HOW MANY DAYS UNTIL YOU CALL AFTER A DATE?
This question has long been debated after a good first date, and is the fodder of night time sitcoms. Same day, next day, you seem too eager. A week or too and you must not care.
In our world what is the right cadence for follow up with a seller?
I'm sitting on my hands right now on a deal I am trying to not get excited about.
1. Don't search on the classifieds. Check.
2. Pinpoint the company and geographical metrics you want in your target. Check.
3. Reach out directly to companies that fit your metrics. Check.
4. Had an intro call to gauge interest and expectations. Signed NDA. Check.
5. Had an in-person meeting (Thurs) to discuss company and owner objectives, fit, and general financials. Provided an overview of ourselves, and deal flow including milestones. No red flags yet, and even discussed agreeable EBITDA multiples. Check.
6. Left clear objectives for financial disclosures. Check.
7. Seller planned a meeting with CPA (Fri) and emailed to let us know.
What is the YOUR follow up cadence. Obviously, this depends on the buyer, seller, circumstances, etc. I don't think there is a concrete right/wrong answer. How long would YOU wait to follow up?