Key Takeaways

Transcript

The Two Core Jobs of a Syndicator

The two jobs of any size fund manager or syndicator are: 1) finding deals to invest in, or 2) finding investors to invest. In this video, we’re going to do a blast from the past from my coaching days, where I do a rapid implementation call on how to find investors offline. I know you’ll find it useful because it’s got so much information. Please review it, and I hope you enjoy it.

Going Deep on Finding Investors Offline

We are going to go deep into finding investors offline. You’re going to find a lot of value in this program, I hope, because we’re going to go really deep, but we’re also going to be exploring all those steps. At the end of today’s call, you should have an action plan of exactly what you need to do to move forward and take those next steps to get investors ready and lined up.

Spheres of Influence and Investor Categories

Let’s go ahead and get started. I want to start with basically a principle of spheres of influence. We’ve talked about this before, but it bears repeating, and it bears repeating because it’s so incredibly important. The more that this is just ingrained in your DNA, the more successful you’re going to become.

Let’s start with your inner circle. These are the people that you know – they’re your friends, they’re your family, they’re your partners, they’re people who are very, very close to you and that you know so well.

Outside of that, we have the people who were your previous clients.

Both of these categories would qualify for being unaccredited investors if you chose to do a Reg D, Rule 506(b). So these are the people who are either in your inner circle and so close to you that it’s presumed you’ve done business with, or your previous clients – those who you really have done business with. They could all probably qualify as your 506(b) for unaccredited investors. You don’t need to worry about talking about your investments to these people. You can just talk to them about the investments, and they can subscribe if you are not in a 506(c) where you’re allowed to advertise.

Then we have the category of the people that you’ve met with. These are people who know who you are and they know what you do, you just don’t really have a business relationship with. If you’re a real estate agent, you may have met with them before and you may have done a listing presentation for them, or you may have cold called them a few times or met them at several events. These are people in that category. You’ve met with them, you just haven’t done business with them. Now, these people I do not believe would qualify for the 506(b), so that’s where we start taking a step outwards.

Then we have the target people you haven’t met. These are the whales in your community that you think would be excellent investors for you or referral sources. You just never have spoken to them. You just don’t know them, or you just know them so little that they don’t know your name.

Finally, we have the public. These are the people that you have never met with, you don’t know who they are. They’re just way outside of here.

So these are the categories that we’ve got: we’ve got the public, we’ve got target people that you haven’t met, met with, and previous clients. Now the goal here is to move each one of these down to the next category. We want them to become closer and closer, ultimately to your inner circle, or to become major, major clients. Obviously, if you don’t like any of these people and you don’t want to do business with them, don’t bring them into your inner circle. I shouldn’t need to say that, but I will just to cover all bases.

Outreach Methods by Category

For each level, there is a different kind of program on how we deal with these people. Your inner circle, let’s actually start with the public. This is your advertising. You may choose to do advertising to bring people in. Those people might be targets, maybe I’d like to do business with them. This is the mechanism that you would use – advertising.

Prospecting, on the other hand, is for those people that are targets for you. The ones that you know are gold nuggets that you want to bring in closer, that you’ve met with and want to become clients of yours.

Inside the “met with” category, most often times we’re talking about some sort of drip campaign. I’m gonna go through specifics about what that would look like in a minute.

Then, for our previous clients, that would be something like a call and email campaign. You’re spending more and more time nurturing these people the closer that you get them into your inner circle. Your Inner Inner Circle really is your one-on-one items.

Fishermen vs. Whales

Let’s change to exactly who these people are a little bit more specifically. We’ve done this discussion before about whales versus fishermen. That’s an important place to start because there’s actually two different kinds of people we’re looking for.

Fishermen – what is a fisherman? They’re the ones with the big rod, looking for the next person for you. This is the one-to-many resource that you may have, the strategy where those fishermen can bring you deals and bring you investors.

And then, on the other hand, we have whales. I can’t draw a whale, so we’re just going to draw fish. But pretend that’s a whale. The whales are those big ones, the ones that you really want to be part of your investment.

For fishermen and whales, there’s actually two categories of these kinds of people that we would be interested in. We are interested in referrals and we are interested in investors. And there’s actually whales in both, and there’s fishermen in both.

Principles of Building Referral Relationships

There are principles to go through in building referrals. First, we want to educate and add value. In order to build a good relationship, you need to be giving into that relationship.

Number two, what a lot of people don’t do is ask for help.

Third is we reward.

The fourth principle is this idea of givers get.

Five Steps to Building Referral Relationships

Let’s talk about the steps to build these relationships. There are five steps in building referral relationships.

Step one is you build a list.

Next, you make contact.

Step number three is follow up.

Step number four is you provide exceptional service.

And then five, show your appreciation.

Principles for Working With Investors

Now, for investors, there are some principles that are a little bit different, and there are some principles that are the same. The first principle is exactly the same: educate.

Number two, and this one is absolutely critical: show up like no one else.

Principle number three is care.

Number four, again, givers get.

Steps to Nurture and Convert Investors

So what are the steps in order to really start caring and nurturing and finding your investors?

Step number one is build a list.

Then, once we’ve done that, let’s categorize them.

Once we’ve identified, once we’ve started building out that list, then we need to put together different programs in order to communicate.

The first program is the one-on-one program.

Number three step is your call or email program.

The Eight by Eight Program

The eight by eight program in short is a program where you are actively every week doing one proactive thing in order to touch that prospect.

It’s not important what I put here as the eight things. What’s important is that you develop your own system of eight things that you’re doing that you’re going to do every week, and you keep track of these in your CRM.

The 36 Touch Program

The other idea is this idea of 36 touch.

So in the 36 touch, we break it apart into a calendar year.

This is building your system. And if you do this right, you can actually automate so much of this.

Prospecting and Outreach Strategies

Number four is prospecting and coming up with a prospecting game plan.

If it’s cold calls, fantastic. If it’s direct mail, fantastic. But who’s that list?

Events as a One-to-Many Strategy

Events are great places for marketing one to many.

So events, first thing to do is think about who is presenting.

Set the date.

And then start thinking about, okay, what’s the actual agenda going to be?

And then lastly, you’ve got to market it.

Shock and Awe: Showing Up Like No One Else

Now the last thing I want to talk about is part of “show up like no one else.” And we do that through what we call shock and awe.

And what goes into a shock and awe?

Books, gift cards, handwritten notes, and thoughtful physical materials all help you stand out.

Closing Thoughts

Wow, we went over a lot of topics today. We went over fishermen and whales, referrals, investors, the eight by eight program, the 36 touch program, events, other things, showing up like no one else, and shock and awe. So this was a big call. I hope you found that video useful.

My name is Tilden Moschetti. I am a syndication attorney with the Moschetti Syndication Law Group. If we can help you with your syndication or fund, all you have to do is give us a call, set up a meeting, and let’s talk about what you’re working on.