How to Qualify Prospects and Not Waste Your Time
At JARBLY LLC, we don’t turn anyone away (unless they are rude and disrespectful), because any prospect can become a client. However, you don’t want to waste people’s time. Few things irk me more as a founder of the company than someone wasting my time who provides me no wisdom, who is going to lead to nowhere.
So, I naturally qualify people.
People expressing interest in acquiring a business OFTEN are not serious.
They might get a fleeting feeling of enthusiasm to take something over that has cash flow in a specific space.
However, just because they are not right for this deal does not mean they are not right for another deal.
Then, there are people who express interest, ask the right questions, and disappear after they moved along.
In this business, you do not really want to get management and owners engaged for tire kickers, however when you are selling a $25 million business, expect to take a few calls and conversations with people that don’t buy. That’s just the nature of it. You are trying to get $25 million after all. It will require some effort. You must go through the process. If you are selling your business.
However we have a formulated system dialed in from Level 1 through Level 5. Level 1 is someone opting in and Level 5 is closing a deal.
How we move them from Level 1 through Level 5 is a little bit of our secret sauce.
Many M&A firms make the mistake of making EVERYONE jump through hoops to see if they are qualified.
While this may save you time, you will
A) Lose deals that could have went through because you opened the gates
B) Lose prospects that are going to be buyers in the future on other deals
You do not want to put up overly burdensome fences.
Think an entryway and free driveway with locked fences as opposed to Fort Knox Military guarding the car from getting in, in the first place.
At Jarbly we try to have the right systems in place that allow the most amount of people in to our sphere without compromising the integrity of what should be private and protected.
The Level 1’s generally stay in an email chain while the ones up the ladder get more personal time.
At JARBLY, our mission is not to keep our time to the minimum, but to move deals forward. It’s almost like many M&A firms don’t want to be bothered. While it makes sense to spend more time with the right people, you don’t know who is right if you don’t allow them in to your world.
The reality is most millionaires and billionaires are busy. We don’t expect them to fill out a lengthy questionnaire and show proof of funds immediately.
Instead, we get them out of them at the appropriate time.
At JARBLY, our mission is to get as many people as possible in to a Level 1 we can control, and then strategically move them up the ladder to an eventual Level 5.