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:

1. Due diligence is key to decision making
2. Create a stellar team and build upon partnerships
3. 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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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)

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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