Email Template for Reaching Out to Sellers
January 22, 2021
by an member from University of Pennsylvania - The Wharton School in Tampa, FL, USA
Hi I'm an intern for a search fund looking for small-cap service companies that are selling. Anyone have a successful email template for reaching out to businesses? The more customizable the better so we can tailor the email to the business. Would appreciate any advice as well, thanks!
from The University of Chicago in Chicago, IL, USA
(1) Don't underestimate subject line, since that determines if your email even gets read. It's frustrating to spend time writing emails that nobody ever sees, so getting the subject right is a high return on effort activity.
(2) Test, test, test. A template or approach that works for one searcher may not be best for another. It depends on the industry, lead sources, types of contacts, etc. Make sure you are trying different things and tracking relevant metrics.
(3) Aim for "volume at reasonable personalization" (VARP). I first heard this concept from Lucas & Ryan. Your post says "The more customizable the better" but this is not true beyond a certain point. You want enough personalization to show interest in each target company but not so much that you severely limit your email capacity.
from The University of Michigan in Chapel Hill, NC, USA
The only time I've ever responded is when someone seems to have put some thought into the email and has a clue/thesis about the industry...otherwise if the buyer is just a financial buyer, why bother to respond? Just run a process with a broker when you're ready to sell.
I would consider batching your emails by industry at the very least - that way you can communicate that you know something about the area the business operates and won't be a waste of time for the seller.