Equity Front Capital — 19.3x ROI
Equity Front Capital connected with 122 qualified agency owners in 10 months at a sustained 21% reply rate. Milestone-anchored outreach — referencing specific awards, client wins, and team expansions — turned pitch-resistant founders into engaged conversations about growth and exit. The compounding relationship database grows more valuable every month as owners approach their exit windows.Total Spend
$18,000
Revenue Generated
$366,000
ROI
19.3x
Meetings Booked
122
Cost Per Meeting
$148
| Detail | Info |
|---|---|
| Industry | Private Equity |
| Company Size | 5-20 employees |
| Services Used | Email + AI Calling + LinkedIn |
| Duration | 10 months |
The Challenge
Agency owners who might be open to investment or acquisition get pitched constantly and delete anything that smells like a template. Earning their attention requires demonstrated homework — not personalization tokens, but genuine knowledge of their business trajectory and milestones. Template-based M&A outreach that failed to demonstrate prospect-specific research or acknowledge individual business milestones was producing limited pipeline of qualified acquisition targets. Before Outbound System:- Template outreach deleted by pitch-resistant agency owners
- No milestone-anchored personalization in messaging
- Limited pipeline of qualified acquisition targets
- No multi-channel strategy for long-term relationship building
- 122 qualified meetings in 10 months
- 21% sustained reply rate across the entire campaign
- Milestone-anchored outreach earning conversations consistently
- Compounding relationship pipeline as owners approach exit windows
The Solution
Multi-provider verification built a high-fidelity picture of each prospect: revenue signals, team size, growth trajectory, and recent milestones. Outreach was anchored to specific milestones (awards, client wins, team expansions), demonstrating genuine research rather than template insertion.Cold Email
Crafted around funding milestones and successful exits in the agency space, positioning Equity Front as a partner who understands the specific dynamics of scaling and exiting a services business. Each sequence referenced the prospect’s specific growth trajectory.LinkedIn Outreach
Targeted agency founders with engagement around growth strategy and M&A content, creating multiple touchpoints that built familiarity over time as owners progressed toward exit readiness.AI Cold Calling
Deployed for agency owners showing strong engagement signals but who hadn’t booked. Brief, peer-level conversations about growth plans and exit timelines converted interest into meetings.Beyond the Meetings
- Market Intelligence: Multi-provider verification revealed revenue and growth trajectory signals that identified which agency owners were most likely approaching their exit window, enabling prioritized outreach.
- Pipeline Insurance: Three-channel coverage over 10 months ensured agency owners who ignored initial outreach were re-engaged through different channels as exit timelines progressed.
- ICP Refinement: Agencies with 15-40 employees and recent hiring milestones showed the highest engagement rates, indicating the sweet spot between growth ambition and exit readiness.
- Compounding Relationships: 122 qualified conversations created a pipeline that compounds over time as agency owners who said “not yet” move closer to their exit window.
Campaign Timeline
Weeks 1-2: Prospect Intelligence
Multi-provider prospect verification. Milestone mapping for each target account — awards, client wins, team expansions, revenue signals. Personalized messaging developed per prospect.
Weeks 3-4: Campaign Launch
Milestone-anchored sequences deployed. First meetings booked within 9 days. 21% reply rate established from launch.
Months 2-5: Sustained Engagement
AI calling added for engaged-but-not-booked prospects. LinkedIn building long-term familiarity. 21% reply rate sustained across all channels.
Full Metrics Breakdown
| Metric | Result |
|---|---|
| Total Spend with Outbound System | $18,000 |
| Campaign Duration | 10 months |
| Qualified Leads Generated | 148 |
| Cost Per Qualified Lead | $122 |
| Meetings / Calls Booked | 122 |
| Cost Per Booked Meeting | $148 |
| Show Up Rate | 78% |
| Revenue Generated (cash collected) | $366,000 |
| ROAS (on cash collected) | 20.33x |
| Total ROI | 19.3x |
“The leads have been terrific.” — Walker Espy, Principal Owner at Equity Front Capital
Get Results Like Equity Front Capital
If you’re in financial services or M&A and need to reach business owners evaluating exit options, milestone-anchored personalization earns conversations where templates fail. See how our cold email service handles multi-provider verification and our multi-channel outbound sustains campaigns over 10+ months.Book a Strategy Call
See how milestone-anchored outbound would work for your deal sourcing pipeline.