All phases of business sales stress being prepared in advance, and the Buyer Interview is no exception. Preparing psychologically in advance empowers you with an inner confidence to control the situation, rather than being controlled by the circumstances.
You have successfully handled the Ad Call and closed for the interview appointment. The first step is to mark your calendar accordingly. You should allow two hours for the interview and education process. Block out that time frame on your calendar so that nothing can interfere.
Arrive early, give yourself an hour or so to prepare, collect your thoughts, and adjust your attitude. Remember, the prospective buyer you are about to meet may be nervous. You must project confidence, competence, and consideration, helping the prospective buyer to overcome his anxiety. Eighty percent of the buyers you will meet are first time buyers. They usually experience a great deal of emotion and are fearful of the unknown.
The prospect, for several reasons—whether inheriting money, losing his job, avoiding transfer, being bored and wanting a change, or new to the area has made a decision to buy a business. Let's face it: that is a pretty big decision to make. As a matter of fact, this decision to buy a business is probably the third largest decision that they have ever made.
1. The first major decision came when they decided what their life's work was going to be.
2. The second major decision was who would be their life partner.
3. Now comes major decision #3, to take control of their own destiny. To buy a business. They are bringing their life's savings to you, a stranger, and hopes you can put them into a business that will make them successful. Feelings of excitement, anxiety, and concern are to be expected. The professional business intermediary recognizes these emotions and prepares in advance the handle the situation.
It has been said, "One cannot sell something they know nothing about." Every good salesperson recognizes that there is no substitute for product knowledge. As a professional intermediary, you must educate yourself about the inventory available in the business you are selling.
There is no way that you can know everything there is to know about all of the listing for sale. However, you can make it manageable. Many VR Business Intermediaries use a “15/5/5 Guideline”:
15: You should know 15 listings that you are excited about selling. You should have visited these businesses, read through the files, and have an in-depth understanding of these business opportunities.
5: You should have 5 of your personal listings included in that 15. If you are not excited about your listings, who will be?
5: You should have 5 qualified buyers you are excited about helping purchase a business opportunity within the next 30 days.
The beauty of “15/5/5” is the combination of Product Knowledge and Enthusiasm. You not only need to know about your product, but also to get excited about it. The guideline makes knowing your listings inventory manageable, fun, and profitable.