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Mitch Russo

๐Ÿ‘ค Speaker
222 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Let's see, that would be 1998.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Well, we sold in 19, we basically sold in 1994 and we, I then moved to Texas and ran my division, actually my two divisions along with three others until my earn out was over.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

And then at that point I took over as chief operating officer of Sage us.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

And that's when in 1998,

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

That was the final year of my transition.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

And I decided that Sage wasn't a fit for me and it was time to go.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

So I moved back to Massachusetts.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Revenue was about 5.6 million.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Well, I mean, they were paying 18, 15 to 18 times profits at the time.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Um, so we were, you know, we were looking for, uh, probably two times sales, which was unusual.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Only crazy companies got two times sales.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

So we were pretty happy.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

We got one X, our, our top line number.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

No, we sold for 10 and a half million.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

Yes.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

But let me tell you the interesting way this worked out because we had,

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

basically brought two buyers to the table simultaneously.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

And one buyer offered full price.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

We were asking for $9 million.

SaaS Interviews with CEOs, Startups, Founders
930 How a $10m Software Guy Ends up In Furniture Business and Tony Robbins

So one buyer came to the table with a checkbook and said, we'll take the company.