Bickhart: Minnow's 13-month sale required six buyer meetings for one term sheet
Jes Bickhart · Startup Acquisition Stories with Jes Bickhart, Founder of Minnow · Oct 24, 2023 · at 24:33
Jes Bickhart, founder of Minnow, describes the conversion metrics and timeline of outbound acquisition outreach before selling his startup.
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“We had six in-person meetings with large companies. Everyone from like four to 500 to So the largest nonprofits in the world that could benefit from the technology that we built. So six in-person meetings translated into three real diligence meetings where they would bring in like their chief financial officer, they would bring in their chief counsel, and they would look at our deck, they'd look at our tech, they'd open up our hood, rummage around. And of those three real proper diligence meetings, we got one term sheet. That we ended up closing. So that was kind of our process, and the attire from Mulder when we realized we want to sell to sell was around 13 months.”
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