11 Oct Inventing Story Where None Exists: Engaging Visionary Buyers!
In last week’s webinar, Glen Cooper, who has been a business broker since 1979, discussed the importance of storytelling and how it applies to being a success in the realm of business brokers. Entitled “Inventing Story Where None Exists: Engaging Visionary Buyers!” this webinar is the 4th part of “Glen Cooper on The Nuts and Bolts of Selling a Business.”
Are You a Storyteller?
It is Cooper’s view that business brokers and M&A advisors simply must learn to also be storytellers. Now, he acknowledges that many will dismiss this notion as being a key aspect of being a successful business broker. But in Cooper’s perspective, strong storytelling skills are essential.
As he points out, humans learn through storytelling. It is through storytelling that we organize information about the world. In short, storytelling is an exceptional way to learn lessons in life and a great way to frame information about a business to sellers. It is Cooper’s view that storytelling is so essential to the craft of the industry that he believes business brokers should read books on how to become better storytellers.
Begin with the Facts
Everything begins with the financials, in short, the facts of the business. You must interview the seller to get and then verify those facts. Once that information has been gathered, it is possible to begin to create a story. That story can be presented in many ways, including your confidential business review or confidential information memorandum.
As Cooper notes, “The big picture for this entire seminar series is that when you create your marketing presentation for the businesses you list, you need to be thinking about a story. And you need to think of the elements of a story and how to craft them.”
Decisions are Guided by Emotion
Good stories grab the imagination and enable people to expand their definition of what is and is not possible. When buyers are considering buying a business, it is important that they can picture themselves as being the hero that transforms that business and takes it to a new level.
It is through storytelling that you can motivate buyers and sellers alike. While many, if not most, buyers and sellers may think that when it comes to business, they are cold and methodical like a reptile on the hunt, the truth is more complex. Human emotion always comes into play. It is no accident that well-crafted stories, with their power to motivate and guide, play a role in the art of buying and selling businesses.
In our next article, we will further explore Cooper’s take on the power of storytelling for business brokers and M&A advisors. It is critical to remember that stories have the power to motivate and that it is through motivation that all change and progress takes place.
