Steve Benson

speaker

874 appearances 4 recordings 1 series first heard Mar 2020 last heard Dec 2023

Steve Benson’s voice in public audio — every appearance, attributed to the second.

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Top Founders · Bootstrapper hits $5m ARR using $2m in debt, keeps all his equity · 25 Nov 2022 podcast

And so that's a...

And I'd strongly recommend people take a look at that.

I mean, I've done deals with- How long do you have?

And this is really important, right?

The reason they assume this is because a lot of the SaaS debt providers are doing year-long deals.

That's really risky because you're basically-

You're saying you're going to pay their debt back with more debt, but we're standing on the barrel of a recession right now.

They may or may not give you more debt depending on what happens, right?

You may or may not be able to be creditworthy in a year, right?

You don't know what's going to happen, but-

So if you can't plan to pay back debt with more debt, you have to be able to pay back debt with your revenue.

And to do that, you need a longer term.

But a lot of the companies that are providing debt are like, hey, yeah, here's $2 million and pay us back over the next year.

And if you need more money, we'll give you more money.

And that's a great strategy until they say, oh, we can't give you more money.

And I've done debt deals with some of the bigger players in the space, and I've kind of chased the best deal, the fastest, easiest to work with, and the cheapest deal, and landed at your doorstep.

So I've moved millions of dollars of debt around twice now.

So you're my third major debt provider I've worked with.

No, I mean, and very quickly and efficiently, everyone that has revenue and a SaaS company should check into this and look at debt either to extend their current runway, to get the next round later, to skip a round or to never do a round, which is the path that I've pursued.

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