Knowing How to Prospect Effectively for Businesses For Sale
A successful business intermediary will always meet business sellers and build a strong listing portfolio through using six essential methods of prospecting:
- Personal call;
- Telephone call;
- Direct mail;
- For sale by owner (FSBO);
- Centers of influence (attorneys, accoutants, etc.).
It has been proven that the most effective approach to prospecting is by utilizing a combination of personal and telephone calls with direct mail. The important point to remember when performing this process is the timing and follow-up elements. This is how you will be able to produce results. Selling businesses is not a one-call profession. To be successful, you must do so through multiple conversations with an owner. This is based on the steps of a business owner’s “Ownership Cycle.”
Understanding the “Ownership Cycle”
To correctly prospect, you have to understand that every business owner moves through an “Ownership Cycle.” There are three main phases: Building – focusing on growing the business; Plateau – the business has its momentum; and Selling – deciding to do something different with career.
In each area of the “Ownership Cycle,” you need to determine which phase the business owner is currently in, and when to follow up next. As a business intermediary, you should be introducing each owner to VR as early as possible. This will work beneficially towards both the seller’s and your common goal: a successful transaction.
Every VR office should be fully utilizing their tools available on the VR WebManager (only available to VR Business Brokers).
You can find the professional resources you need to prospect in the following categories when you login:
- Build your customer base;
- Build your listing inventory; and
- Build public awareness.
VR offers extensive training to all of the VR Business Franchise owners. Through the VR training specific methods and techniques on every aspect of being a successful business broker are covered in full detail.
For information on how to open a VR Business Brokers Franchise office, please call (800) 377-8722 or visit Owning your own VR Business Franchise, also visit VR on Facebook at VR Business Franchise Facebook Welcome page and VR Franchise Facebook Updates.