HBR Case Study: HBR Case Study: An Angel Investor with an Agenda

HBR's fictionalized case studies present dilemmas faced by leaders in real companies, and offer solutions from experts. This one is based on the HBS Case Study Vitalia Franchise, by Regina E. Herzlinger and Beatriz Muñoz-Seca. Gloria Londoño scanned the tables at the Opera restaurant. Victor Serna was sitting at one in the corner, drumming his fingers on the white tablecloth. She caught his eye and gave a small wave. Victor nodded but didn't smile. This was their third meeting in a month. The first had been at a small cocktail party hosted by mutual friends. She'd mentioned her business, Calidad de Vida, a group of day care centers for the elderly, and he'd peppered her with questions, explaining that he was interested not only as a doctor (he was the leading cardiothoracic surgeon at Madrid's best hospital) but also as a potential investor (he'd unloaded his stocks just before the market collapsed). Gloria wasn't necessarily looking for new funding, but she was glad to have made the contact. When Victor called her office a few days later, asking for a tour of her flagship center in Madrid, she was intrigued. She took him around the 7,500-square-foot facility the following week and told him even more about the business. After two hours, he asked her to meet him for lunch in a fortnight. She agreed and proceeded to canvass their common contacts to learn more about him.