Business Valuations

[David Morrison]

Interested in getting some feedback from anyone who's tried this. I'm planning on tapping into the Small Business Market next week, using Business Valuations as a steppingstone to get my foot in the door. These businesses will be cold called, offering a complimentary Valuation, and a Fact Finder will be completed during the initial meeting, to determine other potential needs. For the business or personally.

Has anybody had any success trying this?

 

[Markthebroker]

I'm a commercial insurance broker. From personal experience, your time will be much better spent walking door to door with business cards and introducing yourself.

If you are any good at canvasing, you'll be shocked at how effective this is.

 

[rmhaire]

Why shoot yourself in the foot?

Most business owners have a general idea in their head what their business is worth. And you're certainly not going to do many valuations on the initial sales call. They're more concerned with how they are going to make payroll for this week.

Try this: Take a few business cards and a brochure if you have one and a legal pad. Walk in, introduce yourself. Then ask him if you can ask him a question. He'll say yes. They always do. Here's the question: If I wrote you a check for a million dollars, what would you do with the money?

Most are going to give you a smart ass reply. Ask it again. They answers you get will be his pain points. And that's the area you need to concentrate on.

As you're leaving, pull up a quick term quote on your phone for his approx age and say BTW here's what a million dollar term policy would cost you. Then leave and call him back a few days later.

 

[David Morrison]

If I wrote you a check for a million dollars, what would you do with the money?

I like that

 

[Markthebroker]

Then ask him if you can ask him a question. He'll say yes. They always do. Here's the question: If I wrote you a check for a million dollars, what would you do with the money?

I dunno. I've been selling to business owners and investors for over 20 years, and they are getting pitched all the time, and are generally pretty sharp and sophisticated. If they're not, they're out of business pretty fast. That's a heavily loaded question that anyone with any business sense will see a mile away.

That's a pretty salesy line that may work on the general public. It would not work on me (people have tried it, and I shut them down immediately) and I don't see that working. It may work, who knows. I just don't see it - not with business owners.

Maybe I'm wrong. Go out there and canvass and try different things. Maybe you'll prove me wrong. Maybe you won't. But, if you get out there and try stuff, you'll see what does and doesn't work for you.

 

[rmhaire]

I dunno. I've been selling to business owners and investors for over 20 years, and they are getting pitched all the time, and are generally pretty sharp and sophisticated. If they're not, they're out of business pretty fast. That's a heavily loaded question that anyone with any business sense will see a mile away.

That's a pretty salesy line that may work on the general public. It would not work on me (people have tried it, and I shut them down immediately) and I don't see that working. It may work, who knows. I just don't see it - not with business owners.

Maybe I'm wrong. Go out there and canvass and try different things. Maybe you'll prove me wrong. Maybe you won't. But, if you get out there and try stuff, you'll see what does and doesn't work for you.

I started using that question back in the family market back in the 70's. It always worked. Started using it with business owners as far back as the 80's. It always worked. The only difference was way back then I used $100,000 instead of a million. Nobody thought in terms of a million back then.

Does it work? I don't know. Maybe the several hundred or so clients I have didn't understand the question.

 

[Markthebroker]

I started using that question back in the family market back in the 70's. It always worked. Started using it with business owners as far back as the 80's. It always worked. The only difference was way back then I used $100,000 instead of a million. Nobody thought in terms of a million back then.

Does it work? I don't know. Maybe the several hundred or so clients I have didn't understand the question.

Well, there you go. It worked for you. Maybe it will work for the op. I would never be able to say that with a straight face.

 

[adjusterjack]

As you're leaving, pull up a quick term quote on your phone for his approx age and say BTW here's what a million dollar term policy would cost you.

"You wouldn't be writing me the check. I'd be dead."

At least he'd be talking to you and that's what every salesman wants. The more the prospect talks, the closer you are to the sale.

 

[Mike Siegal]

Why shoot yourself in the foot?

Most business owners have a general idea in their head what their business is worth. And you're certainly not going to do many valuations on the initial sales call. They're more concerned with how they are going to make payroll for this week.

Try this: Take a few business cards and a brochure if you have one and a legal pad. Walk in, introduce yourself. Then ask him if you can ask him a question. He'll say yes. They always do. Here's the question: If I wrote you a check for a million dollars, what would you do with the money?

Most are going to give you a smart ass reply. Ask it again. They answers you get will be his pain points. And that's the area you need to concentrate on.

As you're leaving, pull up a quick term quote on your phone for his approx age and say BTW here's what a million dollar term policy would cost you. Then leave and call him back a few days later.

Why Term... ??? (term is good for beneficiaries, not the insured).

Why not Universal or Whole Life (depending on their age)?

Term...makes no sense for business owner (unless he has newborns)

 

[rmhaire]

Read it again. I never said anything about selling him term.

You're going door to door. You've known the guy for all of five minutes and you don't know jack about him or his business. And he doesn't know jack about you.

Why term? Because it's cheap. And all you're doing is planting a seed. That's why you ask permission to get back to him.

A 40 yr old male N/S can get a million dollar 10YRT for under thirty bucks a month. Dirt cheap. By comparison, a million dollar UL would run over $500 a month. Which one is he going to think about the most.

Let him sleep on it for a few days and then get back to him. I already know that he thought about it. Maybe a little or maybe a lot. I really don't care.

What I posted was about marketing. Not selling.