SaaS Interviews with CEOs, Startups, Founders

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

20 Jan 2016

Audio

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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”. Click here to join the top tribe and instantly learn how Nathan made his first $10k at 19 years old: http://nathanlatka.com/startertribelive 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. Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! Join the Top Tribe at http://NathanLatka.com/TheTop The Top is FOR YOU if you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop

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