May 15, 2024

234. Trying to Tell Everything In the First Meeting feat. Tom McGrath, CEO @ iink

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Transcript

Text your thoughts directly to Rich.

Two common mistakes: trying to tell everything in the first meeting, and not finding your painkiller solution.

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Transcript

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I think a common mistake that founders make when they're pitching is they want to tell you everything.

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They're so passionate about the business and it's usually so unique or some differentiation to it where you want to dive into the nitty gritty.

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And I would say that you should often look at raising money is kind of the same way that you would look at dating someone.

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You don't go into that 1st date and go, oh, you know, hey, I fly airplanes and my hobbies this and I'm divorced and I have 2 kids.

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You know, you want to give them that high level.

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Hey, we're a payments company.

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We help get restoration professionals paid faster.

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And we do that through digital automation and faster payment rails.

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In that 1st conversation, or even that 1st email, that's all you really need to do.

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Is just show that we have a massive market opportunity about 420Billion dollars in payments that we can touch.

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We can speed those up significantly solving cash flow problems and administrative burdens.

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That's all that really I feel it needs to peak interest, where you go"a huge market, billion dollars plus, speeding up payments makes total sense." And I would also try to think about whether or not your business is either Tylenol or vitamin.

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In a situation where we're in an economic depression and somebody's like, Oh, you have 10 in your pocket.

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You can spend that 10 on Tylenol, or you can spend that 10 on vitamins.

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And in that situation, most people are gonna spend the 10 on Tylenol.

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Businesses like ours where we're helping speed up cash flow, helping you get paid, is a Tylenol problem.

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And I would just try to encourage anyone to look for those Tylenol problems.

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Not the nice to have things, the things that are just critical, you need it.

234. Trying to Tell Everything In the First Meeting feat. Tom McGrath, CEO @ iink

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