, like I understand this is a great deal for most actors. But for me, when I was at Accenture, my bill rate was $380 an hour. >> Okay. >> And at eight hours a day, that's $3,040. >> So, if I were do the shoot, I would be losing money. So. [LAUGH] That's said, of course, I didn't see that, the actual bill rate, but- >> It's a good story, it's a logical story. It wasn't just no, it was no with a reason. >> Right. So I constructed that. So, but because this is interesting and new, I'm willing to do it for $1,200 dollars a day. For only $1,200. >> Only 12, a bargain. >> I'll come down to $1,200. >> [LAUGH] Exactly, cuz a bargain price for me. >> Okay? >> And then she said oh, okay. And then she hung up the phone. >> Yeah? >> And immediately, about 30 seconds later, she called back. And said okay, no problem, you're approved. >> [LAUGH] >> So, you got 1,200? >> No, they actually increased it to $1,500 a day. >> Even more than you asked? >> Exactly. And I think that they were so keen on closing the deal with the cast that they chose that they wanted to make sure I was for sure interested in staying. >> Okay, you think you could have gotten more than 1,500? >> I think so. >> Yeah? >> Yeah. And I was kicking myself a little bit later but I didn't know, I didn't ultimately know what they were all gonna offer, so I think that was pretty good. >> It's probably, you're not gonna get paid more than the star. You could have gotten more than 1,200. >> But I don't know if they were saying the truth about the star. >> Okay. >> That's the thing. I don't think so. They positioned it like, oh wow, you're getting a third of the star, how could you ask for more, [LAUGH]. So I don't think so, that's why I think- >> You could've maybe gotten maybe even more still. >> I believe I could've gotten more. At that point, I was $1,200 per day above my reserve price, and there was something to lose. And if they were telling the truth, then I'm getting paid as much as the principal, which is amazing. >> So, at this point, it's risky to keep on pushing it. >> Right. >> And you're pretty happy. So, great! You do it, tell us about the experience. >> Yeah, it was really interesting. It was a really big production. I didn't realize it was going to be something like this. They had trailers and the movie stars had food out on tables. It was quite exciting, and there were a lot of extras as well. I felt like a movie star. There was a principle, people were doing my makeup. It was incredible. I got a manicure as well, which was weird and interesting, haven't gotten one of those before. >> [LAUGH] Okay first time for everything. >> They were, they wanted to take a shot of me reaching for the cognac, so I guess my hands were. >> They've gotta be perfect. >> Yes they had to be important, so it was two days, and it was interesting, I definitely thought it was an interesting experience. The other actors, one of which acted on Broadway, one of which is on Coke cans in Singapore, and the girl that's on the set, she used to be in soap operas in Japan. Her agent actually asked me to be part of his roster and I said no, cuz I have- >> You have a life. >> [LAUGH] I have things to do. So, but yeah, overall it was a very exciting and interesting experience and I'm really glad that again. >> It all worked out. >> It all worked out yeah, so. >> So, all right so how much in the end would you say this negotiation gained you? >> So for me initially the offer was $1,000. And I got three, so I feel I got 3X. >> 3X? >> 3X, which is not bad. >> Yeah. >> Considering it's, all it is is a couple of words, right? So- >> Couple of words and a phone call. >> And a phone call, yep. >> Okay. Let's go and show folks the video, and what I'll ask is that you point out where you appear. >> Sure. >> Okay. >> So, this was shot in the Lotus Club in Manhattan. And here I am in back over here. And here I am again in back, you can't really see me very well. They really got their money's worth out of selecting me and paying me a lot of money for this. And here I am again in back. And very sophisticated cell phone, as you can see. And the most amount of time I spend on screen is here, nice and blurry. The manicure went to good use, but it's very important for you guys to know that, if you need a commercial shoot, call me, I'm available. Price is negotiable though.