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To properly ask for a finder's fee, it's crucial to establish clear agreements upfront. The speaker emphasizes the importance of having a set document, referred to as an "overlap agreement," that outlines the terms. This document specifies the percentage to be received if assistance leads to a successful connection or deal closure. The idea is to ensure both parties understand the compensation structure before any actions take place, preventing potential misunderstandings later on. The speaker shares personal experiences of losing significant amounts by not asking for a finder's fee, highlighting the value of taking this proactive approach.