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's pretty hard to imagine that a company couldn't pay back a loan of 4x MRR over four years.

I mean, you'd have to be shrinking basically, right?

So their rules were such that they can only go to that level.

Story short, ScaleWorks offered me a better deal.

So a better deal in terms of more money and also a better deal in terms of cheaper money.

And I told Leiter, hey, here's what these guys are offering me.

Can you match it?

And they were like, we can't break the four.

So I went to ScaleWorks and they went to six, if I recall.

I borrowed $1.5 million over three tranches from them.

And the more tranches you're getting, the better, right?

Because you're matching your spend with, I guess, well, the more you can match your spend with the money that you're bringing in, the lower your ultimate cost of capital is going to be because...

you're holding the money in your bank account for less time.

So, you know, in a perfect world, you'd do a little loan every month for whatever you're paying for.

And what I've always done with these loans, which is not like, you know, the smartest thing to do with loans, like the smartest thing is like, oh, I've got this funnel over here, Google ads, and I pour, you know, 20 grand into it a month and 25 grand comes out the bottom.

So of course I should do that every month.

That's like the perfect thing to do with debt.

What I've always done is I've basically had five extra engineers because I've had this debt.

And I've had them for, since 2015, right?

The team's always been five extra engineers bigger because of debt.

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