Unlocking Growth and Exit Success: The Power of Centers of Influence and the “Can I Borrow Your Car?” Methodology
This week’s newsletter kicks off a new series on one of the most powerful drivers of business growth and successful exit planning: Centers of Influence (COIs). We’ll also spotlight the “Can I Borrow Your Car?” referral methodology and how it can transform your approach to building strategic relationships.
What Are Centers of Influence and Why Do They Matter?
Centers of Influence are individuals or organizations — such as accountants, attorneys, bankers, insurance agents, financial advisors, consultants, and more — with significant credibility, broad networks, and the power to make referrals, provide introductions, and enhance your business’s reputation through their endorsements.
For business owners, cultivating relationships with the right COIs can be a game-changer: they open doors to new markets, clients, and strategic opportunities while also helping to build transferable value in preparation for a future exit.
COIs are not just valuable for their expertise; they are trusted gatekeepers whose active referrals can accelerate growth, multiply your pool of prospects, and ensure a smoother transition when it’s time to exit your business. In the world of exit planning, no single advisor has all the answers or all the trust of a business owner.
The real magic happens when your team of COIs works together, each contributing unique insights and networks to drive value, reduce risk, and ensure a successful outcome.
Key Types of Centers of Influence
Accountants & CPAs: Trusted for financial expertise and strategic advice.
Attorneys (Estate Planning & Business Law): Highly influential in critical business decisions.
Bankers & Lenders: Connect owners to professionals and facilitate transactions.
Insurance Agents: Regularly recommend trusted service providers.
Real Estate Agents & Mortgage Bankers: Offer extensive local networks.
Financial Advisors & Wealth Managers: Introduce owners to other key professionals.
Business Consultants & Coaches: Shape business strategy and connections.
Executive Recruiters: Facilitate introductions across the business community.
Community Leaders & Local Politicians: Influence within local ecosystems.
Leaders of Professional & Networking Organizations: Connect owners to valuable resources.
Media Personalities & Local Celebrities: Boost visibility and credibility.
The “Can I Borrow Your Car?” Methodology
This framework is built on a simple but powerful analogy: when someone refers you, it’s like lending you their prized car — they’re putting their reputation and relationships on the line for you. Your responsibility is to “drive safely” and return that trust in even better condition than you received it.
Our methodology emphasizes:
Building Deep Trust: Demonstrate reliability and a track record of delivering value before anyone will “lend you their car.”
Giving First: Offer referrals and value upfront to build goodwill and credibility, positioning yourself as a go-to resource.
Systematic Approach: Identify your top COIs, focus on those who produce the most value, and build a repeatable system for nurturing these relationships.
Risk Mitigation: Proactively manage the risks involved in referrals by clearly communicating expectations and ensuring every introduction strengthens relationships.
“When someone sends you a referral it is like them lending you one of their cars. They are risking something precious to them, in this case their reputation and relationship with the person they are referring, but they are doing it because they know you and trust you. They expect you to take care of it and return it in the same or better condition.” Mike Garrison, Can I Borrow Your Car?
COIs and the Exit Planning Process
The “Can I Borrow Your Car” approach is especially powerful for exit planning. As a Certified Exit Planning Advisor (CEPA), I integrate my referral system with the Value Acceleration Methodology, ensuring business owners have the right team of COIs in place to maximize company value, prepare for succession, and achieve personal and financial goals.
Holistic Team Building: Assemble a trusted advisory team, each member contributing to growth, risk management, and the ultimate transfer of the business.
Multiplying Opportunities: True COIs actively refer new clients, partners, and buyers, increasing the likelihood of a successful exit.
Systematic Referrals: Our system ensures referrals are intentional and relationship-driven, benefiting all parties.
How to Identify and Cultivate Your COIs
Focus on professionals who share your target audience but offer complementary services.
Prioritize individuals with established reputations and strong community or industry involvement.
Build reciprocal relationships — offer value in return to become a trusted partner in their network.
Track and measure your referral activities to ensure consistent results.
Communicate clearly and always “return the car better than you found it” — protect and enhance the trust others place in you.
Looking Ahead
In the coming weeks, we’ll break down each COI category, explore what motivates them, and show you how to apply our methodology to supercharge your growth and exit planning strategies. We’ll also bring in outside experts for interviews and share best practices to help you build authentic, mutually beneficial relationships.
Remember: it’s not just about who can refer your business, but who will and whether you’re the kind of professional they’ll trust with their most valued relationships. Empower your team to understand and support these relationships, and you’ll unlock new levels of growth and credibility.
Have questions or want to share your own experiences with COIs and the “Can I Borrow Your Car?” system? Reply to this newsletter or join our next podcast episode!
Drive safely, give generously, and build your future — one referral at a time.
I know that successful sales professionals and business owners face unique challenges as their career matures. My goal is to help people like you manage the transition from producer to successful business leader while enjoying life now. To learn more about how we do that, subscribe to Can I Borrow Your Car on Substack.
You can also:
💡 Connect with Mike on LinkedIn
🔗 Visit Can I Borrow Your Car website
🔗 Explore Strategic Referral Team website
📕 Purchase your copy of Can I Borrow Your Car?
🎙 Subscribe to the Why Should I Refer You? Podcast