7 Tips for Management Calls
May 2018 –
After reviewing a teaser or confidential memo and conducting preliminary analysis on an opportunity of interest, we typically request a management call. We feel it is very important to hear the story directly from the team and to build rapport. Our goals for this call are simple yet critical in order for us to remain engaged and excited to take next steps. Below are some suggestions for sellers to get this right.
- Maximize the time. We typically come into a meeting with more questions than a 60-minute call will allow. Do your best to move quickly so we can learn as much as possible and leave excited to spend additional time together. Focus on the key items and make sure you hammer them home.
- Clarity rules. Assume we know nothing about your business unless otherwise stated. Explain what you do like I’m a stranger in a coffee shop or an old friend from high school. Use simple language, not industry jargon and buzzwords
- Convey customer benefit. There is a reason your products and service are purchased. Make it clear what problem you are solving or need you are fulfilling.
- Lean into imperfections. Do your best to share with us what isn’t working and where you need help. Those business owners who have built the perfect company with no flaws are probably not the right fit for us and vice versa.
- Know the competition. See my other blog post. This is important.
- Have transaction goals. It may be hard to know all the specifics, but do your best to share what is important to you and your company. For example, if you want to retire in three years make that clear, as well as if you do or don’t have a succession plan or if you have a certain liquidity need you are solving for.
- Ask questions. It is very important that you feel we are the right fit for you and your company. We encourage you to ask us a lot of questions about our firm, our experience and what makes our firm unique.