Archive for the ‘Franchise Business Opportunity Articles’ Category
VR Business Brokers Tips – How To Prospect for Businesses For Sale
Knowing How to Prospect Effectively for Businesses For Sale
A successful business intermediary will always meet business sellers and build a strong listing portfolio through using six essential methods of prospecting:
- Personal call;
- Telephone call;
- Direct mail;
- For sale by owner (FSBO);
- Referral;
- Centers of influence (attorneys, accoutants, etc.).
It has been proven that the most effective approach to prospecting is by utilizing a combination of personal and telephone calls with direct mail. The important point to remember when performing this process is the timing and follow-up elements. This is how you will be able to produce results. Selling businesses is not a one-call profession. To be successful, you must do so through multiple conversations with an owner. This is based on the steps of a business owner’s “Ownership Cycle.”
Understanding the “Ownership Cycle”
To correctly prospect, you have to understand that every business owner moves through an “Ownership Cycle.” There are three main phases: Building – focusing on growing the business; Plateau – the business has its momentum; and Selling – deciding to do something different with career.
In each area of the “Ownership Cycle,” you need to determine which phase the business owner is currently in, and when to follow up next. As a business intermediary, you should be introducing each owner to VR as early as possible. This will work beneficially towards both the seller’s and your common goal: a successful transaction.
Every VR office should be fully utilizing their tools available on the VR WebManager (only available to VR Business Brokers).
You can find the professional resources you need to prospect in the following categories when you login:
- Build your customer base;
- Build your listing inventory; and
- Build public awareness.
VR offers extensive training to all of the VR Business Franchise owners. Through the VR training specific methods and techniques on every aspect of being a successful business broker are covered in full detail.
For information on how to open a VR Business Brokers Franchise office, please call (800) 377-8722 or visit Owning your own VR Business Franchise, also visit VR on Facebook at VR Business Franchise Facebook Welcome page and VR Franchise Facebook Updates.
How To Be A Successful Business Broker
Hundreds of articles, primers, books and opinions have been written on “HOW TO BE A SUCCESSFUL BUSINESS BROKER”.
The basic answer is very simple, it requires working hard and working smart!
Yes, we know everyone considers themselves a “hard worker” as it may very well be, but it really takes hard work and plenty of wisdom and street smarts to be on top of the heap in this business.
Success begins with a plan. It’s important to develop a keen business plan from the start to make sure to stay on the right track to success. After all, you are in your own business as an independent contractor, and how many businesses are you aware of that do not have a definitive business plan. Formulate your plan and diligently work your plan by tunneling your efforts with the right tools and resources made available.
Surround yourself in a work atmosphere that provides a good quality work environment like that found in a VR Business Sales office (see link at end of article). All the resources are readily at your fingertips. Each VR office owner has proven career successes combined with a deep rooted entrepreneurial spirit that create an aura of excitement to be around. If you maintain the same deep rooted enthusiasm and creative deal making skills as the owner with whom you affiliate, your own successes will prevail.
Continually develop strong business relationships and prospect every day. Every person you meet will eventually consider selling or buying a business, when they do, it will be you they think about first. Develop centers of influence and referral networks. Focus on your needs and work your plan to accomplish on what you expect to get out of the business. You will only get back what you put in to the business; work a true forty hours per week and make every minute productive in obtaining listings. Good saleable listings must be kept foremost in your mind by establishing solid criteria of what you and your office are willing to work on. Only work on Sole and Exclusive Listings that are priced right.
Know your success ratios and work your ratios every day. These are good management skills that will pay off in the long run. You should know how many prospecting calls you need to make to attain your listing goals as well as how many buyers you need to speak with to get an offer. If fifty per cent of the offers you write do not go into a contract you are doing something wrong and need to start from the beginning analyzing your practices, work-habits, taking responsibility for your practices. Every two contracts should have a conversion ratio of one closing…Pay Day!
All aspects of the industry must be taken seriously and constant education in your field of endeavor by taking courses and attending seminars. Read anything related to the industry and regularly take motivational and self-help courses. Master negotiation skills and fine tune your skillset. Always do the right thing. Don’t procrastinate, there is no perfect situation.
By preparing for every situation prior to the engagement appointment to first time buyer meetings, you will demonstrate a command of presence for which you will always be recognized. Be a peer to your client and customer contacts, explain in one statement why you are the one to work with and what you bring to the table. Thinking outside the “box” will make you a deal maker standing ahead of the pack as you mature in the business.
Continually pay attention to the basics, be responsive and stick to your objective:
Make money
Meet People
Join Organizations
Ask for Referrals
Contact Sellers Regularly
Delegate as Much Computer Work as Possible
Practice Healthy Living by taking time for yourself and family.
Always think positive, think big and think Valued Representation.
VR Business Sales and Mergers & Acquisitions provides the best opportunity for having a successful business brokerage office of your own.
For more details please contact our Director of Franchise Development at 800-377-8722
or visit http://www.vrbusinessbrokers.com/franchise/VR-Franchise-Opportunity/VR-Business-Franchise.html
or http://vrbusinessfranchise.com/360/vr-business-franchise-opportunity-details/
Understanding How To Find and Buy The Right Business
Understanding Your Strengths and Weaknesses before Buying a Business
by Peter King, CEO of VR Business Sales
Finding the Right Business for You
by JoAnn Lombardi, Pres. of VR Business Sales
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About VR Business Sales
VR Business Sales is the world’s premier business intermediary firm. With a combination of global strength and local experience, VR’s 30 years of successful business sales through Valued Representation, is the reason more and more business buyers and sellers demand our proven skills and resources to help them succeed in an increasingly complex market.
VR offers the best opportunity for owning a successful Business Sales Brokerage.
Contact our Director of Franchise Development at 800-377-8722 for more details about owning your own VR Business Sales Franchise Office.
Franchise Business Opportunity Articles
BUSINESS FRANCHISING OPPORTUNITIES
FRANCHISE OPPORTUNITIES – BUYING A FRANCHISE
FRANCHISE OPPORTUNITIES
Read further…
BUSINESS FRANCHISE OPPORTUNITIES
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VR Has Sold More Businesses in the World Than Anyone. ®