Unsolicited LOI from a strategic acquirer. Founder was not actively for sale. Engaged a banker in week one instead of the buyer’s recommended path of “let’s just talk directly.” Final price closed 14% above initial LOI after the banker ran a tight sound-the-market process.
The lesson founders miss
An unsolicited LOI from a credible buyer is signal that the market is open, not pressure to take the first number.
Sourcing
Composite anonymized; reflects a pattern observed across multiple inbound-LOI engagements where engaging a banker promptly preserved competitive tension.
For the work that produced this outcome
The Cordis MRI is the diagnostic Cordis uses with its own clients. The work the founder in this Deal Note did 18 months out (or did not do) is what the MRI surfaces in advance.
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