1. Planning: start early

Planning has to start at the latest 6 weeks before the start of the roadshow. If you want to be on the road in the Far East or the USA, you should allow for even more lead time. First the strategy has to be determined. What kind of investors do I want to approach? Rather “old-school” or more technology-savvy and risk-taking contacts? Could the roadshow perhaps be linked to other activities, such as customer visits? Once these strategic questions have been answered, local restrictions must be observed. When are school holidays? Are there any threats of overlapping appointments with important conferences?

2. Addressing investors: overcoming the hurdle

Now it is a matter of addressing suitable investors. This used to be called “door-to-door selling”. The biggest problem here is finding the right contact person. Usually there are one or two contacts per investor, at least for European small caps. However, reaching them on the phone is a considerable challenge. Many large investment companies have hidden their employees behind switchboards. Now several hurdles have to be overcome. The hurdles range from the switchboard to the team members and assistants until finally the “target person” is reached. But once the intended conversation partner is on the move, the game starts all over again. Experience shows that about 20-30 calls are necessary for one appointment for a “1-on-1”.

3. Travel planning: the trick is in the details

Once the interlocutors have been identified, the fine-tuning begins. When does it start where? How does the team get from appointment A to appointment B? How long does the transfer take? Which time buffers have to be taken into account? Which slots are booked by which investors? Is there a larger group lunch? And if so, with whom, when and where? Which hotels, flights and train rides still need to be booked around the roadshow?

4. Preparation: “know your investor!”

If the management board wants to prepare for the investor meetings in the best possible way, it will need investor profiles or briefings. Has there ever been a contact? And if so, when, where and with what result? What is known about the investors and how should they be assessed?

5. Roadshow day: improvising on D-Day

Everything is prepared, the board may already be in town. All partners are motivated, briefed and ready to go. Nevertheless, unforeseen things can happen at any time. A contact gets sick. The taxi drivers are on strike. Or the markets crash. Then you have to improvise. And of course, never forget to collect the receipts.

6. Debriefing: Get feedback and start follow-up

At the end of the roadshow it is important to collect feedback. Feedback from the Management Board: Did the Management Board feel comfortable during the discussions? What could be done better? And feedback from the investors: Were expectations met? Is there any further information to be submitted? This is the starting point for planning next steps.

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