26 May What Can Business Brokers Do Right Now to Find New Opportunities?
During our latest roundtable discussion, Terry Lammers, Co-Founder of Innovative Business Advisors, proposed a rather thought-provoking question. What are the opportunities right before your eyes that business brokers can capitalize on? In this article, we’ll dive in and explore our panelists’ ideas regarding what business brokers can do during the COVID-19 pandemic, and afterwards as well. The panelists concluded that it’s possible to advantage of an array of diverse opportunities.
Lammers notes that business brokers have a very unique opportunity in that now is the perfect time to capitalize on the fact that they have the experience and expertise to be trusted advisors. The COVID-19 pandemic means that business owners are in need (often desperate need) of expert advice. There is still considerable confusion concerning the PPP and other programs.
As Lammers states, “Everyone is running to their banker…to get the PPP.” But quite often the bankers don’t know what programs are out there for business owners, how those programs function or what other kind of financial aid may be available. Summed up another way, there is a general lack of knowledge on the subject, and business brokers can prove to be invaluable in this regard.
Steve Denny added an interesting story that outlines the extent of the current possibilities and how it is important for business brokers to keep their eyes open. Recently, Denny found a new client who was a listener of our webinar. This new client hired Denny for an initial consultation and has now placed his company on retainer.
Under this retainer, Denny provides daily calls with the client and their accountant to go over various programs and review all the variables that are currently in play. Denny noted that his company now has, “a revenue stream that we would never have dreamed of…five weeks ago.” Additionally, Denny also revealed that his company has just added a second retainer client. Again, this is an opportunity has emerged since the pandemic began. It is vital for business brokers to remember that the pandemic has opened up new needs for their services. Being “on the lookout” and seeking out those new opportunities could be the difference between your business remaining afloat or sinking.
In terms of seeking out and finding new clients during the pandemic, Sarah Burden added some insightful points. She notes that it is important to not only seek out new potential candidates and clients, but also to “take the blinders off.” She cautions business brokers against being myopic. Now is the time to be open minded when looking for clients.
Burden is, of course, correct in her assertion that there could very well be plentiful opportunities if one goes on and looks with an open mind. Reaching out to businesses and offering to be a results-oriented and results-driven guide during these uncertain times will generate new clients both now and in the future. The key is to be positive and proactive and not let the pandemic get the best of you.