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The Art & Science of Business Development - Stephen Madsen
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Business Development is a broad concept that can sometimes be difficult to pin down. It encompasses not only hard data, systems, and figures but also networking, relationship building, and deal acquisition. Joining us this week to help us explore the art and science of business development is Stephen Madsen, Director of Business Development, Deal Origination, and Capital Markets at Monomoy Capital Partners. In our conversation with Stephen, we hear how he has spent his career focusing on adding value to others without expecting anything in return and how actively facilitating introductions creates goodwill and positively affects people's perception of you. We also explore how he and his firm were able to leverage data more efficiently and use their limited time and resources to keep track of buyer opportunities and remain top of mind.
Key Points From This Episode:
- Stephen's definition of business development and how it shifts depending on the context.
- Why Stephen believes there is both an art and a science to business development.
- Some of the elements that make up the science of business development like data analysis and pattern recognition.
- The importance of facilitating networking opportunities and how this has served Stephen in his career.
- How to recognize how you can facilitate networking opportunities for others.
- How actively facilitating introductions creates goodwill and positively affects people's perception of you.
- Why you shouldn't assume that people already know one another.
- How to take a systematic approach to business development.
- Using data analysis to address specific questions around business development.
- How to efficiently use your limited time and resources to identify and keep track of potential opportunities and relationships and stay top of mind.
- The importance of the watch list process at Monomoy and how it has informed their data analytics.
- How the data revealed the superiority of in-person meetings for securing deals.
- Stephen's theories for why in-person meetings are more likely to result in successful deals.
- Why tracking data can be tedious and how Stephen's company had a surprising experience when they started their watchlist.
- A call to action for listeners this week: identify where you can track information around your relationship building and how you can leverage that.
Stephen Madsen on LinkedIn
Stephen Madsen's Email
Monomoy Capital Partners
In-Person Is the Essential Currency of PE Business Development
Alex Drost LinkedIn
Branch Out Podcast LinkedIn
Connection Builders LinkedIn
Have thoughts or comments? We want to hear from you. growth@connection.builders
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