Startups For the Rest of Us Episode 611 | Bootstrapping ProfitWell to a $200M Exit (with Patrick Campbell)
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Jul 12, 2022 
Join Patrick Campbell, cofounder of ProfitWell, who bootstrapped the company to a staggering $200 million exit. He shares unique insights about using consulting to fund growth, the cash-to-stock split during the acquisition, and the significant revenue breakdown of consulting versus SaaS. Patrick reflects on the emotional journey of selling a business, the importance of securing employee well-being during the transition, and why he opted to relocate to Puerto Rico for tax benefits.
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Sudden Wealth
- Patrick Campbell paid off his house aggressively, leaving him with $12,000 in his bank account before the $200M exit.
- He describes the transition to sudden wealth as feeling like winning the lottery and emphasizes the importance of sitting with the money before making any decisions.
Reinvesting Profits
- Resist getting hooked on service revenue, as it can hinder productization.
- Reinvest profits back into the business to fuel growth and development.
Aligning Long-Term Goals
- Align with your co-founders and executive team on the long-term goals of your company.
- Regularly check in and discuss potential paths, such as profit sharing, venture funding, or M&A.