I don't know about you, but the biggest clients myself or my buddies have brought in are small business
people that just sold their business. I brought in a $3 million and a $5 million account this way. My buddy brought in a $10 million account when the local garbage man sold to Waste Management.
Think about it; where does a business owner have all of their risk when they are running their business? In their business. Where do they have all their money? In their business. Where do they spend all their time and energy? In their business. They have no interest in financial advisers while they are in business.
But when they sell their business, they immediately know they are in over their head and seek an adviser to find a home for that huge check.
The problem? They don't advertise that they are selling their business, so how do you make sure they come to you?
You do what I do:
1. Put together a list of family owned businesses in your area
2. You send them a brief (one or two paragraph letter on your letterhead) each month
- This letter is not about financial products
- It is short
- It is about ideas that will help them as business owners
- Small business tax savings ideas
- How to reduce the credit card transaction fees that are eating them alive
- A marketing idea about how to bring in more customers
- Small business software or phone app that will make their lives easier
- Anything that lets them know I understand their needs as a small business owner
I do not send them my regular client newsletter because their whole focus is on their business, not personal finances.
I want to help them with their immediate needs — to run their business. By doing that, I'm the first person they think about when they sell their business. And oh, they refer too.
You only get a call or two a year doing this, but these calls are always from the best clients. These people are nice, they understand and respect your expertise, and they have large checks they need to find a home for. Don't miss out on these opportunities!