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Hank Leber

๐Ÿ‘ค Speaker
228 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We had 70K in the bank.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We had raised about 650.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

And we had gotten just that month, we had gotten the cash flow positive by about $100.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

So I was like, hey, this is great.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

I'm going to go out and fundraise like this, you know, arms crossed, instead of like this with hands outstretched because we had infinite runway.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

And literally that very month is when it happened.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

And we burned up the 70K in, you know, three and a half weeks.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

So so the story goes, I sat down with a team of 11 at the time and I sat down with them.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

These are great growth marketers, some of the most talented people I've ever worked with.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

And I sat down with them and I said, look, guys, we don't know what's wrong or why this has happened at the time.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We didn't know.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We just knew that everything was dead.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

I said, we have 70K in the bank at our burn rate.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We're going to run out in like three weeks and then that's it.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

And I don't think there's any coming back from that.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

We have two options.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

One, we push forward and we figure out the solution together, all of us, and burn hard.

SaaS Interviews with CEOs, Startups, Founders
1110 Why His $1.2m ARR SaaS Company Shut Down

Or I got to cut it back to like three people and let everybody go and we'll have to deal with that after we've figured it out with the extension of the runway.