Why You Should Turn Down a $14m Acquisition Offer with Derek Bluford of QuickLegal

Ep 124 Derek Bluford of QuickLegal joins Nathan. Derek Bluford is the
founder of Quicklegal, Inc., A new company that provides attorneys on
demand via Facetime, voice call and instant messaging. Mr.Bluford has
a history of entrepreneurial success in the legal service markets, and
has won business awards such as California TechWeek, Entrepreneur
Magazine Growth Conference, Legal Innovator and more. Mr.Bluford
has a degree in legal studies and graduated Cum Laude. Mr.Bluford’s
companies have been seen on publications such as Business Journal,
California Lawyer, Landlord, Daily Journal and Porsche’s “The Drifter”.
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3 Key Points:
Due diligence is key to decision making
Create a stellar team and build upon partnerships
There are lots of contributing factors in the decision to sell
Episode Notes:
01:15 –Nathan’s introduction to today’s Show with Derek Bluford
01:34 – QuickLegal
02:00 – Founded January 2014
02:14 – Why did you start Quick Legal?
03:10 – Sold last company for $424,000 when he was 26 years old
03:41 – Funding came from last company
04:10– Launched February 215 after one year of beta testing
05:00 – What does QuickLegal provide?
04:13– How do you make money?
06:04– Bootstrapped company up to 600,000 and raised about 750,000
06:31 – Evaluation hopes of $12 million
06:58 – 65k per month, 800k annual rate
07:44– Offers to purchase
08:31 – Growth before selling
09:30 – Use offers for credibility for evaluation
10:00 – Will not sell for $14 million
10:08 – Why won’t you sell?
11:30—Shark Tank
12:09—Biggest concern
14:12 – The Famous Five
Resources Mentioned:
QuickLegal, Derek’s new company that provides on demand legal service
Growth Geeks – The way Nathan hires growth hackers on a per project basis for
things like info graphics, blog posts, and other growth projects without hiring full
time employees.
The Success Principles—By Jack Canfield
Famous 5
Favorite Book?— The Success Principles by Jack Canfield
What CEO do you follow?— Jack at Cleo
What is your favorite online tool?— Google Analytics
Do you get 8 hours of sleep?—Absolutely not, probably closer to 8 hours per week
If you could let your 20 year old self know one thing, what would it be?—Always
be humble and realistic. Follow the data.
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Article Resource - https://www.derekbluford.com/single-post/2017/08/16/WhyYou-Should-Turn-Down-a-14m-Acquisition-Offer-with-Derek-Bluford-ofQuickLegal