Out to lunch? Where you eat can actually lead to new business

Some people eat lunch at their desks. The rationale is “Clients might call because they need me.” This is highly unlikely because they are out eating lunch themselves. Where you eat can actually lead to new business.

Do not take my word for it. When writing my book, Captivating the Wealthy Investor, I interviewed the president of a bank with about 32 branches. That was years ago. Today they have grown to 48 locations. The president explained he started eating lunch outside the office when he first joined as a loan officer and continued to the present day, unless he is needed at a meeting.

Related: Are you missing new business opportunities around you?

Here is what he told me: Pick an area of town with the type of business owners you want as clients. Find a coffee shop or a luncheonette. It must have stools and counter service. This eliminates gourmet coffee shops where people line up, place orders, collect them and leave. You need a counter. Show up every day at the same time. You will become a regular and get to know the other regulars. These will be local business owners, people in service industries and municipal employees. Gradually you will get to know them and they will learn what you do. When they have a need, they will start to ask questions.

He said: “You cannot believe the amount of business I pick up for the bank!  Someone will say to a friend: ‘See that guy on the stool?  That’s Phil. He’s the president of the bank!’  The friend will say: “Wow!  He is the president of the bank and he eats at the same places as me. He must be a regular guy!”  I am going to go over and ask him about a loan for my business.”

The bank president spelled out the rationale: “You would think senior executives eat lunch in fancy restaurants. They don’t because it takes too much time. You would think they eat in the executive dining room. They don’t because they don’t have one.”  Why don’t they eat at their desk?  Too many interruptions. They eat out at neighborhood places where they can be served fast.

He added another observation: “It isn’t always easy to meet new people at the country club. There are too many social barriers. At a local luncheonette, everyone tends to know each other. It’s a very easygoing atmosphere.”

The evening version

This strategy is not limited to lunch. The TV series “Cheers” features its famous Boston bar “where everybody knows your name.”  What type of clients are you looking for?  Do engineering firms qualify?  How about law firms or dental practices?

Do you stop off for a drink before heading home or catching your train?  Pick a tall building in the center of town that is filled with the type of small firms you are seeking. Business incubators and shared work space operations might qualify, depending on your type of prospect. There should be a bar or tavern on the ground floor. If not, there should be one in the next building.

Become a regular. Arrive at the same time after work. Sit at the bar and watch the game on TV. Make conversation about the game with the people sitting around you. You should quickly get accepted as part of the group. They will draw you out, asking “What do you do?”  You will get to know everyone. Like the luncheonette venue, when people think they have a need, they will start to ask questions. You will get to know them and can draw them out too, but you must be tactful.

There are reasons why insurance and financial service professionals eat lunch at their desks or go out to lunch together. They are missing a business opportunity. Don’t make the same mistake.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” is available on Amazon.