Searcher without direct industry experience

February 16, 2024

by a searcher from University of Northern Colorado - Kenneth W. Monfort College of Business in Denver, CO, USA

I’ve had some trouble with brokers or sellers not seeming to take me seriously on deals I reach out about because I don’t have direct experience in the industries I’m interested in. .

How have folks handled this? I’m interested in industries I’ve not directly worked in but am confident I can learn quickly and adapt. For context I have a background in sales, biz development, and marketing.

Thanks!

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Replies

Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

Often times I find if you can get some sort of financing pre-approval in advance that will help brokers and sellers get comfortable. We do offer pre-approval letters both borrower and business specific if we can help there. The other thing to do is pull out the pieces of your resume that are most relatable to the industry and use those to highlight your ability to operate in that industry. Having a team or board of directors with industry related experience can work as well and them you give them a pitch deck on your team. However, in some cases if it is a very industry specific business, it might just be hard to get them comfortable. You can reach me here or directly at redacted if we can be of any assistance. Good luck.

Reply by a searcher
from Columbia University in New York, NY, USA

When you are introducing yourself, mention all relevant experience. You will always have some experience in adjacent industries or in other sections of their supply chain. Mention that you spent much time looking at businesses in that space. Have a list of prepared specific questions (industry-specific metrics, etc.). When the broker doesn't know the details you are asking about, they are more likely to arrange a call with the seller.

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