Remember the local-yokel deal up front? The one that fell victim to the Southern Curse of selling prematurely for $10 million?
Same payday for the founders. But they got it faster, with far less stress, a less-demanding board, and without the ego hit of having to watch a bunch of outsiders run "their" company.
And those local-yokel investors? Their ROI was four times as good as the Boston investors got in the "swing for the fences" deal, without the risk of a cram-down or wash-out round if things turned bad.
Maybe these Southern boys (and girls) aren't so stupid after all.
