Does anyone have a good proprietary outreach script?
July 25, 2024
by a searcher from Lousiana State University in Baton Rouge, LA, USA
Self explanatory! :)
Looking for a good script for proprietary outreach both direct and thru intermediaries (CPA, FA, etc.). Deal flow via brokers is fairly sparse in my geo.
Thanks
Jordan
from Wesleyan University in Granville, OH, USA
"I'm envious of ^Anthony Fiedler because my buy-side work (typically for corporate clients) has a ratio >100:1. Now, we're probably doing quite different things. I usually search specifically to fill the strategic needs of an operating company, so the definition of fit is often very narrow. However, I agree with his answer to use "all of the above" outreach channels. For me it's not so much that I don't know where the deal will come from, but that I don't know how the owner communicates. The contact method is really secondary (which is why I use all). Do your homework before you reach out, know exactly what you want to say about why you're interested in their company. It's time consuming, something like 5/day is what I can do when I add up all parts of the process. For an outreach cadence read up on outbound sales processes. This is exactly the same thing just with a different message. There are two components that largely determine response rate and that is your messaging effectiveness x industry proclivity to sell. The key to the messaging is in succinctly giving the owner a clear, genuine reason why they should hear you out. This has to be highly personalized. I've tried to semi-automate or do it with an offshore support team and I haven't been successful with either. My response rate has been as high as 25% over 100 targets, other times it's 2%. Since I think my messaging process doesn't vary that much, it indicates the 'proclivity to sell' factor can vary by ~10x. In some sectors everyone is a seller, and in others no one is. It varies over time for a given sector. And yes, network. Every time you go to happy hour or an ACG meeting be ready to quickly describe what you're looking for. Let people around you know."
from INSEAD in San Francisco, CA, USA
Subject: Interested in acquiring [company name] - let’s explore opportunities
Hi [first name],
I hope this email finds you well. My name is [name] and I’m a [location]-based investor looking into acquiring a local [industry] firm and [company name] caught my eye.
I don’t work for Private Equity and don't have investors or anything like that. Just a corporate guy trying to fulfill his lifelong dream of becoming an entrepreneur. My wife and I are committed to buying a business like yours and continuing its legacy for the long-term.
If you’ve ever considered selling at some point for the right price, I’d love to discuss how we might be able to work together. Feel free to give me a call at (XXX) XXX-XXXX or email me at [email].
Thank you for your time and consideration.
Regards, [name]