INVESTMENT BANKING
How MBO VENTURES achieved 27% campaign reply rate with Outbound System
27% campaign reply rate
meetings booked in 4 months
Reply Rate
Outbound channel used
CLIENT REVIEW
Hear it straight from the client

Darren Gleeman
Managing Partner at MBO VENTURES
THE CHALLENGE
Where they were stuck
MBO Ventures advises business owners on ESOP transactions, a decision about legacy and employee welfare as much as money. Outreach in this space has to sound like an advisor, because anything that smells like a sales machine gets deleted.
An ESOP sale is a legacy decision, not a transaction, so outreach had to sound like an advisor.
No off-the-shelf list exists of owners considering an employee buyout.
Urgency tactics destroy trust with owners weighing an exit.
THE SYSTEM WE BUILT
How we solved their problems
Find exit-ready owners
Targeting blended LinkedIn data with Apollo enrichment, filtering companies with 50+ employees for exit-readiness signals: founder age and tenure, company age, stable revenue patterns, and industries where ESOP structures are most advantageous.
Lead with peer-level credibility
LinkedIn was the lead channel because these owners respond to peer-level engagement, not mass email. Connection requests from MBO's own team were paired with thought leadership on ESOP structures, and email sequences reinforced those touches with case studies of comparable owners who preserved company culture and unlocked personal equity without selling to private equity or a competitor.
Educate at the owner's pace
Sequences were deliberately paced over weeks with no urgency tactics, letting owners arrive at the conversation on their own timeline. The campaign held a 27% reply rate and booked 20 qualified meetings in 4 months. As Darren Gleeman put it, getting the actual appointments is not difficult anymore.
ESOP transactions are deeply personal for business owners. They're not just financial events. They're decisions about legacy, employee welfare, and the future of something they built. Cold outreach in this space has to reflect that gravity, or it gets deleted instantly. We targeted owners of mature companies with 50+ employees using a blend of LinkedIn data and Apollo enrichment, filtering for signals that suggested exit readiness: founder age and tenure, company age, stable revenue patterns, and industries where ESOP structures are most advantageous. LinkedIn outreach was the lead channel. These are relationship-driven decision-makers who respond to peer-level engagement, not mass email. Connection requests from MBO's team were paired with thought leadership content on ESOP structures, creating a consultative first impression rather than a transactional one. Cold email sequences reinforced the LinkedIn touchpoints with specific ESOP case studies: how comparable business owners preserved company culture and unlocked personal equity without selling to private equity or competitors. The messaging deliberately avoided urgency tactics. Rushing an owner toward an exit conversation is the fastest way to lose trust. Instead, sequences were paced to educate over weeks, letting the prospect arrive at the conversation on their own timeline. AI cold calling was reserved for owners who engaged with multiple touchpoints but hadn't booked, using brief, respectful scripts focused on education rather than closing. The campaign hit a 27% reply rate and secured 20 qualified meetings in 4 months with business owners actively exploring their options.
Outbound System ran the program end to end: targeting, messaging, infrastructure, and optimization. The campaign held a 27% reply rate and booked 20 qualified meetings in four months, paced deliberately to protect owner trust.
FAQ
Frequently asked questions
Common questions about this case study, answered.
How do you find business owners considering an ESOP?
There is no intent data for it, so the campaign filtered on proxy signals: founder age and tenure, company age, stable revenue patterns, 50+ employees, and industries where ESOP structures work best. Those filters produced owners genuinely close to an exit decision.
Why lead with LinkedIn instead of email?
Because owners weighing a legacy decision respond to peers, not sales sequences. Connection requests from MBO's own team, paired with thought leadership on ESOP structures, set a consultative tone that the email touches then reinforced.
What results did MBO Ventures get?
A 27% reply rate and 20 qualified meetings in four months, with pacing designed to protect trust rather than rush owners toward an exit conversation.
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Founder & Managing Partner at AVID MEDIA


