You are special. You are a unique snowflake. There is no one out there like you, and no agency like yours. That’s how most of us see ourselves. We stand out from the crowd because we’re different. When you decide to expand by acquiring another agency, you’re confident that the seller will choose you because your agency is one of a kind.
The problem is, other agency’s think the same thing. They’re just as proud of their uniqueness as you are, and they’re just as open in telling sellers how special they are. We have been involved in countless meetings with purchasing agencies who spend the entire time telling the seller the same things as the last guy and spinning them as ‘different’. It’s tiresome, ineffective and rarely leaves the seller anything more than underwhelmed.
The irony is, these buyers get away with not being different because they’re all too similar for one to stand out. Whenever one buyer does actually give a different presentation, they inevitably make the deal. The question is, if you’re competing to buy an agency, how do you stand out?
Don’t Tell The Same Story
We’ve already talked about this so let’s keep it simple. Don’t fall into the trap of listing all the ways your agency is the best buyer out there and talk about your uniqueness. The seller may have literally heard it all before and it’s counter-productive.
Talk About You
Instead of talking about what makes you special, or all the ways other agencies are inferior, just tell your story. You and the seller have plenty of shared experience, they’re looking for someone to connect with, so tell them about your agency. Talk about your achievements and your capabilities, without trying to oversell them. Just tell it like it is. Most of all, never ever say anything negative about your competition. It only makes you sound bitter and negative.
Focus On The Future
When you do talk about the sale, focus on the future. Talk about the things your businesses can do together. This is more than a transaction to the seller; they’re handing over their life’s work. They want to know their people, their office and their legacy is in safe hands. Focus on the new agency, and their potential role in that, rather than trying to sound special.
Be In The Meeting
Most important is to be positive and enthusiastic in the meeting, and to make sure the person who represents your agency is excited to be there. Buyers who go through the motions in meetings rarely make a deal. Enthusiasm is wonderfully infectious. It makes meetings a pleasure and can create a wave of positive feeling that’s difficult to stop. On the other hand, a lack of enthusiasm kills the meeting. If it feels like you don’t even want to be in the meeting, why should the seller hand over the keys to their business? Treat the meeting like a first date, try to make the best possible impression.
You are special. Your business is unique. It could be the ideal partner for any selling agency. Just remember, the seller sees his or her business that way too.
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The Value of Your Agency
As a firm, we believe an accurate valuation is part of our responsibility and the foundation of a great working relationship – even if that is further in the future. Because of this we, unlike most firms, offer free insurance agency valuations for those who qualify. Click below to apply!
