Connecting with Entrepreneurs
Entrepreneurs play an influential role in American society given their importance to workers, communities and the U.S. economy. The benefits of entrepreneurship are many, including driving economic growth, job creation, supporting local employment, funding public services through the taxes they pay, and the new products and services they create that improve the lives of consumers.
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Connecting with Entrepreneurs
Entrepreneurs play an influential role in American society given their importance to workers, communities and the U.S. economy. The benefits of entrepreneurship are many, including driving economic growth, job creation, supporting local employment, funding public services through the taxes they pay, and the new products and services they create that improve the lives of consumers.
Entrepreneurs also happen to be a fertile area of opportunity to establish rewarding relationships that can grow your business. Here are some things financial professionals should keep in mind when looking to connect with those daring men and women who take risks, work hard and create new wealth, while benefiting society at large.
Three Tips for Prospecting Entrepreneurs
- Entrepreneurs are a special breed of people and, as a consequence, hold a well-grounded belief that many people do not understand their unique set of challenges and needs. Those who wish to connect with entrepreneurs need to convey that they are one of the few that do understand them—especially as independent financial professionals are business owners who faced the same challenges! That starts with creating content that speaks to their needs and concerns, such as:
- Pre-liquidity event planning (e.g., positioning a business for maximum value, securing agreements with key employees and suppliers, enhancing corporate governance, reviewing compensation and expense arrangements with family members, selling via a business broker, and evaluating tax and estate planning considerations, etc.)
- Sharing stories of having worked with entrepreneurs in the past, and experiences on a personal journey as an entrepreneur
- The value offered in helping entrepreneurs grow their businesses and plan their legacy
This content should be featured in a dedicated section on the website and be a part of the comprehensive communication strategy to tap this market.
- Tapping into the community of entrepreneurs is often an indirect process. Some of the ways to identify entrepreneurs are finding them via networking at industry conferences, centers of influence (attorneys, accountants, etc.), current client book, owners nearing retirement and identifying businesses that are up for sale.
- Finally, be sure to build a competitive and valuable set of business planning services that appeal to entrepreneurs. These may include business planning services (e.g., retirement plans, cash flow planning, growth strategy and personal financial planning), exit strategy counseling, pre-transaction planning and post-liquidity event planning (e.g., wealth management, charitable planning, cash flow planning, paycheck replacement strategies).
It’s critical to connect with entrepreneurs prior to any liquidity event, so begin conversations with entrepreneurs sooner rather than later.
Please reference disclosures at: https://blog.americanportfolios.com/disclosures/