MERGERS & ACQUISITIONS

How Tullius Partners Generated 23 Qualified M&A Leads in Two Months With Targeted Cold Email to Business Owners

23 qualified leads and a 38% positive reply rate in 2 months

23

23

Leads in 2 months

38%

38%

Positive reply rate

Cold Email

Cold Email

Outbound channel used

CLIENT REVIEW

Hear it straight from the client

Outbound System is an excellent platform for generating leads and booking appointments. Our account manager, Brandon, was thorough and strategic in his approach to our cold email campaigns. He was also highly responsive to any questions or concerns we had. The onboarding and campaign management were efficient, and we consistently received leads each month. We highly recommend Outbound System to any business looking to grow its pipeline through effective outbound outreach.

Outbound System is an excellent platform for generating leads and booking appointments. Our account manager, Brandon, was thorough and strategic in his approach to our cold email campaigns. He was also highly responsive to any questions or concerns we had. The onboarding and campaign management were efficient, and we consistently received leads each month. We highly recommend Outbound System to any business looking to grow its pipeline through effective outbound outreach.

Outbound System is an excellent platform for generating leads and booking appointments. Our account manager, Brandon, was thorough and strategic in his approach to our cold email campaigns. He was also highly responsive to any questions or concerns we had. The onboarding and campaign management were efficient, and we consistently received leads each month. We highly recommend Outbound System to any business looking to grow its pipeline through effective outbound outreach.

Brian Schlittenhardt

Brian Schlittenhardt

Associate at TULLIUS PARTNERS

THE CHALLENGE

Where they were stuck

Tullius Partners has spent over 45 years helping business owners navigate mergers, acquisitions, and succession, with deep specialization in facilities-services industries like commercial janitorial. But their pipeline of owner conversations depended heavily on referrals and reputation, with no predictable, scalable way to reach the specific business owners who were approaching a transition.

No predictable channel for reaching business owners considering a sale or succession

A referral-driven pipeline that was inconsistent and hard to scale

A narrow, high-value ICP that demanded precise targeting, not spray-and-pray outreach

THE SYSTEM WE BUILT

How we solved their problems

Targeting & List Building

Segmented lists were built by industry, company size, and ownership profile to isolate owners most likely to be approaching a sale, succession, or capital raise, with particular depth in the facilities-services industries where Tullius specializes, like commercial janitorial.

Deliverability Infrastructure

Dedicated sending domains and inboxes were configured and warmed before launch so outreach landed in the primary inbox at scale. In a reputation-led business like M&A advisory, protecting the firm's name with a discerning audience mattered as much as volume.

Messaging & Weekly Optimization

Owner-to-owner copy led with Tullius's 45-year track record and enterprise-value focus, timed to read like a trusted advisor reaching out with a relevant idea. Each week their account manager doubled down on the segments and angles producing the highest-intent replies, and the campaign generated 23 qualified leads at a 38% positive reply rate in two months.

Tullius Partners has spent more than 45 years advising business owners through some of the most consequential decisions they will ever make: selling the company, raising capital, or planning a succession. In a relationship-driven, reputation-led business like M&A advisory, deal flow has traditionally come from referrals and a strong network. The problem with that model is predictability. There was no reliable way to consistently start new conversations with the specific owners who were quietly beginning to think about a transition.

The challenge was the audience itself. Tullius's ideal client is not a broad market, it is a narrow, high-value set of business owners in specific industries and size ranges. Generic outreach would have been noise. Reaching them required precise targeting and messaging credible enough to earn a reply from a skeptical, experienced owner.

Outbound System built segmented prospect lists by industry, company size, and ownership profile, then wrote owner-to-owner messaging that led with what makes Tullius different: 45 years of experience, deep industry specialization, and a risk-mitigating process built to maximize enterprise value. Dedicated sending infrastructure was configured to keep messages landing in the inbox at scale, and cadences were timed to read like a trusted advisor reaching out, not a sales machine. Each week, their account manager doubled down on the segments and angles producing the highest-intent replies.

In two months, the campaign produced 23 qualified leads at a 38% positive reply rate, giving Tullius a predictable new channel for owner conversations on top of their referral network. Instead of waiting for the right introduction, they now start relevant conversations with qualified owners on a consistent basis.

FAQ

Frequently asked questions

Common questions about this case study, answered.

Can cold email work for M&A advisory and other relationship-driven firms?

Yes. Tullius Partners generated 23 qualified leads at a 38% positive reply rate in two months. For a referral-dependent advisory firm, that created a predictable new channel for owner conversations without risking the reputation a 45-year practice is built on.

How do you reach a narrow, high-value audience like business owners considering a sale?

Precise segmentation by industry, company size, and ownership profile, paired with owner-to-owner messaging that leads with credibility rather than a pitch. Tullius's lists went deep in facilities services like commercial janitorial, where the firm's specialization made every email read as relevant instead of generic.

What results can an advisory firm expect from cold email?

Results vary by niche and deal size, but Tullius saw 23 qualified leads and a 38% positive reply rate in the first two months, with weekly optimization of segments, angles, and cadences compounding performance over time.

MORE CASE STUDIES

More Cold Email results

See how other B2B teams turned outbound into booked meetings.

OCEAN

SAAS

20

meetings booked in 1 month

37%

Reply Rate

Strategy

Selling a prospecting data tool to agencies that do prospecting for a living is a unique challenge. These buyers know every trick in the book and can spot lazy outreach from a mile away. Ocean's campaign had to be a demonstration of the product's value, not just a description of it. We built prospect lists using LinkedIn Sales Navigator and Findymail to identify agency leaders actively scaling their outbound operations, companies hiring SDRs, posting about lead gen challenges, or publicly discussing data quality issues with their current providers. Cold email messaging was structured as a direct challenge: "your current prospecting data is costing you meetings," backed by specific performance comparisons showing how Ocean's database outperformed traditional tools on match rates, data freshness, and contact accuracy. LinkedIn outreach ran simultaneously, with personalized messages to agency founders that referenced their specific outbound approach and suggested where Ocean's data could improve their results. The campaign wasn't just outreach. It was a live case study. Every response Ocean received was proof that the data powering the campaign (their own product) actually worked. The approach hit a 37% reply rate and secured 20 meetings in a single month, with account executives competing internally for the leads, a problem most SaaS companies would love to have.

Read The Full Case Study →

"Our account executives fight over OS leads"

Dave Schneider

VP of Marketing at OCEAN

Dave Schneider, VP of Marketing at OCEAN

CONTRACTORS CREATIVE

MARKETING AGENCY

10

new clients in 6 months

37%

Reply Rate

Strategy

Home improvement and green living contractors are hands-on operators who spend their days on job sites, not in front of email. Reaching them requires timing, channel mix, and messaging that respects their reality. We built prospect lists of verified contractor business owners across home improvement and green living verticals, filtering for companies showing growth signals like new service area expansion, recent hires, and updated licensing that indicated they were ready to invest in marketing rather than just thinking about it. Cold email was optimized for mobile-first readability (short paragraphs, clear CTAs) since most contractors check email from their phones between jobs. Messaging led with specific advertising success stories from comparable contractors: revenue growth numbers, lead volume increases, and cost-per-lead benchmarks that spoke to a contractor's bottom-line mentality. AI cold calling was a critical second channel for this audience. Contractors who ignore email will pick up a phone call, especially if the opening line references their specific trade and market. Brief, no-nonsense calls that led with "we helped a roofing company in your metro add $X in new business" earned the right to a conversation. LinkedIn outreach supplemented both channels for contractors with active business profiles, though this was a lighter touch given the audience's lower LinkedIn engagement. The multi-channel approach achieved a 37% reply rate and secured 10 new clients in 6 months, with the client team reporting that every inbound lead notification generated genuine excitement about lead quality.

Read The Full Case Study →

"Every time we get an email that comes in, we always get very excited because we always get great results."

Nicholas Brigis

Co-Founder at CONTRACTORS CREATIVE

Nicholas Brigis, Co-Founder at CONTRACTORS CREATIVE

Turn Cold Emails Into Predictable Revenue

30 minutes. No cost. Just a real plan built for your business.

"Highly recommend Outbound System! I have plenty of experience in lead generation, and they nail it. From excellent prospecting to top-tier account management, they excel in every aspect."

Dean Drumm

CEO at Convert Agents

Turn Cold Emails Into Predictable Revenue

30 minutes. No cost. Just a real plan built for your business.

"Highly recommend Outbound System! I have plenty of experience in lead generation, and they nail it. From excellent prospecting to top-tier account management, they excel in every aspect."

Dean Drumm

CEO at Convert Agents

Turn Cold Emails Into Predictable Revenue

30 minutes. No cost. Just a real plan built for your business.

"Highly recommend Outbound System! I have plenty of experience in lead generation, and they nail it. From excellent prospecting to top-tier account management, they excel in every aspect."

Dean Drumm

CEO at Convert Agents

OS

Outbound System

Get your free growth plan today and stop guessing what works. We'll map your ideal customers, build custom outreach sequences across email, phone, and LinkedIn, and show you exactly how many meetings your outbound should be generating. All backed by data from 52M+ cold emails and tens of thousands of campaigns.

Trusted by 1,000+ B2B companies, Outbound System consolidates your entire outbound tech stack into one done-for-you system. Scale your pipeline across cold email, AI calling, and LinkedIn from a single platform, delivering twice the leads at half the cost while we fill your calendar with qualified decision-makers every month.

© 2026 Outbound System. All rights reserved.

OS

Outbound System

Get your free growth plan today and stop guessing what works. We'll map your ideal customers, build custom outreach sequences across email, phone, and LinkedIn, and show you exactly how many meetings your outbound should be generating. All backed by data from 52M+ cold emails and tens of thousands of campaigns.

Trusted by 1,000+ B2B companies, Outbound System consolidates your entire outbound tech stack into one done-for-you system. Scale your pipeline across cold email, AI calling, and LinkedIn from a single platform, delivering twice the leads at half the cost while we fill your calendar with qualified decision-makers every month.

© 2026 Outbound System. All rights reserved.

OS

Outbound System

Get your free growth plan today and stop guessing what works. We'll map your ideal customers, build custom outreach sequences across email, phone, and LinkedIn, and show you exactly how many meetings your outbound should be generating. All backed by data from 52M+ cold emails and tens of thousands of campaigns.

Trusted by 1,000+ B2B companies, Outbound System consolidates your entire outbound tech stack into one done-for-you system. Scale your pipeline across cold email, AI calling, and LinkedIn from a single platform, delivering twice the leads at half the cost while we fill your calendar with qualified decision-makers every month.

© 2026 Outbound System. All rights reserved.