“Marc Elkman built Fresh Meal Plan to a thriving $20 million meal delivery service business. He discusses his exit with a private equity group and how they “retraded” or negotiated the price three times,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “In his interview Marc explains the importance of having M&A professionals on your team”
Marc Elkman built Fresh Meal Plan, a meal delivery service for healthy eaters, from an idea to $20 million in annual revenue in just three years.
Still in his twenties, Elkman earned a #70 spot on the Inc 500 list of fastest-growing companies in America. Then he caught the attention of New Heights Capital,a private equity group focused on the fitness industry. New Heights acquired the controlling interest in Fresh Meal Plan in 2016 and Elkman continues to hold a minority stake.
This interview is jam-packed with goodies, including:
- How Elkman leveraged gyms as a distribution point.
- The importance of your network in getting a deal done.
- The biggest mistake Elkman made in negotiating his exit.
- Why Elkman’s deal was re-traded and how he will defend against re-trading next time.
- A definition for a syndicate.
- How sophisticated angel investors structure their deals.
- Why getting “deal committed” can be dangerous.