Hello Phil, Many business owners are baby boomers close to retirement age. What are some off-the-beaten-path centers of influence we can leverage to reach them? – Megan, Houston
Hi Megan, Brilliant question. Financial advisors typically focus on traditional centers of influence (COI), such as estate attorneys and tax accountants. They are proven and highly sought after. However, others options exist and should be explored.
Here are COI suggestions of those “in the know” that a liquidity event is imminent.
1. Business Brokers
Front-line engagement with the selling business owner.
2. Business Coaches
Trusted advisor to the selling business owner.
3. Business Valuation Consultants
Engaged early with the selling business owner.
4. Accountants and Attorneys
Firms with M&A practices.
5. Private Equity
Buyers of businesses (thus creating liquidity events).
While this isn’t an all-inclusive list, these will get you thinking. Let us know how it goes.
Have a great day, Phil
P.S. As a bonus, all these COI suggestions also could be potential clients for you.
“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at firstname.lastname@example.org.