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08-04-2015, 09:17 PM #1
- Join Date
- Dec 2013
- Posts
- 205
LIVE CASE STUDY: Are you a relief pitcher? Or a CLOSER?
Consider this a live case study… The results are yet to be determined and will be reported as they become available.
Setup: An ISO I have helped to increase his inbound lead generation capacity has an “impeccable” file (great credit, SIC code, track record, DELICIOUS banks, etc.)
Background: MODERATELY elderly couple owns several businesses. Seeking money for a business that performs extremely well, no negative days, keeps high balances, great credit, owns property free and clear, but just can’t seem to save fast enough to grow this one particular business. That’s what they are used to; saving to grow a business. *
Offer: PREMIUM. Great deal. Great terms. Approved by The Godfather of MCA premium funders.
Problem: This couple has experience in growing a company or two and simply cannot understand how they can be quoted MCA rates.
Industry: Health and Human Services.
Our Guidance:
This is a classic case of a ‘too good for short term working capital' kind of business.**This is the best / worst type of lead to have as they can put their mid- upper 5 figure approval amount on their credit cards + draw cash from their other businesses. *
(ISO) You were absolutely right to not push / bully them. The ONLY real device you have is to focus on what they need the money for and the impact of them not taking that money. Take them through a line of questioning...
1) "Look this money is expensive and you shouldn't take it unless the money you take now will increase what you will leave behind. With that said, if you don't mind my asking; 'how much money did you expect to come back if $xx,000 fell from the sky onto your lap?’
2) What would happen to your bottom line if you didn't move to accomplish XYZ (use of funds)? Does that reduce the amount you are able to leave to your loved ones when you step aside?*
3) You guys have built these businesses as a team because you trust each other, but besides each other, who's the next closest person you trust?*
4) Do you think it would help if we involved them him/her? I really want to make sure you guys have back up… A third eye in this situation..."
This is not verbatim, but you get the point and lets talk more to discuss…
Synopsis / Strategy: Position seller as a counselor / consensus builder.
Inviting them to bring in someone they trust more than they will EVER trust the broker produces the effect of them allowing themselves to trust the broker that much more. The broker has always gotta be willing to lose on "perfect deals" like this and should assume the loss most of the time unless the business owner is complete and total control - doesn't care about cost of funds.
As long as the broker steers clear from trying to ram money down their throat, broker has a shot...
Broker is also activating and allowing THEM to visualize (and verbalize) a fear of loss by asking; “what’s gonna happen if you don’t act?”
Summary: Understand your clients their hopes, wishes, dreams, age, etc. and respond accordingly. *“Closing” premium deals requires more than being a relief pitcher. * Never make them feel like you need the money (commission check) more than they do.
You’re a short term small business funding broker. You have power… Use it.
Updates on this deal with great sensitivity to the broker involved soon. I think this is a good line in this situation, however, always open to learn so please do share your ideas! Thanks!
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08-04-2015, 09:19 PM #2Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-04-2015, 09:25 PM #3
- Join Date
- Dec 2013
- Posts
- 205
At different stages of life, folks are motivated by different things. My parents are entirely motivated by what they will leave me and grand kids at this stage in their lives for instance... But you're right, there are some 80+ year old SOB's who think they'll be around a zillion years that this would never fly on! lol
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08-04-2015, 09:40 PM #4Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-04-2015, 09:52 PM #5
- Join Date
- Dec 2013
- Posts
- 205
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