Best to start networking w/ brokers before beginning search?

August 21, 2020

by a searcher in Cleveland, OH, USA

Going to kick off a self-funded search in 3-4 months, and looking to lay the groundwork as much as possible before beginning. Is it worthwhile to begin having coffee/phone calls with intermediaries at this stage in the game, or do they prefer to focus their time only on buyers immediately looking to close?

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Reply by a searcher
from Rice University in Houston, TX, USA

I think it is a worthwhile effort. Some brokers will be less interested to take the call, but overall this is a big opportunity to demonstrate you are a serious investor. I would emphasize the importance of having your target-criteria clearly articulated and reaching to brokers/intermediaries that specifically transact in the industries you are targeting, they are more likely to see the value of "greasing the skids" before you are actively searching.

Reply by a searcher
from Harvard University in Omaha, NE, USA

Based on my experience--albeit many years ago--don't be surprised if brokers ignore you. They want to talk to people who can do deals now because they're trying to make money now. They may say, "Nice to meet you. Come back to me in four months when you're actually in the game."

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