| Topic Name: |
Cold Calling on PE/VC |
| Message Name: |
How to cold call |
| Date Posted: |
03/21/2002 |
| In Reply To: |
Even with a traditional background it would be probably a waste of time to cold call HR because everyone else in your situation is doing the same. Target full service investment banking firms and boutique shops that are compatible with your background (I'm assuming vc & private equity). Media specialist investment bank Veronis Suhler has decided to demphasize M & A, Ipos etc in favor of your specialty.
Although most people with orthodox financial service industry backgrounds, including my wife, think my background ( 18 years of media and advertising experience, successful track of sales and business development, rolodex full of CEOs, Presidents, CFOs and Marketing vps, experience analyzing financial statements, putting together deals that many of my competitors as well as Enron called structured finance involving the exchange of media time or space for underperforming assets such as merchandise, production capacity, hotel rooms and Real Estate) is a bit of a stretch for M & A work, I'vde always felt my skills and experience were suitable to work on deals involving the advertising, marketing service and media related industries. I've even done some M & A work as an extracurricular activity over the years. I've cold called a few investment banks and some of the smaller ones including some that might be classified as business brokers instead of investment banks because of the small size of the deals they pursued offered me jobs on straight commission which was unacceptable. The more traditonal firms wanted the more traditional background, even if I was willing to accept compensation considerably below traditional investment bsanking salaries. Enough about me.
Here's my strategy for you.
Use the internet to find firms compatible with your background and read trade publications, not just those for the financial services industry but those covering the industries you specialized working with. Get names of people to contact that you'd be working for from web sites, articles and ads.
Call these people and briefly introduce your self. State in as pithy of a fashion as possible how your background can be indispensable for them achieving their goals in your areas of expertise. Listen intently and let the conversation develop naturally. If you appear knowledgeable and engage in natural discourse with a potential boss, you will not damage your reputation in the industry when you cold call for a job. The more you do it, the more natural cold calling becomes. It would probably be easier to create a rain making position, than an analyst or associate spot. |
| Message: |
The best way to cold call is to warm call. You've got to get that first lead somewhere. It may be from a cold call but I guarantee you that someone you know from your banking days knows someone who can help you or can help you themselves. All I usually ask for is "do you know of anyone whom I can talk to?" and "Can I use your name as a reference?" Armed with a name and a phone number from the phone book, I've had pretty good luck waltzing past bodyguard secretaries, clueless HR gals, and straight to the head honcho. It works wonders to say "My name is Joe and Mr. Smoe at Company X suggested that you'd be a great person to talk to." Usually they have no idea who the reference was but they are intrigued as to why they're a great person to talk to. Everyone likes to think they are a great person to talk to. Give your 30 second phone presentation (if you don't have one, get one that summerizes everything in short informative way) that explains why you are calling. I've also been successful at just walking into offices asking to meet with someone. The secretaries ask if I have an appointment and I reply "No, but I was in the building meeting with someone and thought I'd stop by. I just want to say hello and have 5 minutes of his time." Usually, you can get some sort of audience if only for 5 minutes which is all you need anyways. Good luck and keep your chin up.
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