Brought to you by Vanta—Automate compliance. Simplify security: https://vanta.com/lenny | Amplitude—Build better products: https://amplitude.com/ | Dovetail—Bring your customer into every decision: https://dovetailapp.com/lenny—Patrick Campbell is the founder and CEO of ProfitWell, which he bootstrapped and sold for over $200 million. In this special episode, we explore 10 big ideas from Patrick, including tips for hiring employees who align with your company values, creating winning pricing and retention strategies, determining the right time to raise money, and more. Whether you’re just starting out or looking to scale your SaaS business, this must-listen episode offers practical and actionable advice that will help you avoid missteps and think differently.Find the transcript for this episode and all past episodes at: https://www.lennysnewsletter.com/p/10-lessons-from-bootstrapping-a-200mWhere to find Patrick Campbell:• Twitter: https://twitter.com/Patticus• LinkedIn: https://www.linkedin.com/in/patrickccampbell/• Email: pc@patticus.comWhere to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/Referenced:• Douglas Atkin on LinkedIn: https://www.linkedin.com/in/doatkin/• Patrick Campbell’s guest post on Lenny’s Newsletter: https://www.lennysnewsletter.com/p/saas-pricing-strategy/comments• ProfitWell: https://www.profitwell.com/• The Cadence: How to Operate a SaaS Startup: https://medium.com/craft-ventures/the-cadence-how-to-operate-a-saas-startup-436aa8099e8• Edward Snowden on Twitter: https://twitter.com/Snowden• The Flywheel: https://www.hubspot.com/flywheel• High Output Management: https://www.amazon.com/High-Output-Management-Andrew-Grove/dp/0679762884• Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts: https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/dp/0735216355• Powerful: https://www.amazon.com/Powerful/dp/1939714206/r• The West Wing on HBOMax: https://www.hbomax.com/series/urn:hbo:series:GX5nwgQDNJZ6aoQEAAAHJ• Notion: https://www.notion.so/• Descript: https://www.descript.com/• Coda: https://coda.io/• KTool: https://ktool.io/• Tweet Hunter: https://tweethunter.io/• Apple Watch Ultra: https://www.apple.com/apple-watch-ultra/• Loom: https://www.loom.com/In this episode, we cover:(00:00) Patrick’s background(05:12) Building a team(07:38) How ProfitWell handled a conflict using their guiding principle, the most charitable interpretation(10:41) Why new hires need to fit in with the company culture(12:19) The bootstrapping vs. funding debate(13:38) When founders should think about raising funds (18:08) When and how companies should make pricing changes to their products or services(23:46) Strategic retention and tactical retention, and why the latter is often missed (28:48) Why people don’t want to pay for a SaaS analytics tool(29:56) The importance of mission metrics for shipping(34:42) First-principle thinking, the “5 whys,” and Patrick’s alternative approach(40:21) The importance of frequent customer research(43:15) Simple strategies for doing customer research(46:13) Understanding your competitors(51:06) Why veterans make great hires (54:08) Why local strategies are more effective for some companies(59:21) Why the middle of the funnel is the biggest opportunity (1:04:54) Lightning roundProduction and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe

Shaan Puri and Sam Parr join Patrick Campbell to discuss trends like coral bleaching and school shootings, the importance of freedom-inducing purchases, tax strategies with gas stations and the concept of financial freedom.

Patrick Campbell, Founder and CEO of ProfitWell, joins for a growth model breakdown of Loom's acquisition by Atlassian, discussing growth loops and environmental loops. Also, he shares insights on Unity's pricing change, AI's monetization challenges, and the impact of the macroeconomy on software companies.

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk to Founder & CEO at ProfitWell, Patrick Campbell (@Patticus), about the billion dollar quilting industry, using spy secrets in business, buying cheap debt and a hostile takeover of a person.Also, want $5,000? Check out the My First Million Clips contest.-----Links:* ProfitWell* Missouri Star Quilt Co.* Hallmark* KMikeyM* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.* Want more insights like MFM? Check out Shaan's newsletter.-----Show Notes:(01:35) - Patrick Campbell background(07:55) - Surprising businesses: Quilting and craft industry(20:55) - Chili's and Applebees(25:25) - Why you should invest in unsexy businesses(26:50) - Rolling up trades & things for old people(30:05) - Using spy secrets to get competitive intel(46:30) - Buying debt to forgive it(49:40) - How it feels to get very rich very young(55:00) - Hostile takeover of a person-----Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.-----Additional episodes you might enjoy:• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits• #209 Gary Vaynerchuk - Why NFTS Are the Future• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto* #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Patrick Campbell is an entrepreneur. He sold his company ProfitWell for $200 million to Paddle in May 2022. 0:00 Intro 1:22 What Happened After You Sell Company For $200 Million? 6:29 Psychiatry Experiment (To Learn More) 17:01 Why Was It Difficult For Patrick To Accept Himself? 21:21 Is $200 Million More Important Than Self-Love? 28:29 High Output Marriage 30:30 “We Forget How Much Agency We Have” 36:32 Your Job Is To Figure Yourself Out 39:50 Align North Star Vision With Day-To-Day Actions 44:19 Negative Fuel? 50:34 How To Face Insecurities 53:49 How To Get Health In Order 56:39 Long Term Vision 58:52 Defense, Debt, Politics, Healthcare 1:05:40 $1 Billion Vs. 1 Billion Viewers? 1:11:11 Patrick’s Current Content Strategy 1:22:01 Patrick’s Scoreboard Notion Template 1:28:02 Common Themes Of Success 1:36:09 Challenge Patrick's Links Twitter: https://twitter.com/Patticus Website: https://patticus.ck.page/twitter My Links ✉️ Newsletter: https://dannymiranda.substack.com 🎙 Podcast: https://anchor.fm/dannymiranda 🎥 YouTube: https://youtube.com/dannymiranda 🐣 Twitter: https://twitter.com/heydannymiranda 📸 Instagram: https://instagram.com/heydannymiranda 🕺 TikTok: https://tiktok.com/@heydannymirand

We're joined by Patrick Campbell, founder & CEO of the world's leading SaaS profit-optimization service ProfitWell, to dive deep on all things pricing and monetization. Patrick began bootstrapping ProfitWell 8 years ago, and has since grown the business into a massive success with customers like Notion, Lyft, Masterclass, Atlassian, Help Scout, HubSpot, Cisco, Autodesk and many more. Patrick gives us a masterclass in how to think with a profit-maximization lens about pricing, feature development, growth and retention. And, as a special bonus at the end of the episode, he talks about his own entrepreneurial journey, bootstrapping the company without any venture funding, along with challenges overcome along the way. This episode has something for everyone to learn about company building — and is not one to miss!Sponsors:VantaLinks:Patrick's 2x2 matrix of product features: https://i.imgur.com/J3AAilr.pngMax Diff analysis:  https://learn.profitwell.com/article/tFfVQbtRnT-quantified-buyer-personasVan Westendorp's Price Sensitivity Meter:  https://www.priceintelligently.com/blog/bid/190607/unlock-price-sensitivity-s-profitable-surpriseTransitioning Customers to your Current Pricing:  https://www.priceintelligently.com/blog/grandfathering-discounting-prices-terrible-subscription-business

This week I chatted with Patrick Campbell about his exit of ProfitWell to Paddle for $200 million. One of the most mind-blowing things that I experienced during that conversation was hearing Patrick tell me that he feels he needs to build something else to prove that his exit -$200 million- was not just a fluke.I did not expect that, but I should have because I feel the same way all the time. And the more founders I talk to, whatever stage of their journey they might be on, I hear them tell me the same story too. Whether they just started out or sold their business for millions a few years ago, they still struggle with who they are, what they should be doing, and proving themselves and their worth to others.00:00:00 Intro00:00:29 Sponsor00:01:44 Introduction00:02:50 Balancing Parenting & Business00:04:58 Overthinking00:06:22 Addictions00:08:03 Dealing with Failure00:09:45 Not delegating can lead to anxiety00:11:13 Burnout & Dreading Loss00:12:49 Navigating imposter syndrome when others appear successful00:14:44 Second-guessing decisions and dealing with incomplete data00:16:29 Underestimating and Judging Yourself00:18:14 Debilitating Shiny Object Syndrome 00:19:54 Feeling guilty for taking a break00:21:09 Underwhelming Sales00:24:03 Outro- Founder Mental Health Pitfalls- Find your Following, my Twitter course — now with Find your Following Essentials, the 7-day Twitter crash course- Zero to Sold & The Embedded Entrepreneur, my books on entrepreneurshipThis episode is sponsored by Senja.You can also watch this episode as a video on YouTube.

What does a $200 million+ acquisition look like up close? How much time, focus, and communication happens between the first conversation and closing the deal? And when do the CEOs of each company just need to use the "red phone" and have a direct conversation without the 86(!) lawyers in the room? We sit down with ProfitWell founder and CEO Patrick Campbell to answer it all, centering on ProfitWell's recent acquisition by Paddle. And incredibly, Patrick built and scaled the SaaS company without taking a single dollar of investment! If you're running a company that may one day need to navigate an acquisition (or just curious), tune in! Links: -  Our Previous Episode with Patrick, a Masterclass on Pricing - The Documentary: "We Sign Tomorrow?"Sponsors:VantaNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Patrick Campbell, founder of ProfitWell, discusses the importance of finding root causes in startups, the significance of pricing and churn for growth, and shares how he grew ProfitWell to over $10M/year. Also explores critical thinking, problem analysis, re-educating the market, value metrics for pricing, and building founders' truths.

Welcome to another episode of the Product Thinking podcast. This week, host Melissa Perri is joined by Patrick Campbell, CEO of Profitwell. They discuss all things pricing, diving deep into the psychology behind pricing models and how to choose a pricing strategy. Patrick talks about the biggest mistakes businesses make when pricing, when and how often you should be raising your prices, how to align your price changes with your value metrics and communicate those changes to customers, and more.  You’ll hear Melissa and Patrick talk about: Patrick's team developed a financial analytics product and decided to give it away for free in order to get more data and improve their algorithms. 37,000 companies have used it in the past seven years. Patrick's company was acquired by Paddle for $200 million in May 2022, with a mission to grow subscription companies automatically. Pricing is a core competency for a business and should not be treated as a quick task to be done and moved on from. It is the very essence of a business as it represents the value of a product or service and how it is perceived by customers. Businesses should experiment with monetization once per quarter and raise prices once per year. Raising prices too often can lead to customer churn. However, this eventually normalizes as ‘fence-sitting’ customers leave. Make sure your price increase is justified by the value you provide to the customer. Align your pricing with a value metric, such as revenue. Packaging and pricing go hand in hand and can be thought of in terms of charging different prices for different pieces of value of the product. Sustaining a social media platform like Twitter is difficult, and it can be hard to monetize. Adobe's move from selling Photoshop for $1,000 to a subscription model of $32 a month was an "eye-opening" change that allowed for more investment in the product. It's important to get the finance team aligned with the move to a subscription model, as costs will initially go up and revenue will initially go down. Pricing is a whole company problem, not just a product problem. Resources Patrick Campbell Website | Email | LinkedIn ProfitWell