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Steve Benson

๐Ÿ‘ค Speaker
518 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

large company to give you $300,000 when you're like four Joker guys.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And we were working out of the back of a dentist's office at the time.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

We didn't tell them that, but, uh, we, so the, the, the key there, um, we, we gave up a really interesting term that, uh, that they, that they took and, and,

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

What that was, was I traded for paying three years up front.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

It was like $308,000 or something.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

I traded away.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

They thought that was really cool.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

They thought this was a competitive advantage.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

So that is,

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

Our first financing was from customers.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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?

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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?

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

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