SaaS Interviews with CEOs, Startups, Founders
Original On-Prem CRM GoldMine Still Does $3.6m in Maintenance Revenue, SaaS Play?
27 Apr 2021
Chapter 1: What is the background of Paul Peterson and his role at GoldMine?
I would call myself, if not a brand steward, an intrapreneur, right? I'm running a separate business unit within a company and we're lean, but we are very profitable.
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We've got to grow faster. Minimum is 100% over the past several years.
Or bootstrap founders like Vivek of QuestionPro. When I started the company, it was not cool to raise. Or Looker CEO Frank Behan before Google acquired his company for $2.6 billion.
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My guest today is Paul Peterson. He is a former developer and big eight consultant on selecting emerging technologies for use in sales and marketing for companies like McDonald's, Allied Van Lines, United Airlines, and others. He led the enterprise sales team at Del Arena, which is Winfax and Symantec, now Formflow, and now is general manager of the Goldmine business unit of Avanti Inc.
Paul, you ready to take us to the top? Sure. Now, is Avanti your baby? Are you the founder there?
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Chapter 2: How does GoldMine compete in the current CRM market?
Yeah, we don't reveal that number because we're private, but there's dedicated development, dedicated support, dedicated sales, and about 70 channel partners worldwide.
Tell me about how you've signed up so many channel partners. I assume what you pay them a 30% cut or something?
Yeah, they get a traditional discount and then they get commissions on the maintenance renewal. So we have them working to encourage renewals and then they provide local support, customization support, usually on an hourly basis as opposed to weeks or days.
Okay. I don't know, Pusha, where you can't talk about this stuff, but on LinkedIn, it says there's, for Goldmine, there's about, there's five employees, right? And then there's, I guess, 70 value-added resellers here. I assume the team's probably bigger than five people full-time on the project.
It is, yeah. Yeah. I'm not sure what that reference was to. I'll have to go back and check that one out.
Yeah, well, it looks like you have a development team or something in India. A lot of these folks that are listed here are in India.
Yeah, we're out of Bucharest in Romania. We have that, so. the identifiable ones. And then we have a support group in Colorado Springs and, uh, channel people that were located, uh, you know, interspersed across the, uh, the globe, London, Toronto.
I see now this you're obviously operating this inside of a much larger company, right? So, so I mean, have you bootstrapped the business or is it really, it's not profitable and it's really backed by funding from the larger business?
So, uh, I would call myself, if not a brand steward, an intrapreneur. I'm running a separate business unit within a company. As I said, we're lean, but we are very profitable. There are things I think we wish we could do more, but we're keeping within the lines of proper research, investment, and so forth.
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Chapter 3: What is the pricing model for GoldMine's software?
But the on-premise market is a tough one to be at. So we fight to be stable, provide our customer a stable version of the product that they can continue using, keep the brand name out there. The brand name Goldmine keeps bringing people in, so that's called free advertising. But to be candid, it's hard when it's a cloud world out there.
And so some of our customers love Goldmine and our hosting is probably, you know, 20% of our business. And that pays us, you know, the ongoing recurring fee, or you can take your license that you own and your data, move it up into the cloud and just pay for the hosting services.
So we've given folks that option and we'll see how, as we come out of COVID and more people taking a look at some of their infrastructure there's a, A lot of people looking to be a little bit more economical and goldmine offers a great affordable solution.
We will see what happens. We're out of time though. Let's wrap up here quickly with the famous five. Number one, favorite business book.
In search of, let's get real or let's not play by Mahan Khalsa. It's a sales book that basically says salespeople have rights. Number two, is there a CEO you're following or studying? My own, James Schaefer. He's come out of a couple of successful bits and so there's a lot to learn.
Number three, what's your favorite online tool for building a business besides your own?
Boy, I don't have an answer to that one.
Number four, how many hours of sleep do you get every night?
I get a solid eight. And what's your situation, Paul? Married, single, kids? Married, grown kids, and yeah. How many kids? I have two, 27 and 28. One of them, she's the CPA and manager for the Chicago Cubs. Oh, very cool. Yeah, she gets to blend something very, a lot of numbers with a great, great team. And how old are you? I am 68. 68.
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