10 Aug How Brokers Can Better Prepare for Client Meetings
We cannot emphasize enough the tremendous importance of preparatory work when it comes to buyer-seller meetings. Your goal should be to shape and mold the meeting well in advance. Let’s take a look at some of the suggestions that expert business broker Jim Parker had to share with us.
Step #1- Properly Assess Your Buyer
First, you absolutely must get to know buyers and what motivates them. Parker usually has long conversations with buyers at the very beginning of the process. In these conversations, seeks to determine several key facts about the buyer such as: Are they financially capable of buying the business? Where is their money coming from? In the event that they need to get a loan, what is their credit score? Do they have the necessary licensing? Do they have the experience necessary to own and operate the business in question? Answering these questions will give you a better understanding of what kind of business is optimal for the buyer.
Step #2- Meet in Person When Possible
Another step that business brokers should take is not to over rely on emails. Parker’s view is that business brokers send far too many emails to all involved parties. Obviously, emails are necessary for certain aspects of business; however, emails fail to build relationships and rapport between business brokers, buyers and sellers.
Zoom is a little better, but even a video call is still not as good as a face-to-face meeting. With so much business being conducted via email, and to a lesser extent phone calls, meeting face-to-face helps to underscore the importance of the work at hand. Phrased another way, face-to-face meetings can both build rapport and subtly indicate that you are taking the process very seriously.
Step #3- Deliver a Hard Copy in Person
Parker’s third key point is that many business owners tend to be on the older side. In general, business owners often appreciate having a hard copy of materials delivered in person. This will be much more effective than sending everything digitally. This third point builds upon the second point, as it indicates the value of meeting with people in person.
Ultimately, so much of what a business broker does centers on proper and thorough preparation. It is critical that business brokers place themselves in the shoes of all participants involved and continually ask themselves, “If I was the buyer or seller, what would I want out of a business broker and what would I want out of the buyer-seller meeting?”
Answering this question will give you clarity as you move forward and interact with buyers and sellers alike. Understanding the perspectives, needs, wants, fears and limitations of your buyers and sellers will help you to facilitate the best possible buyer-seller meetings. Preparation makes all the difference.