It is common for a business owner to comment about how many times they have been approached about selling their business, particularly if it is a successful one. So in the not-for-sale market of M&A, how do you as the buyer break through the noise and competition?
Recently we had a client looking for a strategic acquisition, and as we sifted through the short list of attractive prospects we ran into an owner that simply would not return our calls about their interest in selling. After numerous tries we sent him a letter explaining our intention, why his company was an attractive strategic fit, and that we would appreciate a moment of his time to further explain our client’s intentions. Within a day the owner of the prospective company called and shared with us that he receives calls weekly about selling his business, and the reason he was returning our call was because he appreciated the fact that we had done enough homework not to waste his time.
What this story shows us is what we already know – owners’ time is precious. Have a well-crafted story about how you see value in their business and a plan to carry on a company that they care about.