Readers,
Have you ever gotten yourself super psyched for a meeting, interview, or pitch, thinking, this is the one! I’ve got this! And instead of hitting a home run, you strike out? I sure have.
Today’s question comes from a fabulous female founder who swung and missed, but not due to any failure or error on her part. She writes:
Dear FFF,
My company sells a niche consumer product wholesale. I’m pretty burnt out and want to sell my company and move on. Through the magic of networking, I got introduced to an M&A broker who told me that I’m too small at this point, but that they’d consider working with me if I paid them hefty consulting fees, which I can’t afford. But they also said they sometimes take on clients in exchange for equity, so I arranged to fly out to meet with them in person. But when I got there, the people I was scheduled to meet with weren’t there. I ended up having a lengthy meeting with another guy who glossed over his colleagues’ absences (e.g., “she must be hungover”) but seemed quite interested and excited to keep the conversation going. That was a couple of weeks ago and I haven’t heard back from anyone, not even an apology from those who blew me off.
We talked about me providing some additional information, but my instinct tells me not to put more energy into this. What do you think?
-Royally Dissed
Dear Royally Dissed,
I’m furious hearing these people stood you up! In my book, that is rude and unacceptable and speaks volumes about who these people are.
Sure, lots of people use non-communication as a form of communication; we’re all busy, so not responding is a way of responding without having to waste time crafting an email or engaging in a conversation, but if they didn’t want to meet with you, why couldn’t they just say, “we appreciate your interest but please, don’t waste your time and money flying out here. Your firm is not a good fit for us at this time.”
I say trust your instincts. Don’t put more energy into it. You do not want to work with people who treat you with disrespect.
However, in the spirit of making lemonade out of lemons, I invite you to probe your interactions to see what you can learn. Typically you’ll want to make sure your balance sheet is in good shape and your financials solid. You’ll want to have a compelling story, solid margin, healthy client roster and pipeline, locked-down manufacturing and distribution, and path to profitability.
If it were me, I’d put my energy into building the business, and when you’re in a better spot, seek a different M&A broker that will treat you with appropriate respect.
Wishing you all the best,
-FFF