SaaS Interviews with CEOs, Startups, Founders
They Did $210k Last Month Helping Eliminate Debt in Spain
22 Apr 2021
Chapter 1: How did the guest grow their business from 2017 to 2020?
We started in 2017 with 2K and we got from 2017 and 2020 3.5 million euros.
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We got to grow faster. Minimum is 100% over the past several years.
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My guest today is Christian Tenasi. He's building a tool called Lawyer for Your Debts. It's playing in, you can think of it like Rocket Lawyer, the LegalZoom space, especially overseas. It's scaling nicely. We're excited to have him. Christian, are you ready to take us to the top?
Let's take you to the top, Nathan.
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Chapter 2: What is the purpose of the 'Lawyer for Your Debts' tool?
mediator doesn't work, you then propose a debt restructuring plan to the creditors. They accept, usually get off with some discount. If they still don't accept, number four is you go to a judge. How many people paying customers do you have right now going through this process?
We have right now more than 2,000 clients.
Okay. 2,000 clients who are actively paying 300 euros per month.
Uh, we have that, that, that are paying, we have between, uh, uh, have to say almost 700 clients because the, the, the, the others already paid and now are in progress to, to solve their, uh, their debts.
So 700 times, 350 United States dollars per month. What is your revenue today?
Last month we made 210, 210 K.
210,000 last month. Okay. And so the obvious question I have here is with any SaaS company, your economics come from recurring revenues, sticky customers. After you help a customer relieve some of this debt and they didn't leave, you just said it, you had 2000 that abused you and only 700 are still paying. Why is this product valuable for a customer over the long term?
How do you get people to keep paying you after the debt's restructured?
After the dev structure, we plan to implement an app sales for them. We want to implement, we have in process to make an application, an app like Rocket Lawyer to provide them with legal services. Do you know the application do not pay?
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Chapter 3: How does the SaaS model work for personal insolvency services?
Let me tell you, this is a big market. In France, for example, they had this low for more than 50 years. So in France, more than 170,000 people per year go through this low and cancel their debts. Here in Spain, we are at the beginning. When we started in 2017, just 150% per month used Google to search about this low. Now we have more than 40,000 people per month searching about this low.
And the possible market could be 120,000 people per year.
I understand. So talk to me about your engineering team, because that's going to determine how fast you can get out a new product to keep customers paying you, where you can add value to them even after you cancel some of their debt. So what's the team size today? How many people?
We have an external team of, let's say, six people.
uh you said an external team of six people exactly what's the team size the total team size full-time employees they this this partner yeah it has it has a lot of a lot of developers because he we didn't have it here in in in-house we have an external so it's a partner i understand that i'm talking about on your on your team christian ignored developers on your team how many people are full-time
We have almost 25 people. 25.
And what's the breakdown? What do they do?
We have in marketing, we have four people. We have in sales department, sales representative, we have six people. And until the end of this month, we will put nine people more. So we'll be like, say, 15 people. And afterwards, we have, let's say, the person that are in charge to customer support. We call them paralegal. They are our customer support.
If the client doesn't know how to upload the document or... How many are there? We have there six.
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Chapter 4: What are the costs and payment structures for clients?
Exactly. Very quick. We had an MVP. We had an MVP from, let's see, I had an idea in January last year. I spoke with them in March. We started in April, May. And in November, we had the MVP.
Yep, yep, that's great. So your first customers on the SaaS platform were back in November, correct?
Exactly, exactly, in November.
And help me understand the size of the agency before you had SaaS. So how much revenue was the agency doing?
Before we had SaaS, we had, let me say, have almost 35 people, 35. So we now are just 24, so 11 people less.
How much revenue did you do in 2020 that was services revenue?
In 2020, 1.4 million.
1.4 million, got it. And that was basically all services revenue because you switched to SaaS at the end of the year.
Exactly, exactly.
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