Business to business prospecting for purchasing

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hi this is Jonathan J so how do you find a business to buy first of all let me tell you what you shouldn't do and I'll tell you the mistakes that people make and then I will tell you exactly what you should do let me tell you what most people do when looking for a business to buy they go on to Google and they search Google businesses to buy and they find websites and some of the websites are listings websites with hundreds of businesses for sale some of them are business broker websites there's like the realtors for businesses and they also have hundreds of businesses for sale and they go aha this is how we find businesses to buy but let me tell you why that isn't a great approach first of all you're not the only person doing that which means that if the business broker has written the description in an enticing way there are going to be several of you looking at the same business and that creates competition that forces up the price it's just not good it's a little bit like a realtor saying we've got five more viewings this afternoon you need to put an offer in by the end of the day and it kind of puts you under a little bit of pressure and that isn't good at all now if you look at these websites you might think this is the fastest easiest way of finding a business to buy but it isn't because the first thing that the business broker is going to say to you is how much money have you got to spend now they might not say that bluntly but they probably will say something like do you have proof of funds and they would like to see a copy of your bank statement and they want to see how many hundreds of thousands or millions of dollars you've got to spend on buying this business and of course that is the problem especially if you want to buy this business without using any of your own money which is what we cover on another video so what do we do well the very best way to find businesses to buy is to find businesses that aren't advertised for sale so we go off market so we look for businesses and business owners who want to sell for different reasons retirement is a top reason um age age retirement illness ill health moving to another part of the country relocation lost interest in the business finding it too stressful we're looking for people like that but they haven't yet gone and listed it with a business broker they haven't yet gone and advertised it for sale so we've got them at just the right moment they want to sell but they haven't gone and listed it on a website yet those are the people that we need to be talking to they've got the interest they've got the desire but there's no competition there's no one else talking to them because they haven't yet advertised it for sale so how do we find these people because I think you'll agree that is the perfect sweet spot that we need to find someone in that situation of I want to sell but I haven't yet told everyone that I want to sell it so I'm only talking to you so how do we find those people well lots of different ways and we can find those people in our own personal Network we can ask friends family business acquaintances who do you know who might be interested in selling their business now it's a slow burn but if you ask enough people you will find that leads people who want to sell will start approaching you again again that's a very very good Dynamic for a negotiation the seller has approached you rather than you approaching the seller another way of doing it is to contact business owners in your target market for example let's say you want to buy a dental practice approaching owners of dental practices on mass so in the hundreds or even in the thousands depending on how many of these Dental practices you want to buy and how do we best do that well actually the fastest way of doing it is a little bit old-fashioned it's writing them a letter sending them a letter through the mail asking them if they're interested in selling now most of the letters will go straight in the bin but who cares because the people who phone us they are the people that you want to be speaking to now let me tell you what you need to do to make this successful first of all you need to have a very very clear target market we talk about that on another video by the way we also need to have a letter that says the right things so you need to have a professionally Written Letter thirdly we need the names and addresses of the right business owners to speak to and fourthly if you're going to be sending out hundreds and thousands of these letters well maybe getting your children to stuff the envelopes isn't the best idea you need to get a professional company to do this for you but if you combine those four things then you will have a successful letter campaign for finding businesses to buy and guess what you will have people phone you who will say to you oh yes I definitely want to sell retirement ill health in fact I'd be willing to do a deal tomorrow and those are motivated Sellers and that is what we are looking for we are looking for Motivated sellers who will sell to you at your price and your terms more about that on another video so that is how you find great businesses to why you've come this far let's take the next step together which is a free live training and you can access it immediately just go to the description underneath this video there is a link there at the top click the link and I will see you on the training [Music] [Music]