Overlooked COI for Business Owners?

Hello Phil, Many business owners are baby boomers close to retirement age. What are some off-the-beaten-path centers of influence we can leverage to reach them? – Megan, Houston

Hi Megan, Brilliant question. Financial advisors typically focus on traditional centers of influence (COI), such as estate attorneys and tax accountants. They are proven and highly sought after. However, others options exist and should be explored.

Here are COI suggestions of those “in the know” that a liquidity event is imminent.

1.   Business Brokers

Front-line engagement with the selling business owner.

2.   Business Coaches

Trusted advisor to the selling business owner.

3.   Business Valuation Consultants

Engaged early with the selling business owner.

4.   Accountants and Attorneys

Firms with M&A practices.

5.   Private Equity

Buyers of businesses (thus creating liquidity events).

While this isn’t an all-inclusive list, these will get you thinking. Let us know how it goes.

Have a great day, Phil

P.S. As a bonus, all these COI suggestions also could be potential clients for you.

“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at hello@referralsafe.com.