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Eric Min

๐Ÿ‘ค Speaker
190 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

So I was about 30 years old.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

So that was over a decade.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Um, and so that, that went on for some time.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Uh, so that was an interesting business enterprise.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Um, and you know, it was a tough, we learned a lot of lessons that we were able to monetize the business, which is great.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

A lot of us would do something fun as Zwift, but, um,

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

You know, enterprise businesses is tough, capital intensive.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

And if you're not clever, you don't walk away with very much at the end.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

So we were sitting on what amounted to a hundred million dollar contract.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

So we had a, you know, we had a decision to make.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Do we reinvest the proceeds of a highly profitable contract?

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Do we reinvest it and try to compete and scale our business?

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Or do we call it a day and say, let's just take as much of that off the table?

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

We took a tough decision, and it took us five years to take a lot of that off the table.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Right.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

In order to return eight times, investors received eight times their money.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

Yeah, so we were fortunate to be able to extract cash out of that business because if I look back, it was incredible in a market that was shrinking that more competitors were coming into the space.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

We just knew at that point it was time for us to leave.

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

And the difference between the number one vendor versus us ranked in the top five was

SaaS Interviews with CEOs, Startups, Founders
659: He's Winning In Home Fitness Wars: $3+ Million Monthly Revenue, $45 Million Raised

was just insurmountable difference in terms of, you know, the power that a leader of a particular vertical had.