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 · How I hit $5m ARR, kept control using 3 different debt providers · 21 Oct 2022 podcast

It was like $308,000 or something.

I traded away.

I promised not to sell the product to their two biggest competitors for that three-year period, which they really liked.

They thought that was really cool.

They thought this was a competitive advantage.

And they were like, yeah, these guys...

And they understood, they actually, they knew that we were like four guys.

They, they, they knew, they understood the risks and they, and they were, they were okay with it, given that they could keep this away from their competitors for three years.

And, and so that's, that deal basically floated the first, you know, three quarters of 2015.

And then revenues had caught up to, to what we, what our costs were.

And then, you know, the next time we made an extra five grand a month, we could hire somebody.

So that is,

Our first financing was from customers.

So here's our debt history, and I think the, if I wanted to zoom out and offer a takeaway, it's that you gotta shop this stuff around, right?

You gotta dive deep, and that, if anything with debt, I shopped it around a ton and figured out who are the players, where do they fit?

I should've made a slide about this, with who all the players are, but

You know, the Lighter, Scaleworks, and which now they're called Element, Founder Path, and then there's, those are kind of the ones that I think are the most focused on the SaaS industry right now.

So I started out with Lighter, because they were first.

Scaleworks didn't exist, Founder Path didn't exist.

And so I borrowed $888,000 over two years and four tranches.

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