Where is your target market?
In this brief video, Jonathan Jay, founder of The Dealmaker’s Academy reveals a couple of the top places where you can look for motivated business sellers. Jonathan also explains:
- What to say to business owners when you meet them in person
- The opportunity that trade publications offer to all dealmakers
Prefer to read this? Here’s the transcript:
Today’s tip is all about where is your target market?
So let’s say you’re in the market for buying a business.
And you’ve decided what type of business you’re looking for.
You’ve decided on the sector, the industry, the profession.
How do you find people willing to sell you their business in your target market?
There are several ways.
Let me give you a couple of the top ways of finding people in that target market.
The first is to attend trade shows and exhibitions.
Pretty much every industry has trade shows and exhibitions that you can buy a ticket to, or even go to for free, where you can meet people in that industry, and in that profession.
And the approach is this, you say, hi, I am someone who’s interested in buying a business in this sector, and I’m particular interested in people who have had enough of their business and want to move on.
Maybe they’re frustrated and tired, or they want to move abroad, or they want to spend more time with the family.
If you bump into someone who fills those criteria, someone who’s like that, then would you mind giving them my business card?
And you give them your business card.
What typically happens is a half an hour later you bump into that person again, and they say, well, you know when we were talking earlier, I was thinking that maybe we could have a coffee, because, actually, you might be interested in buying my business.
They never say that at the offset, they need to think about it, process it, and then they come back to you.
Trade shows and exhibitions is a great way to find people in your target market. Another way is industry publications. Industry publications have a subscriber list.
It’s either an email subscriber list, or it’s a postal subscriber list if it’s a physical magazine that’s sent through the post.
You can buy, or more accurate you can rent that data, and you can rent that subscriber list to send a message to those subscribers saying that you are interested in acquiring a business in that sector.
There’s two tips rolled into one.
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