Tortoise Finance — 17.5x ROI
Tortoise Finance went from zero outbound pipeline to 4 signed healthcare practice acquisitions adding $200K+ in net annual cashflow in 6 months. The key was outreach that felt like a trusted advisor, not a cold pitch — intent-signal-mined lists of exit-ready practice owners, staggered cadences mirroring advisor follow-up, and messaging that spoke the language of succession, not transaction.Total Spend
$10,800
Revenue Generated
$200,000+
ROI
17.5x
Meetings Booked
18
Cost Per Meeting
$600
New MRR Added
$16,667
| Detail | Info |
|---|---|
| Industry | Mergers & Acquisitions |
| Company Size | 10-50 employees |
| Services Used | Cold Email + LinkedIn |
| Duration | 6 months |
The Challenge
Healthcare practice owners don’t respond to generic M&A outreach. They’re protective of what they’ve built and skeptical of anyone who doesn’t understand their world. Standard messaging about “exit strategy optimization” got deleted instantly. Tortoise needed to reach practice owners at the right moment with the right language and cadence. Before Outbound System, Tortoise Finance was 100% reliant on referrals and personal network for deal flow. No intent-based targeting for exit-ready practice owners existed, and generic M&A language didn’t speak healthcare. Before Outbound System:- Zero predictable outbound pipeline for healthcare M&A
- 100% reliant on referrals and personal network
- No intent-based targeting for exit-ready practice owners
- Generic M&A language that didn’t speak healthcare
- 4 signed clients in the first 6 months
- $200K+ in net annual cashflow added
- Intent-signal targeting identifying exit-ready owners
- Outreach cadences mirroring trusted advisor follow-up
The Solution
Intent signals were mined first: practice owners searching for valuation content, updating LinkedIn profiles after 20+ years, or engaging with retirement planning. Lists were segmented by specialty and practice size. Send cadences were staggered to mirror how a trusted advisor follows up — no urgency, just consistent, respectful presence.Cold Email
Personalized sequences routed through private Azure U.S. IP for healthcare inbox deliverability. Messaging led with language practice owners use themselves: “what your practice is actually worth and how to protect your staff through a transition.”LinkedIn Outreach
Targeted practice owners with personalized engagement around succession planning content, building familiarity and trust before any direct M&A conversation.Beyond the Meetings
- Market Intelligence: Intent signal mining revealed that practice owners who updated LinkedIn profiles after 20+ years were 3x more likely to engage with succession conversations than demographic-only targets.
- Pipeline Insurance: Staggered advisor-style cadences meant prospects who weren’t ready today entered a long-term nurture sequence, building a compounding database of future-ready practice owners.
- ICP Refinement: Practices with 5-15 employees in specific specialties had the shortest path from first conversation to signed engagement, reshaping all list building.
- Compressed Sales Cycles: Prospects arrived already educated on Tortoise’s approach, reducing typical M&A advisory sales cycles and producing signed clients faster than referral-sourced leads.
Campaign Timeline
Weeks 1-2: Intent Signal Mapping
Intent signal mapping, specialty-segmented list building, healthcare-specific messaging development, and Azure IP infrastructure setup.
Weeks 3-4: Campaign Launch
Campaign launched with staggered advisor-style cadences. First qualified responses within 9 days of go-live.
Months 2-3: Multi-Channel Coverage
LinkedIn outreach layered in for succession planning content. First signed client closed.
Full Metrics Breakdown
| Metric | Result |
|---|---|
| Total Spend with Outbound System | $10,800 |
| Campaign Duration | 6 months |
| Qualified Leads Generated | 24 |
| Cost Per Qualified Lead | $450 |
| Meetings / Calls Booked | 18 |
| Cost Per Booked Meeting | $600 |
| Show Up Rate | 78% |
| Revenue Generated (cash collected) | $200,000+ |
| New MRR Added | $16,667 |
| ROAS (on cash collected) | 18.52x |
| Total ROI | 17.5x |
“Because of the processes that Outbound System has developed and put into place, we have been fortunate to have cashflow of multiple six figures per year now. It’s been a real game changer type of a gain that we’ve been fortunate to experience.” — Monil Shah, Managing Partner at Tortoise Finance
Get Results Like Tortoise Finance
Tortoise Finance’s campaign proved that even in relationship-driven M&A, systematic outbound works when it mirrors advisor-level trust. If you’re in financial services or M&A, intent-signal-based targeting can identify the exact prospects ready for a conversation — without cold-calling your way through unqualified lists. See how our cold email service builds infrastructure for high-trust industries.Book a Strategy Call
See how intent-signal targeting and advisor-style outbound cadences would work for your M&A practice.