Unlock Search Success: Have you been turned down by a broker or seller?

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by a searcher from Pennsylvania State University
in Philadelphia, PA, USA

2yrs ago

Unlock Search Success: Have you been turned down by a broker or seller?

I was recently turned down by a seller. No opportunity to even evaluate the CIM.

This experience got me thinking… how do we stand out from the rest? How are independent searchers perceived by the top brokers and/or sellers? While there are some obvious steps we can take to improve optics, like developing a professional looking website with a nice email address, I've noticed that often once you do a "double click" on that website you find out there just one person.

I think my profile is good… I'm a business owner (through acquisition) in the value-based healthcare field seeking opportunities directly related to my industry knowledge. I have an independent sponsor, advisors, and a co-founder (Dr. Reinert - aka my wife). But I still get turned down for the higher quality deals, often before even seeing the CIM.

So… think it's time to leverage this community and do an informal survey. I would like to see if there is interest in forming an investment and/or acquisition group. Pooling our talent and resources will likely only help us all. Here are a few ideas on how this might work. If you are interested, let me know in the comments and I'll reach out.

Basic Structure:

• Official Legal Structure: The investment and/or M&A group would come together under a legally recognized entity, providing a solid foundation for our collective efforts.

• Establish a Distinct Brand: We would create our own website and brand to showcase our combined expertise and capabilities.

• Complementary Skillsets: Ideally, we would recruit individuals with diverse skill sets, including legal expertise, M&A experience, business ownership, industry knowledge, marketing skills, and more.

•Individual Autonomy: While we collaborate as a group, each member would have the freedom to pursue acquisitions or investments independently.

Benefits:

• Wisdom of the Crowds: By leveraging platforms like a dedicated Slack channel, we can tap into the collective intelligence of our group, sharing insights, discussing deals, and exchanging searching ideas.

• Enhanced Appeal: With a group comprising multiple professionals with differentiated skills, capital, and connections, we can present a stronger value proposition to brokers and sellers, elevating our credibility and attractiveness.

• Additional Perks: Are there any other benefits you envision? Let's discuss and explore additional advantages this collaboration could offer. If you find this idea intriguing, please let me know by expressing your interest. I am eager to reach out and discuss further with those who share a similar vision.

If you find this idea intriguing, please let me know by expressing your interest. I am eager to reach out and discuss further with those who share a similar vision.

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reply by a searcher 2yrs ago
from Rice University in Houston, TX, USA

I like what you're saying here, but on the topic of silver lining - I've come to appreciate when this happens for the time it saves me and the seller. I've been rejected a few times up front based on certain businesses up front knowing SBA wouldn't approve, or that they felt the background and/or personalities didn't mesh well between me and the seller. It's frustrating, but it's a bit more common when you're going through brokers. I discussed this with a broker who was very candid. They see influxes of emails at certain times of day, after heavy traffic periods or holidays when people are in the office and are thinking being their own boss would save their mental health, etc. There's just so much noise they receive and they are heuristically trying to save their time as well, so I cut them slack. If it's interesting enough for me to want to know more and I'm not just casting a wide net for the sake of finding a deal, then I'll push harder..

I agree with your comments though about relevancy and professionalism, but some of the sellers aren't looking for a professional group to take over their pride and joy, so you have to just weigh the pros and cons and each persons mileage may vary. Not trying to be flippant, just throwing a balanced view to the discussion.

reply by a searcher 2yrs ago
from Pennsylvania State University in Philadelphia, PA, USA

^redacted‌ - tagging to increase visibility.