Best way to source deals (letters and emails not working)
September 16, 2022
by a searcher in Austin, TX, USA
I have been trying various things for the last 6 months My emails and postal letters are not getting much response. I am also active on LinkedIN and sending tons of connections to increase my network, but no seller except for startups.
What else are you all doing to get more great deals?
Sandeep
from Tufts University in Jersey City, NJ, USA
2) Not all email campaigns are created equal. Do A-B testing to see what parts of your messaging are and aren't working.
3) Make sure to check that your emails aren't dropping into spam. Too much volume of outreach or poorly structured emails (lots of images, hyperlinks, etc) will cause you to get picked up by spam filters.
4) When contact points do convert into solid leads, make sure to ask them why! Figuring out what parts of your messaging are and aren't resonating is key to improving conversion.
5) Not everyone was born to be a salesperson. If you're getting owners on the phone but not converting sales, maybe you need someone who has that skillset to help you, whether as an employee or a co-founder.
6) Build a structured outreach process with periodic touchpoints. Until someone responds that they're not interested, that's still a possible lead - just because you didn't hear back from your first round of outreach doesn't mean you won't on the 3rd or the 6th. Often it's all about someone hearing your message at the right time when they're in the right mindset to consider selling. If you're only reaching out once, your chances of aligning with that "right time" are low.
7) Brokers are a valid option if you're struggling to source opportunities on your own. As a downside, brokers will push for premium valuation. However, they can get you directly connected with sellers who are serious about the process and (good, experienced) brokers can be valuable intermediary to ensure you get what you need in a timely manner for the diligence and legal process which will increase your odds of converting from LOI to sale.
8) Why you? You need to come up with a clear and convincing value statement that you can enthusiastically communicate to owners when you do get them on the phone. Sellers typically have an emotional connection to the business that they worked hard to build and don't want to sell it to just anyone. Why is the business going to be in better hands with you than some other buyer?
from The University of Chicago in Louisville, KY, USA