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To properly ask for a finders fee, it's crucial to have a clear agreement in place. The speaker emphasizes the importance of an "overlap agreement," which outlines the terms upfront. This document specifies the percentage due for finding a connection, and a separate percentage if the deal is successfully closed. Establishing this agreement before any actions are taken makes it easier to ensure you receive the compensation you deserve. The speaker reflects on past experiences where not asking for a finders fee resulted in significant financial losses, underscoring the value of formalizing such arrangements.