At the last video meeting, Adam and Sharon looked tired and might leave. Jim, looked for capital to scale the business and potentially retain the team.
Jim reached out to Mike J, an Angel investor. Jim attended a few of the presentations he’d given at local business events. Mike J. seemed happy to talk. Jim set up the meeting to talk about the company’s revenues and losses.
During the video chat, Mike J. listened as Jim told the story. He asked Jim about the past year’s pivot to direct sales, the manufacturing process, current, and future products. Mike J. smiled several times at the answers. As the conversation went on, the questions became much more specific.
Mike J. asked Jim for customer base size, repeat sales, and how he keeps track of the audience. Jim answered with his best estimate. Suddenly, Mike J’s face seemed to harden a little, and he said “I’m not interested in investing at this time. You’ve got too much work to do. Consider getting definitive answers to the questions I just asked.”
Jim decided it was time to talk to his personal banker.
Investor’s Choice: Don’t Invest
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