Practical Founders Podcast

Josh Turley, CEO of RTA Fleet Management, took the reins of his family's small software business and transformed it into a SaaS powerhouse. He discusses the challenges of modernizing an old system, including shifting from COBOL to a cloud-based model and navigating the complexities of growth equity investment. Turley shares insights on strategic leadership, the importance of company values in hiring, and the fun culture he fosters, like Hawaiian shirt Fridays. His journey emphasizes balancing innovation with legacy while achieving remarkable growth in the fleet management software industry.

Sameer Narkar is the founder and CEO of Konnect Insights, a global SaaS company based in Mumbai that provides an omnichannel customer experience platform to consumer brands in 100 countries. Sameer created Konnect Insights in 2015 to help customer service teams respond to customers who mention their brands on social media. The product and company have expanded from a slow start working through marketing agencies in India to now distributing through ISV partners in all major global regions. The Konnect Insights product includes social listening, ticketing, reputation monitoring, and social media analytics. They have grown to 140 employees, hundreds of customers, and $7 million ARR--without any outside funding. In this episode, Sameer talks about: Selling through agency and ISV partners to grow efficiently Competing with large, well-funded software companies How he thinks about how AI can help them compete Why he hasn’t sold the company or raised outside funding Quote from Sameer Narkar, founder and CEO of Konnect Insights “When you start a software company, you have all odds against you. You don't have enough money. There's no reason why customers would trust you against the established products. There is a 99% chance that you'll fail. “But if you're really passionate about what you're building, then don't look too far ahead. Try to achieve your smaller goals or get from zero to one. So just build something and get some early customers. We figured out a way for agencies to be interested in selling our solution to bring it to market. “Then meet directly with your end customers. It's very easy for tech founders to sit in the office and build a product the way they think. That doesn’t work. Many founders think that if they take a half-baked product, they won't get another chance. But that's not the case. You need to build relationships to help you improve and grow..” Links Sameer Narkar on LinkedIn Konnect Insights on LinkedIn Konnect Insights website The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com.

Chris Erler, co-founder and former COO of ComX, shares his journey in transforming lead generation for traditional German businesses. He emphasizes the challenges of bootstrapping in a conservative market while growing his company to $20 million in revenue. Chris discusses innovative strategies that blend technology with human insight, adapting U.S. tactics to European markets. He also explores the impact of AI on marketing, stresses the importance of customer value, and reflects on the lessons learned during their acquisition and rapid growth.

Aaron Steffey, co-founder and co-CEO of Propeller, a transformative platform for issuing surety bonds, shares his journey from insurance agent to tech entrepreneur. He discusses how the pandemic accelerated a shift in the traditional, paper-heavy surety bond market to a more digital approach. With innovative strategies, Propeller achieved rapid growth, raising $7 million in funding and ultimately selling to Arch Capital. Aaron emphasizes the importance of endurance in entrepreneurship, reflecting on challenges faced and the thrill of revolutionizing a $7 billion industry.

Roy van den Broek, founder and CEO of Rentman—software that streamlines logistics for the event industry—shares his journey from building a rental business to launching a successful SaaS platform. He discusses adapting to COVID-19, the significance of multilingual support, and the challenges of navigating equity funding while retaining control. Roy emphasizes the importance of product development driven by real-world needs and effective resource management to ensure smooth operations in large-scale events.

Gopal Krishnamurthy, founder and CEO of Lumel, shares insights about his enterprise performance management startup that supports modern data platforms. He discusses the shift from traditional BI services to innovative product development, emphasizing patient execution and the challenges faced in a competitive landscape. Gopal reveals how bootstrapped funding has driven Lumel's growth to over $12M in annual revenue, while also highlighting the potential of no-code data applications to disrupt the industry. The conversation explores technology cycles and the impact of AI on the future of enterprise software.

Phil Stern, Operating Principal at Mainsail Partners, specializes in growth equity for bootstrapped vertical SaaS companies. He shares insights on hiring the first head of sales to transition from founder-led to scalable sales. Phil highlights the importance of operational support and establishing trusting relationships with founders. He discusses the need for effective customer profiling and the transformative role of AI in SaaS. The conversation emphasizes how targeted investments can accelerate growth while ensuring product-market fit and a focus on key performance indicators.

Sean Hoban, co-founder and former CEO of Kimble Applications, shares his journey from professional services to building a $30M SaaS business. He discusses the strategic shift needed to grow in the SaaS market and his experience using the Salesforce ecosystem. Sean also dives into challenges like customer onboarding and navigating funding dynamics, including insights on the EIS scheme for angel investors. He emphasizes the importance of engaging with ideal customer profiles and the impact of private equity on transitioning to a successful SaaS model.

Josh LaSov, founder of Cauzzy.ai and former CEO of Satori Reporting, shares his entrepreneurial journey, highlighting the transition from a service-oriented model to scalable software solutions. He dives into the challenges of the NetSuite ecosystem, the benefits of bootstrapping, and the significance of strategic angel investors. After a brief retirement, LaSov found fulfillment in launching his AI-powered startup, which aims to revolutionize financial analysis. He also discusses innovative team-building methods and the evolution of accounting software into advanced tools.

Andrew Gazdecki is the founder and CEO of Acquire.com, a marketplace of buyers and sellers of smaller, profitable SaaS products with revenues between $100,000 and $5,000,000. Andrew sold his own software company and learned how little support and information was available to sell a software product for under $5-10 million in deal size. Acquire.com has helped over 2000 entrepreneurs sell their software products for a combined value of more than $500 million. Acquire offers additional support to help founders package, promote, negotiate, and close their transactions. Potential buyers are vetted for financial viability and identity confirmation before getting confidential details for any deal. In this episode, Andrew describes their typical seller and buyer profiles, the typical process for a founder to sell a small and profitable SaaS company, typical multiples of profit that financial buyers offer, and founder transition periods. Quote from Andrew Gazdecki, founder and CEO of Acquire.com "There are three buckets of active buyers on Acquire.com. The first is below $100,000 net profit. That's going to be an individual buyer looking for something with maybe a little bit of product market fit. They want to take the product, grow it a little bit, see what they can do from there. They're buying a very, very early startup. So some buyers will actually start small and then work their way up. "From $100,000 to $1 million in net profit in our middle range, the buyer will a blend of "micro PE firms" and holding companies that want to get their hands on a business where there's a lot more going on. And then a $1 million in profit and above is going to be for the more traditional private equity or strategic buyers." Links Andrew Gazdecki on LinkedIn Andrew Gazdecki on Twitter Acquire.com on LinkedIn Acquire.com website The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com.