Put bluntly you do not have time for “ tyre kickers “, competitors who “ just want a look “ or any other time wasters. You want to spend your time with seriously interested people and only with seriously interested people. Experienced M & A people, like experienced car salespeople, know how to weed out the “ tyre kickers “ from the serious punters.
Obviously there may need to be some clarification of The Teaser, some questions answered and some selling of the company but then it is largely Qualify, Qualify and Qualify again.
Is it a good fit for them ? Why is it a good fit for them ? Are they in buying mode ? Do they have an acquisition war chest ? Can they raise money quickly ? How ? Who will make the decision ? ( Is there a long decision making process, loads of shareholders etc ) Who would come to the presentation ? Have they got the time for this ?
When you have ticks in most of the boxes you can start considering the a “ hot prospect “. Then you can start to re-order your database with hot prospects at the top and those less so further down.
Typically the people most appropriate and most interested rise to the top.
Thos that you decide have serious intent will be the ones that will receive the full sales proposal.
This blog post is a part of a series of posts describing The Sales Process – you can access the other parts of the series from the links below:
- Making the decision
- Alternative Options to an exit by trade sale
- Getting ready to sell
- Finding an M & A Adviser – The Beauty Parade !!
- Who/where are the buyers
- “The Teaser”
- Prioritising Interest
- The Sale Document – your greatest ever sales proposal
- Negotiations and Heads of Terms
- Due Diligence
- Closing the deal
- Objective Parties