Isaiah Miller
UFID: 80191457
Testing the Hypothesis, Part 2
5/27/2020
My hypothesis: People going through major life transitions where assets must be liquidated are unable to quickly and efficiently get through the transitions due to the logistical complexities of each transition.
The who: People going through major life transitions like probate, assisted living, and divorce.
The what: They are unable to quickly and efficiently get through the transition.
The why: Logistical complexities of each transition (legal, time & energy, confusion).
After speaking with new people that have had experience going through the three life transitions that I mentioned, I found that many times the focus of the businesses that share a lot in common with mine are primarily focused on the real estate, and it comes across in the marketing. Several of the people that I interviewed said that after they filed probate or filed for divorce, letters started to bombard them for various services, and one of the primary ones was wholesalers trying to get a piece of the real estate. This falls outside of the boundary, because our approach is a holistic solution that doesn't focus simply on the real estate involved. The need of our clients will be far more than simply needing to sell an empty house that they own. That is simple. Our clients need is specifically related to the complexities and mental burden of this new major responsibility, whether it be helping mom move into a retirement facility, or act as the personal representative of a probate. The underlying cause is much different than the need of those inside our boundary, since those inside our boundary are those only dealing with these major life transitions, whereas wholesalers of real estate target a myriad more life situations. They do, however, overlap in some ways, as one major element of these major life situations is liquidating real estate, and wholesalers are targeting those transitioning with a much broader and selfish marketing message.
| Inside the boundary | Outside the boundary |
| Who is In: People that need a helping hand People open to guidance People that have stress but want to take action | Who is Out: People with ample time People that don't have many assets |
| What the Need Is: Guidance A Helping Hand Direction Solutions for their unique complexities | What it Isn't: Legal Services Realtor Services, exclusively A Super Fast Sale, Necessarily |
| Why the Need Exists People have brand new massive responsibility The process is confusing Time is of the essence | Alternatives: Reinvent the wheel and figure out yourself Use other single-service companies |
Hey Chris! I'm just a little bit confused as to what this business might be. That being said, I definitely think that the opportunity is there. Maybe in the next assignments clear up what the actual business is. But great job, the opportunity is definitely strong.
ReplyDeleteHi,
DeleteThe former posts should clarify the business if you are interested.
Isaiah
The opportunity certainly exists, from my experience many times the persons lack of understanding the process (complex laws, rules, company policies) all add to the frustration and when dealing with multiple governmental and private organizations as well as legal partners each of those could potentially slow the process and add complexity.
ReplyDeleteI believe your business idea can be implemented through an app or online process to help determine, consolidate, and coordinate all of the assets in question. By getting a tree like view of these assets, you will be able to connect them to other people or 'obligations' that may be associated with probate or a splitting of finances. You sound to be on the track of something useful that I have not heard of. Makes sense, good job and keep at it!
ReplyDeleteHi Isaiah,
ReplyDeleteOnce again you have done a great job on this assignment. your ideas are really well thought and articulated super well. I look forward each week to reading your posts and thinking about the new and interesting perspectives you bring to the table. Once again, I think you did a fantastic job here and I hope you continue to bring this type of excellence to all your posts for the rest of the class.
Hi Isaiah,
ReplyDeleteGreat work analyzing your unmet need and qualifying it. Your idea is quite unique and you brought up some great points. When reading this, I thought about students. Students need access to large amounts of capital but have little liquid assets. This being said it would be interesting to see how students could utilize your service.