Advice presented at this year’s DISCUS conference:
Know that a strategic’s appetite for risk is considerably lower than that of an entrepreneur’s. Market validation is measured by hard data on customer and consumer loyalty, not just fancy bar listings. Show increasing same-store velocity. Demonstrate sustained repeat purchasing behavior.
Get your house in order—legal, SOP, IP, licensing, contracts, your data room, and branding. Make due diligence as seamless as possible. Remember, you’re handing off an enterprise, not just a bottle and liquid formula.
Doing well doesn’t necessarily get you on the radar. Market penetration gets you noticed—don’t spread yourself thin.
Relationships trump numbers. While your pitch deck shows growth curves, the real deal happens when you’ve won over the right SVP months before any boardroom meeting.