This was my SMB outreach funnel for my first acquisition. Searching is rewarding, but also hard as shit.
Emails sent: 133,982
Companies contacted: 34,044
CEO calls: 577
LOIs shared: 22
LOIs signed: 6
Businesses acquired: 1
FYI - This is not great searching. Better to have smaller numbers and higher conversion rates.
@patrickdichter@ShelbyGrosch I've always seen it as Contribution $ / Labor, not Revenue (contribution = revenue - non-labor COGS).
Helps translate it across industries.
Revenue might = Contribution in your line of work though.
@J_M_Vogt@STLChrisH I actually got to speak a few times in Dodson’s entrepreneurial acquisition class. Very cool experience. Also very actionable information. A lot like his book which is a great mini MBA covering all of these topics.
This was my SMB outreach funnel for my first acquisition. Searching is rewarding, but also hard as shit.
Emails sent: 133,982
Companies contacted: 34,044
CEO calls: 577
LOIs shared: 22
LOIs signed: 6
Businesses acquired: 1
FYI - This is not great searching. Better to have smaller numbers and higher conversion rates.
This was my SMB outreach funnel for my first acquisition. Searching is rewarding, but also hard as shit.
Emails sent: 133,982
Companies contacted: 34,044
CEO calls: 577
LOIs shared: 22
LOIs signed: 6
Businesses acquired: 1
FYI - This is not great searching. Better to have smaller numbers and higher conversion rates.
Top priority should be to develop relationships with the key employees. Really get to know them. Make sure they don’t leave.
Step two is learning everything you can about the business. It isn’t time to change anything yet. Just learn. This is an opportunity to show your employees a lot of respect. Ask them about their true opinions about the business. After a couple months they won’t tell you their true opinions so don’t miss the opportunity.
If anyone is considering hiring global talent, I would highly recommend @SaganPassport.
I think you can really tell the quality of the organization by how they treat you went things go wrong.
In my case, a candidate search was going differently than expected and @kayvonbina himself stepped in and made it right. Now we have a new team member that everyone is excited about!
It’s an excellent company with great people!
@SMB_Attorney That doesn’t sound long at all. Mine was 69 pages excluding exhibits.
Also, I think every page was useful when we later entered litigation.
One time I sent an email to a mayor of a small city in Minnesota asking to buy his city. And, he responded…
It was back in 2018, I was scraping businesses from LinkedIn in bulk and emailing them. For some reason this city had a business LinkedIn page so they got an email.
I was using people in the Philippines to help me find names of CEOs and email addresses. They were paid per email so they found the mayors name and email and didn’t mention anything.
After the first email he didn’t reply, but he got an automated follow up a week later, which he did reply to. He clearly thought the request to buy his city was serious and sternly said that his city was not for sale.
This was both the funniest and lowest point of my search for a business to buy.
It wasn’t until I personally vetted each business that I emailed and cut the volume dramatically that the search became successful.