Stop Dicking Around and Close: Lessons from the $24M Fundraising #Fail
-Alec Baldwin, Glengarry Glenn Ross
Warning: Rant ahead. Highly caffeinated.
While everyone else in internet land is saying “oh poor Moz, look how he got screwed” I think the real lesson here is: When you have a deal, close it as fast you fucking can. Seems like he dicked around for a long time, courting investors, being coy, etc. And then the economy tanked and his deal collapsed.
Look, investors are a fickle bunch. This bullshit about “oh they wouldn’t have been good partners anyway because they’re squeamish…” is just that.
If you need the money and want the money, get the money. Do whatever it takes. You are responsible for closing the deal. If being Mr. Nice Guy helps, then that’s awesome. If you need to be a dick and play people off each other, then do that. But time is the enemy of all deals.
I’ve had a financing fall apart myself. It sucked. But ultimately it was my fault and my responsibility. This is the second time the Moz has had this happen. That is not a good sign. Take heed. Do not follow his lead.
Remember, you can hate the game, but it’s one we’ve all volunteered to play.
UPDATE: I posted a follow up.