By Chris Mennel, audit manager, Alerding CPA Group |

Millions of people have tuned into ABC’s “Shark Tank” to see whether amateur and experienced entrepreneurs can land a deal with one of the millionaire or billionaire sharks. We may watch for the entertainment value; but after seven seasons, there are real-life lessons to be learned.

In fact, selling ownership in a company isn’t much different than pitching an idea to a new program partner, potential donor or board of directors. To be effective, you have to know your numbers, be direct and exude passion.

Here are six important lessons that Shark Tank negotiations have taught: