Chris Savage

Basically, we had this opportunity to sell the business. Three different companies trying to acquire us. Brendan and I talk about it all the time. And we eventually start getting to what would we do if we sold? Okay, well, it's a life-changing amount of money. We'd not have to work again. But would we work again? We're like, well, we'd work again. The two of us would work together. That's clear.

Basically, we had this opportunity to sell the business. Three different companies trying to acquire us. Brendan and I talk about it all the time. And we eventually start getting to what would we do if we sold? Okay, well, it's a life-changing amount of money. We'd not have to work again. But would we work again? We're like, well, we'd work again. The two of us would work together. That's clear.

We have a unique partnership. We're still best friends. We've been best friends from the beginning. By the way, the way you do that is you put your friendship first, which actually matters because then you show up and you care and you give each other hard feedback and all that kind of stuff. counterintuitive thing. But anyway, we'd work together. What type of market would we get into?

We have a unique partnership. We're still best friends. We've been best friends from the beginning. By the way, the way you do that is you put your friendship first, which actually matters because then you show up and you care and you give each other hard feedback and all that kind of stuff. counterintuitive thing. But anyway, we'd work together. What type of market would we get into?

Well, like we'd get into this SMB market. We think it's underserved. We would still focus on video where this is like 2016, 2017. And it feels like the tech around video is changing tremendously. Like it's getting cheaper and cheaper to make videos. And so there's more ways that people can use videos. So like, okay, we'd do that.

Well, like we'd get into this SMB market. We think it's underserved. We would still focus on video where this is like 2016, 2017. And it feels like the tech around video is changing tremendously. Like it's getting cheaper and cheaper to make videos. And so there's more ways that people can use videos. So like, okay, we'd do that.

We'd focus on a company where we could be really creative and we'd run the business really profitably because we, at that moment, we're not running profitably. We'd run profitably for many years after we got traction. And then we ran at a loss trying to grow faster. And we admit to ourselves in this moment that it's not working. We're both unhappy.

We'd focus on a company where we could be really creative and we'd run the business really profitably because we, at that moment, we're not running profitably. We'd run profitably for many years after we got traction. And then we ran at a loss trying to grow faster. And we admit to ourselves in this moment that it's not working. We're both unhappy.

And the thing we would do is we just basically try to rebuild Wistia. That's what we'd do if we sold the company. So it seems very stupid to give up on this company 10 years in when we're still in control. We could fix it. And so that is what led us to say, hey, actually, let's not sell.

And the thing we would do is we just basically try to rebuild Wistia. That's what we'd do if we sold the company. So it seems very stupid to give up on this company 10 years in when we're still in control. We could fix it. And so that is what led us to say, hey, actually, let's not sell.

Let's just get this business back to a better place, to a place where we feel like it's creatively fulfilling, but also we think that's going to do better. Let's get back to being profitable that we think that counterintuitively, that's actually going to let us be more long-term focused, more patient in our investments if we're profitable. And we think it'll probably be more fun.

Let's just get this business back to a better place, to a place where we feel like it's creatively fulfilling, but also we think that's going to do better. Let's get back to being profitable that we think that counterintuitively, that's actually going to let us be more long-term focused, more patient in our investments if we're profitable. And we think it'll probably be more fun.

And so worst case scenario is if it doesn't work, we're going to have to sell the business anyway, but at least we'll have tried. We bet on ourselves in the first place. Let's bet again. And so we got really excited. And I think this is an interesting point here because we got so excited. And actually, the reality is we're still losing $300,000 a month at this moment. Bank accounts going down.

And so worst case scenario is if it doesn't work, we're going to have to sell the business anyway, but at least we'll have tried. We bet on ourselves in the first place. Let's bet again. And so we got really excited. And I think this is an interesting point here because we got so excited. And actually, the reality is we're still losing $300,000 a month at this moment. Bank accounts going down.

We have lots of things that aren't working in the business. You would think this was like a bad moment. And you would think this would be very stressful. Like on the roller coaster, this should seem like the bottom. And it kind of was. But the thing that was funny is what turned it around was instantly having a plan. We're like, ah, we're going to raise debt.

We have lots of things that aren't working in the business. You would think this was like a bad moment. And you would think this would be very stressful. Like on the roller coaster, this should seem like the bottom. And it kind of was. But the thing that was funny is what turned it around was instantly having a plan. We're like, ah, we're going to raise debt.

And actually, because we're not going to sell, we're going to buy back control from our investors. And we're going to get a return for our employees. It'll be like we sold. They'll all be happy. But for us, it's going to force us to be profitable. And we think that's the right thing for the business. And so... We basically are signing on a take on debt, running at a loss, have to turn it around.

And actually, because we're not going to sell, we're going to buy back control from our investors. And we're going to get a return for our employees. It'll be like we sold. They'll all be happy. But for us, it's going to force us to be profitable. And we think that's the right thing for the business. And so... We basically are signing on a take on debt, running at a loss, have to turn it around.

And I wasn't stressed. Because I had a plan, I was sleeping really well. I was really relaxed. And so that was funny. It was like, oh, having the plan is the important part. And then we went and enacted the plan, raised the debt, $17 million in debt, did the buyback, got the business back to being profitable pretty quickly.

And I wasn't stressed. Because I had a plan, I was sleeping really well. I was really relaxed. And so that was funny. It was like, oh, having the plan is the important part. And then we went and enacted the plan, raised the debt, $17 million in debt, did the buyback, got the business back to being profitable pretty quickly.