How EstateSpace CEO Jonathan Fishbeck grew EstateSpace to $3.9M revenue and 65 customers in 2025.

family offices pay a state space to manage hundreds of properties he charges per seat his biggest customer pays Seven Grand a month he's up to 20 000 bucks a month in total revenue or 250 000 run rate just closed a 3.2 million seed round out of 17 million pre-money valuation uh but it's really because of the traction he had before that with his agency doing millions and millions a year in Revenue doing custom solutions for the same customers he's now serving today that's why he's now scaling so quickly and that's what allowed him to get the seed round done in a market that's crazy where no one can get deals done team of 17 as he looks to scale new version coming out here shortly hey folks my guest today is Jonathan Fishback He is building estatespace.com it's Estate Management simplified Jonathan you ready to taste the top always thank you Nathan for having me no one thinks about estate planning how do you make them think about this so they pay you yeah so I think from an estate planning perspective um where State space really is is setting the bar is when we're dealing with real property assets so we're talking about managing your property maintaining your property managing your assets and maintaining those assets ultimately coming back to where we started as fintech right we want to help appreciate the value of the things that you own and help you manage them better we want to add depth to your general ledger and your balance sheet where it might just be a single line item and then from there we also want to help you slow down the depreciation of assets that might lose value over time and helping you extend the life of things that you own so ultimately you know the way that we when we started the company we saw you know I've got marketable Securities I have real estate and alternative Investments but who's really managing all my stuff and that's how we that's how we really started that was a Genesis and the idea for a state space you know for me when I think about managing my own sort of stuff like I want some somebody a person that I can call focused on it how do you get people to sort of trust this using soft like to invest in software to run this process versus someone a wealth manager for example right so it's um it's an emerging space right in the last 10 years family offices specifically have started getting into the Fulfillment of the lifestyle of the individual that they're serving whether it's a single or multi-family and so we saw an opportunity to really help them with the things that they struggled on like uh finding the right person to do the thing that they're looking for the requests being that they need to fulfill so um we've actually had a lot of excitement around helping these families and family offices scale automatically through a state space so are they paying you directly versus versus individual consumers paying you directly to manage the states yeah so we're B to C to B so yeah exactly so so it may be B to B to C yes exactly yeah interesting so how many family offices pay you something today uh right now we've got about 65 family offices on the platform uh in the last when we launched uh what was it April 30th of this year and wait why do I have that your launch date was 2017. well that's when we started the company but we launched our commercial product um we so we did an alpha to a beta we went through that process with uh with our clients and in order to get to a commercial ready product for both web and mobile uh this last April you had though Revenue before this year right absolutely yeah so we we were um you know as part of my uh founder 500 story right we um we were doing services so we were we were doing a lot of things it was hard for me to break that service mindset um and we were able to really pivot to complete SAS here uh in the last 18 months so we've now kind of sunset our services and now we're changing all of our Revenue over from what was non-subscriptions to all subscription based I see so yeah when we spoke in 2021 you said you had about 50 customers and they were paying I guess Services here as well but you did about 2.2 million in total revenue that year is that accurate that is accurate yes I see but no zero percent of that was SAS yeah it was it was it was yeah it was like uh now not zero percent but maybe five percent of that Revenue was SAS revenue and so now now we're flipping the script so we pivoted to Pure SAS we do no services at this point in time oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the valuation data out from over 2807 interviews I've done manually saves you a lot of time well we've done this we've built the into the beautiful interface inside of founder path check this out I'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for evaluation this year now the secret valuation is there's many different ways to value a SAS business so the reason you're going to see three or four different evaluations inside of your founder path dashboard this is all free by the way is because depending on who's doing the buying of your SAS company you're going to get a different valuation a VC is going to pay a different valuation private Equity Firm is different if you're going to do a minority sale that's different and if you sell the whole business that's a different valuation you can see all those when I hover over here here right so the teal is what a VC would pay yellow is what private equity and red is if you sold the whole thing outright now what's cool about this is this is not built off random data again you guys hear these interviews on YouTube all these datas are built from real-time valuation data points Founders share with us on the show so traction 1.2 million seed round 3.7 raise they sold 22 percent of their business go in here and filter by the event maybe you only want to see companies that have sold the whole business well here are a bunch that have been acquired the valuation and the multiple maybe you're going out right now and you're raising your seed round well go in here and look at all this recent seed deals that went down what they raised what valuation they raised at and what percent that they sold there's never been a larger data set of SAS valuation than what you can get now inside of founder path and we're thrilled to bring it to you all right we're gonna go back to the YouTube video here in a second but if you want to check this tool out if you want to jump in and sign up you can check it out for free to get your valuation at this link this link founderpath.com forward slash products forward slash evaluations or if you go to founderpath.com and hover over products click on get your valuation here and go ahead and sign up to give it a whirl again all that valuation data live right inside the platform I hope to see you there all right let's jump back into the interview so will Revenue decline this year because you shut off all that service Revenue while you're scaling your SAS yeah so we're actually doing a um a seed round funding right now so we're um we're raising capital I put in more Capital um we're still bootstrapped so we're doing this through friends family Partners um our closed Network and our board and then we'll uh we're scaling back up so we're probably we just crossed 250 000 in recurring Revenue in ARR uh in this in the past five months since we launched uh so you're doing so you're doing 20 000 a month in mrr which is a 250 000 run rate and that that'll that's your revenue for this year now our Revenue by the end of the year should probably some be somewhere around 600 000. so because you still have 400 of services or something 400k yep I see it I see okay yeah so that's exactly we've we've still got like annual Legacy like just under a half a million dollars in ARR coming from Services how do you manage that storyline especially if you're raising now even just with employees I mean imagine when you close books in 2021 and you do 2.2 million revenue and then 2022 it's going to go down you know significantly down to 600 but the story is hey guys we're moving to higher margin SAS that's a hard storyline to manage I mean any employee looking at the books is going oh my gosh we just declined by a lot how do you manage that storyline yeah well so I'm transparent and honest right so I've just told every employee kind of what we're doing right the same story I'm telling you right now so I'm we're raising we're raising around uh 3.25 million that'll take us to the end of next year uh we'll be about two million dollars in ARR by the end of next year and it'll all be SAS and so um actually we have more excitement from our staff than we do uh than we did and we've also um it wasn't like I had to sell that to all 17 people that work with us now right at that point in time we were only about six people so so it was just me and a few other people at that time so we we tripled in size here in the last 18 months now that we made that transition over says interesting how much Equity do you think you'll have to sell at your current size to raise 3.2 million so I've...