Experience of initial discussion with founder-owner looking to retire

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November 01, 2022

by a searcher from The University of Chicago - Booth School of Business in Minneapolis, MN, USA

I'm looking to start my own search soon. I'd love to understand feedback on ways to meaningfully reach out to a founder/owner potentially looking to sell/retire before I begin making cold-calls or start the meetings myself.

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Reply by a searcher
from BI Norwegian Business School in Laguna Niguel, CA, USA
This can be a very time consuming and difficult process, especially if the company is a target for private equity buyers who tend to reach out frequently. In my experience, the best way to reach founders is through a mutual connection which. you typically find on LinkedIn. Alternatively, use your network actively to see if they know people in the industry you're looking for. Sometimes you'll have friends who work as suppliers or customers to the industry you're looking at, so that could be a great way to gain access. Good luck.
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Reply by a searcher
from The University of Michigan in New York, NY, USA
A lot could be said on the subject but one thing I'd note is approaching the conversation as open-ended with owners who don't seem quite ready to sell. A lot of things tend to happen in life and I've seen sellers go from extremely cold to very warm on selling in a matter of a few months due to events in their lives that have nudged them towards retirement or exiting their current business - approaching the intro call in a friendly manner and keeping the door open made our positioning strong when the chips fell into place.
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