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How to Raise Private Money Using a Really Good "Elevator Speech"

By Michel Lautensack

Republish: EasyPublish™ Published: 02Aug2009 Word count: 434 Viewed: 103 time(s) Get Free Content For Your Site

Most of you have probably heard about elevator speeches and probably have been taught about elevator speeches. I don't know if you've actually sat down and prepared one, and that's an important process here. I'm going to challenge all of you to consider doing that. Spend some time and develop a really good elevator speech.

Over the next couple of years, as part of this Private Lending process, you're going to be talking with dozens, even hundreds, of people. You need to have some well thought out presentation.

You do not have to memorize it. I certainly don't memorize mine per se and I don't deliver it word-for-word. That's not the way I am. I try to talk fairly casually.

Use a Summary Format

At the same time you've got to have that at the back of your mind. You've got to have precisely what your private lending program's going to be. You want to lay it out in a summary format for somebody. Then the conversation will continue if they express some interest. That conversation can move along in a fairly natural way.

However, if you don't have a fairly decent well thought out elevator speech, you're probably going to jump into some details about the program. You're going to start talking about interest rates or something like that. You have not yet given the other person a big picture context.

Make It Interesting and Concise

It's important that you spend some time and think these things through so that when you have an opportunity to talk with somebody you can deliver a fairly interesting, concise summary of your program.

That person will then obviously respond yes they're interested or no they're not. Either way you know where to go with that conversation.

Practice

One of the things I do with a lot of coaching students is we practice this and we go through it. The coaching students I see continually want to jump into details right away. "It's going to be 8%; we're going to do two-year notes, etc." People need a sense of the big picture.

It's important to develop your elevator speech. I have provided you a version that I've used over the years and spent some time memorizing. Again, you don't need to use mine. You can use mine and modify it. However you do it, it's important that you think it through and make sure it is organized sequentially so it makes sense to the listener.

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