What will the angel talk about next during phone conference?
We been going back and forth on emails and spoke on phone once. He lives outside of USA. The Angel said he loves the deal, but he won't take the deal seriously unless he has the full scope of the financials (expenses and projections). He has had that info for more that 2 weeks now. In my last email to him I've mentioned that I would like to close in the next 7 days. He said he wants to talk on the phone again. What's next? How do I prepare?
1 Answer
The phrase "he loves the deal " seems like wishful thinking with the proviso "not serious until he has reviewed the financial details ".
Loving the deal in principal isn't the same as sending a check - more due diligence seems to be coming.
Don't know how much more we can guesstimate from a request to call. If you don't have a term sheet or a deposit slip, then it could be anything.
I would be prepared to do a deep dive into your financials, and use the techniques frenchie suggested in your previous question to try and close the deal.
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Thanks buddy! I let him know that I want to close the deal asap. I hopefully he's ready to throw an offer. How would I know he's serious or not on next phone call? – Zapoo 12 years ago
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@zapoo: you should also ask him if he wants to do it! Like jimg said, "loves the deal" means nothing; you want "does the deal." Make him commit: "do you want to do the deal/investment?"; and if the answer is not a 'yes I want to do the deal', find out what he needs to move forward to get to a yes. – Frenchie 12 years ago
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@frenchie My last email was something like this; "We're looking to move forward with our business and for that we need your investment. Apart from what you already have and what we've already discussed, what else would you need to see to make the deal happen this week?" He replied that we will chat on phone. Did i set the right tone to get him to commit on next call? – Zapoo 12 years ago
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yes, I think you did fine: you were assertive without being rude. Make sure to keep the same tone on the phone. Also, I'd try to open a conversation with 2-3 other potential investors, that way you're not hanging everything on one branch. Keep these dealings separate (never pull off a "someone else is also looking at it so you better sign now"; won't work) and get other opportunities opened. If you had 4-5 deals working in parallel, you wouldn't be stressed about any of them. BTW, how much are you raising? – Frenchie 12 years ago
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@frenchie Wow great advice. I have to say both of you have giving me so much advice. I will keep you posted with the deal on this same post. I am trying to raise first round of funding 600k. – Zapoo 12 years ago
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Right now, I'm looking to for other angels that invest in tech startups. – Zapoo 12 years ago
