SaaS Buyers' Club Reducing Churn & Scaling SaaS businesses with Nick Fogle
In this SaaS Buyers' Club Episode 31, your host, Software as a Service (SaaS) mergers and acquisitions (M&A) lawyer Omeed Tabiei from Optimist Legal interviews Nick Fogle, founder and CEO of ChurnKey.
Nick's expertise in churn reduction strategies has dramatically improved customer retention and overall company performance for SaaS businesses. Together, they dive into his entrepreneurial journey, detailing his early challenges as a recovering attorney with massive student debt, to self-teaching code, and eventually creating successful startups.
Nick discusses his experience with his first startup, Wave, and how understanding market needs and pivoting the business led to its acquisition in January 2021. He provides insightful anecdotes about the acquisition process, dealing with potential buyers, and the critical role of reducing churn to boost business value.
The conversation also explores the evolution and mission of ChurnKey, a platform designed to reduce voluntary and involuntary churn. Learn how ChurnKey uses AI to provide tailored solutions for subscription-based businesses, ensuring higher customer retention and increased revenue.
Don't miss out on Nick's invaluable advice on achieving product-market fit, the importance of listening to the market, and preparing for successful business exits. This episode is packed with lessons for entrepreneurs at all stages. Tune in and get inspired!
00:00 Introduction to SaaS Buyers Club
01:19 Nick Fogle's Background and Career Shift
03:54 The Birth of Wave and Early Struggles
06:22 Pivoting to Success with Audiograms
10:27 Scaling and Market Validation
13:21 Acquisition Offers and Strategic Decisions
17:59 Addressing High Churn and Increasing Valuation
25:47 The Origin Story of Turnkey
26:15 Transition from Wave to Turnkey
27:07 Challenges and Realizations in Building Turnkey
27:49 Finding Product-Market Fit
29:56 The Acquisition Process
31:37 Structuring the Earnout
36:13 Technical Handover and Documentation
41:06 Introduction to Turnkey's Features
42:23 Addressing Churn with Turnkey
48:10 Final Thoughts and Advice for Founders
49:23 Conclusion and Call to Action
Follow the Guest: Nick Fogle
► https://www.linkedin.com/in/nickfogle/
►https://www.churnkey.co/
Follow the Host: Omeed Tabiei
► https://www.linkedin.com/in/Omeed-Tabiei
► https://www.facebook.com/omeedt
►https://www.instagram.com/saasbizlawyer
How to reach Optimist Legal about your SaaS M&A transaction to explore working with us
► https://www.optimistlegal.com
►Omeed@OptimistLegal.com
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About Optimist Legal:
Optimist Legal is a SaaS corporate and business focused law firm with extensive experience in M&A. When you work with Optimist Legal for your next SaaS M&A transaction, you can rest assured that you're working with diligent experts that are going to get you the best deal possible.