Target small business owners
Quite often, [small business owners] fly under the normal prospecting radar simply because they don't look (or act) rich. Working with this idea can give you a roadmap for finding clients who today are lightly prospected--and comfortably affluent.
-Len Reinhart, president of The Bank of New York Separate Account Services
Target small business owners: Working with this idea can give you a roadmap for finding clients who today are lightly prospected--and comfortably affluent. Consider that 15%-20% of the small businesses in this country change owners every year. If you discount the mom-and-pop delis and small restaurants, you still have a large number of prospects in this pool. Quite often, they fly under the normal prospecting radar simply because they don't look (or act) rich. The folks who own your dry cleaning shop (and three or four other shops as well) probably still live in the same neighborhood that they grew up in and drive an American car--the same one for years at a time. They seldom take vacations, and almost never to expensive or exotic locales. But those small-business owners may be worth several million dollars, and they may have no idea how to manage their worth. They aren't sophisticated investors, but they are, above all, experts in their own business arenas. They tend to put everything back into their businesses, instead of diversifying their wealth into other areas. And because they're smart, they know that, as they approach retirement age, they need to plan carefully so that their sole asset--the small business they're going to sell--will provide properly for them and their heirs.
-Len Reinhart , president of The Bank of New York Separate Account Services, in Stealth Prospecting
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