Cold Calling/Approaching Owners
October 19, 2023
by a searcher from Brigham Young University in Salt Lake City, UT, USA
Hoping to learn from those of you who have had success approaching business owners about purchasing their off-market company: What works well in that initial conversation/outreach? What doesn't? I've had a mixed bag of results thus far, so I'm anxious to learn some new techniques or strategies.
Would love to hear from current operators as well! Thanks in advance!
from Duke University in Tulsa, OK, USA
Unfortunately in my direct outreach most owners I met were either too small, unprofitable or both. You will still deal with unrealistic expectations just like with most broker deals.
The best advice I can provide is to talk money fast. My experience is that profitable businesses owners will be open and give clues to their profitability even if they don't say exactly what it is. Owners who aren't making any money will tell you how wonderful their business is but quickly change topics when you direct the conversation to finances and drag the process out.
I know many searchers take a spray and pray approach, for instance I met someone who said their goal was to send 200 emails a day. I have never taken that approach but expect the advice to be the same.
in San Diego, CA, USA