Prospecting: Choosing Methods That Work for You

Prospecting: Choosing Methods That Work for You

Last week’s webinar was the third part of our six-part series with Glen Cooper, Founder & Managing Partner of Colorado Business Brokers. In this third part, “Prospecting: Choosing Methods that Work for You,” Cooper covers some key points on how to tackle prospecting for maximum results. His tips and observations are based on decades of proven experience. This webinar, which can be accessed here, includes a range of sage advice and actionable steps that business brokers and M&A advisors can take immediate to improve their prospecting results.

Calling Prospective Clients

Cooper believes that while prospecting can be hard, it’s necessary for those in the brokerage industry. In particular, Cooper feels that business brokers and M&A advisors must commit to making personal calls directly to seller prospects. He addresses the fact that picking up the phone and calling prospective clients, day in and day out, is not the easiest road. However, he has some interesting observations and thoughts on this point. Cooper noted, “My philosophy is to not do what you love, but learn to do, to learn to love what you have to do. Everything in life can be made an artform. And there’s no exception to that.”

The Benefit of Being Proactive

Prospecting is vital to the survival and success of a business broker. The reason for this, as Cooper states, is that you don’t want to wait until the phone rings and you have no choice but to take the prospect on the other end of the line. You don’t want the desperation to set in. Instead, you should be very proactive.

A failure to be proactive means, as Cooper phrases it, that the “market chooses you.” By integrating prospecting as a core part of your business, you are effectively making a decision about what is best for you and what interests you the most. In short, prospecting empowers you to choose your market before your market chooses you.

Incorporating Overarching Strategies

There is a strategy behind prospecting. Cooper points out that prospecting must be integrated into your overall business approach. But prospecting isn’t a strategy that can be done sporadically or “when the need arises.” Instead, prospecting needs to be done consistently. This is true for a variety of reasons. One reason that prospecting must be performed on a daily basis is that it takes time to build up your prospects. A daily approach will keep your workflow steady and safeguard against burnout. Cooper states, “You have to prospect on a regular daily basis for the rest of your career. And the only way to do that is to start small and get some quick wins.”

In our next article, we’ll examine Cooper’s thoughts on how to implement prospecting. Equipped with the right strategies, Cooper firmly believes that business brokers can enjoy consistent success even in demanding times.