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Reply to WHAT? Another Cold Calling Bus Owners Thread?     
Old 05-05-2017, 11:56 AM   #1
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WHAT? Another Cold Calling Bus Owners Thread? WHAT? Another Cold Calling Bus Owners Thread?
Hey folks! My first actual post besides my Intro post.

I see a LOT of threads here about the subject of CCing, especially SBO's, but all seem to focus on P&C or Group benefits. Has anyone had success cold calling SBO's for things like Business succession planning or advanced life insurance and DI concepts? If so, any tips, scripts, etc?
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Old 05-05-2017, 12:33 PM   #2
DHK
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WHAT? Another Cold Calling Bus Owners Thread? Re: WHAT? Another Cold Calling Bus Owners Thread?
I'll tell you that "the 5 ways out of business"... doesn't work - at least not for me.

The 5 ways goes something like this:
"Mr Big, you're in business today. One day, you'll be out of business, one of 5 ways: death, disability, retirement, voluntary sale, or bankruptcy. My job is to help you do any of these 5, at maximum profit for you. When can I come by to show you the work I do?"

While it is technically correct, I found that it confused more people. Some even thought I was a 'business broker' looking to sell their business for them. The problem with it was that I was trying to convey too much too fast. Remember that business owners are focused on their business, and if you throw too much at them when they are not expecting it, they won't listen to you. Plus, it's too easy to ignore you and your message than it is to address problems that they may not even admit that they have.

I believe the business market is best DRIPPED on with one concept at a time along with a telephone follow up. Then, when you meet, take only 15-minutes to explain the concept of the month, or whatever it is they are interested in learning more about. You can find some "plain vanilla" newsletters here:
Newsletters

Business owner planning usually isn't "comprehensive", but modular - doing one thing at a time, one concept at a time.

Ed Morrow talks about working the business market via seminars and charging non-RIA business planning fees. He also talks about easing into the business market over time with only a few hours a week. You may find this presentation helpful.

You Tube

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Old 05-05-2017, 02:34 PM   #3
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WHAT? Another Cold Calling Bus Owners Thread? Re: WHAT? Another Cold Calling Bus Owners Thread?
Originally Posted by DHK View Post
I'll tell you that "the 5 ways out of business"... doesn't work - at least not for me.

The 5 ways goes something like this:
[I]"Mr Big, you're in business today. One day, you'll be out of business, one of 5 ways: death, disability, retirement, voluntary sale, or bankruptcy. My job is to help you do any of these 5, at maximum profit for you. When can I come by to show you the work I do?"
Don't think I need any help with the fifth one... I can do that just fine all by myself..
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Old 05-08-2017, 08:31 AM   #4
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WHAT? Another Cold Calling Bus Owners Thread? Re: WHAT? Another Cold Calling Bus Owners Thread?
In Florida they are called 2-20(P&C) and a 2-15(L,H&A)...not everyone is carrying both, in fact many carry one or the other I am finding.

I think it is obvious that leading with the 2-20 is going to get you in more businesses or past the front door. now a savvy 2-20 agent will align themselves with a few key folks that help round out many needs of the owners.

Example...I am teaming with a payroll company where the owner is a former ADP employee and he offers a great alternative for many owners who cringe at the name ADP. When I wrap up their commercial insurance needs I like to ask how they feel about ADP, those who roll their eyes and let out a sigh, I hand them his card and tell them to expect a phone call. Now I am also potentially saving this SBO more money...it just tightens up what I already am doing for them.

Next it's time for the Life Ins talk and the "Exit" Strategy and all that jazz. Finding a group of folks you can actually trust is also helpful. Also sometimes it isn't an easy 2 way street in the beginning. You might have to give a lot at first in order to get to where you truly want.

This Monday Morning pep talk has been brought to you by the Electric Company.
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Old 05-09-2017, 08:08 PM   #5
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WHAT? Another Cold Calling Bus Owners Thread? Re: WHAT? Another Cold Calling Bus Owners Thread?
You should focus on Key Man, Executive bonus arrangements and funding Buy/Sell agreements. Then start networking with the lawyers and accountants who work with your clients on the first one.
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Old 05-09-2017, 11:48 PM   #6
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Thanks for the responses!
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