M&A Sellers: Get to the Point in Your First Target Call
M&A involves a generally accepted process that Buyer and Seller follow step by step. But that doesn’t mean the process rockets in a straight path from start to finish. In reality, it can meander to and fro.
The reason is simple: People. People (even acquisitions-minded executives) have a lot of things going on in their minds. Yes, many Buyers are waiting to hear from potential sellers, but they’re not literally staring at the phone for eight hours a day. They’re probably not expecting your call at that exact moment, so their minds are elsewhere — on yesterday’s missed putt, Junior’s suspension from school, whatever.
When you get this person on the phone, get to the point. Give him the basics in an objective manner. Providing more detail and color than necessary at this juncture simply reduces the odds that your phone buddy will be able to cut through the mental clutter in his brain and pick out the important facts of your rambling rant.
Don’t re-create history; your phone buddy doesn’t need to hear a recantation about the invention of the Internet or how your specific industry developed. He needs to learn what he doesn’t know: details about your company and the opportunity you’re presenting.
After you establish the interest level of the potential Buyer, you can delve into detail and provide color, tell jokes, and you know, have a real conversation.