Founder Interview
How REVIEWS.io Grew from $500K to $12M ARR and Sold for $82M Cash (Interview with CEO Callum McKeefery)
- Interview Date
- November 26, 2025
- Interviewee
- Callum McKeeferyCEO and Founder
Company Metrics at Interview Time
ARR at Exit (2022)
$12M
Exit Price (2022)
$82M all cash
Revenue (early) (2017)
$500K
Team Size at Exit (2022)
50
Historical Snapshot
These numbers were reported by Callum McKeefery during his interview with Nathan Latka recorded in November 2025, reflecting the state of REVIEWS.io at the time of its 2022 exit, and are a historical snapshot, not current figures. See REVIEWS.io’s current numbers.

Key Takeaways
- 01REVIEWS.io sold for $82M all cash in 2022, with Callum and his wife retaining 100% equity at exit
- 02ARR at exit was approximately $12M, all processed through Stripe
- 03Revenue grew from $500K in 2017 to approximately $12M ARR by the time of the 2022 exit
- 04The company had approximately 50 full-time employees at the time of sale
- 05No employee stock option pool was used; key team members received earn-outs, with some individuals receiving over $1M
- 06GSF Car Parts alone generated 57,000 reviews collected through the platform
- 07The biggest plan price point was $149, and the team got on the phone even for $29 plan customers in early days
- 08Partnerships accounted for approximately 40% of revenue toward the end of the REVIEWS.io journey
- 09The Google Seller Ratings license was a critical early competitive advantage
- 10The company was bootstrapped entirely from the kitchen table, through what Callum calls pure grit, determination, and long hours
Company Metrics at Time of Interview
| Metric | Value | Source |
|---|---|---|
| Revenue (2017) | $500K | Founder interview, Nov 2025 |
| Revenue (2022) | $12M ARR | Founder interview, Nov 2025 |
| Exit Price (2022) | $82M all cash | Founder interview, Nov 2025 |
| Team Size (2022) | 50 | Founder interview, Nov 2025 |
| Founder Equity at Exit (2022) | 100% | Founder interview, Nov 2025 |
| Biggest Plan Price (2022) | $149 | Founder interview, Nov 2025 |
| Reviews Collected for GSF Car Parts | 57,000 | Founder interview, Nov 2025 |
| Revenue from Partnerships (at exit) | 40% of revenue | Founder interview, Nov 2025 |
Growth Breakdown
Revenue
REVIEWS.io grew from $500K in annual revenue in 2017 to approximately $12M ARR by the time of its 2022 exit. Callum described the ARR as clean, recurring revenue all processed through Stripe, with a cap table that was as small as it could be.
Customers
The company built its customer base by targeting specific niches such as car parts, winning anchor clients like Euro Car Parts and GSF Car Parts, and then using those relationships to sign additional players in each vertical. The biggest plan was priced at $149, and the team got on the phone even for $29 plan customers in the early days to build relationships and learn.
Team
REVIEWS.io grew to approximately 50 full-time employees at exit, with Callum noting the team was adding staff every week in the final stretch. No equity was granted to employees; instead, key contributors received earn-outs at exit, with some individuals receiving over $1M.
Profitability and Exit
The business was fully bootstrapped with no outside investment, and Callum and his wife owned 100% of the equity at sale. The company sold to AppHub, a Shopify app roll-up backed by private equity firm Silversmith, for $82M all cash in 2022.
Growth Strategy
Viral Review Loop
Callum engineered a viral loop by monitoring Twitter for people talking about brands, encouraging those users to leave reviews on programmatic landing pages he built for each brand, and then approaching the brand with an existing review profile. Once two or three reviews were on a page, it would begin ranking well organically, creating a flywheel that made each new client more valuable.
Niche Domination and Anchor Clients
Rather than pursuing customers broadly, the team targeted specific verticals such as car parts, winning a major player like Euro Car Parts first and then using that win to approach competitors like GSF Car Parts. Collecting 57,000 reviews for GSF Car Parts demonstrated the platform's power and attracted further clients in the same niche.
Google Seller Ratings License
Securing a Google Seller Ratings partner license was a critical early breakthrough. Businesses needed to work with an approved partner to display gold stars next to their Google Ads, and REVIEWS.io was one of only about five original partners. This gave the company a structural advantage over competitors and was a primary hook in paid advertising targeting businesses that wanted seller ratings.
Organic SEO
From the late 2010s, REVIEWS.io invested in programmatic SEO, building review profile pages for brands that ranked well in search. Callum found that once a page had two or three reviews on it, it would start to do really well, driving organic traffic and brand awareness before the company layered on any paid spend.
Paid Advertising on Google and LinkedIn
In the later years, the company layered paid ads onto its organic foundation. Approximately 30% of ad spend went to LinkedIn and the remainder to Google, with campaigns tightly focused on businesses searching for Google Seller Ratings solutions. Callum credited being close to customers and listening to them as the key reason REVIEWS.io outperformed larger, better-funded competitors.
Best Quotes
“I wanted a clean deal. I don't know if you know my backstory. I've got a son who's pretty poorly. He's disabled. He's got a really rare genetic disease, and I really wanted to add a bit of security. I wanted to spend a bit of time with him.”
“ARR was about 11 to 12 mill at the time. Pure nice ARR, really clean stuff.”
“100%. Yeah. I had this you know, I I I there was a few people in the company who would help me along the way, and they got really big earn outs, but it was only really from me saying, hey. I wanna make sure you get a big earn out out of this rather than it being actually formally in a contract.”
“I built a really, really, really nice viral loop for reviews.io. So, literally, the more clients we got, the more powerful the brand became because we were collecting more reviews, more content. It was getting fresher every day.”
“So one user turning into three. So we'd look at a niche. So one of our niches was car parts. So we'd look at we went and won Euro Car Parts, which is a big European car part reseller. And then we'd win that client. We'd get our brand on their website. We'd now go and speak to the other people in the industry.”
“30% LinkedIn, the rest on Google. And I truly believe closest to the customer wins every single time.”
“At reviews, one of our later on in the journey, one of our biggest drivers were partnerships. All tech partnership became a real big thing. Early on, we did nothing in partnerships towards the end. It was all partnerships. Like, 40% of the rev was through partnerships.”
What Happened Next
REVIEWS.io was acquired by AppHub in November 2022. Callum McKeefery says the deal was $82M all cash, with no surviving earn-out, and that he and his wife owned 100% of the equity going into it with roughly 50 people on the team. He took a seat on the acquirer's board, and by this November 2025 recording he had stepped back from the day-to-day and was building Partner.io, a partnership management platform. Visit the REVIEWS.io company profile on GetLatka for current figures and updated benchmarks.
View REVIEWS.io’s current profile and metricsFull Transcript
Chapters
- 0:00Exit Price and First Look
- 1:02Why He Sold: His Son's Rare Disease
- 2:02ARR and Business Cleanliness at Exit
- 2:39100% Equity and Employee Earn-Outs
- 3:01No Stock Options: The Unconventional Talent Strategy
- 6:02Early Days: Origins and First Pivot
- 9:38The Viral Loop That Fueled Growth
- 10:08Niche Strategy: Car Parts and Anchor Clients
- 11:43Seeding Reviews and Google Seller Ratings
- 13:36Pricing and Getting on the Phone for $29
- 15:18Paid Ads: Google and LinkedIn Strategy
- 16:35Negotiating the Exit and Lessons Learned
- 20:01Life After the Sale and Son's Treatment
- 22:42Partnerships at REVIEWS.io and What Came Next
Exit Price and First Look
Nathan Latka
00:00How much did you sell the company for?
Callum McKeefery
00:01>> 82,000,000, all cash. Me and my wife started the company from our kitchen table.
Nathan Latka
00:06So you're at $10, 11, 12,000,000 of revenue, 50 people, $240,000 of revenue per employee.
Callum McKeefery
00:11>> I built a really nice viral loop. We found that if we got two or three reviews on a profile, the page would start to do really well. I had some big competitors in reviews, like well financed, VC backed companies. And I truly believe that we did well against them, against these well funded companies.
Nathan Latka
00:30And how many folks were full time when you exited?
Callum McKeefery
00:32>> About 50. And we was growing pretty fast, to be honest, at that time.
Nathan Latka
00:35To be clear, you and your wife owned a 100% equity.
Callum McKeefery
00:37>> 100%.
Nathan Latka
00:39Hey, folks. My guest today is Callum McKeefery. He built and sold bootstrapped, I should mention, reviews dot I o for $82,000,000 cash. He's now working on a company called Partner dot I o. Callum, you ready to take us to the top?
Callum McKeefery
00:52>> Yeah. Yeah. Looking forward to it.
Nathan Latka
00:53So let's let's give the audience sort of a hook here, and then we'll go back and teach everyone sort of how you did it. So the end of the story is you sold the company. Right? So how much did you sell the company for? Was it all cash?
Why He Sold: His Son's Rare Disease
Callum McKeefery
01:02>> 82,000,000, all cash. I've got a couple of shares still in Outpub with cleara dot now, and I'm still a board member of that. I wanted a clean deal. I don't know if you know my backstory. I've got a son who's pretty poorly. He's disabled. He's got a really rare genetic disease, and I really wanted to add a bit of security. I wanted to spend a bit of time with him, and the offer came in at the
01:28>> right time. Any other time probably in my career, I probably wouldn't have taken that offer because I really truly loved what I was doing at reviews and I think I still had a lot more to give to the company, but I had to think about my Founder emotionally.
Nathan Latka
01:43Mhmm. Mhmm. And we'll loop back to all that. I did pick that up in your research. That was the main driver of you doing the deal in the first place was your son. So we'll pick back up. Before we go back and get sort of the full story, so 82,000,000 all cash was the exit price. And what was what was revenue at that point in time? Monthly recurring revenue time is 12, the ARR.
ARR and Business Cleanliness at Exit
Callum McKeefery
02:02>> ARR was about 11 to 12 mill at at the time. Pure nice ARR, really clean stuff,
02:12>> all through Stripe. Pretty yeah. About 12, I'd say about 12 and a bit change. Okay. Okay. Yeah. It was it was we built the business to be really clean. Clean business itself. Our cat table was as small as it could be. It was near my wife. Me and my wife started the company from our kitchen table, and we did it through pure grit, determination, and long hours.
Nathan Latka
02:35To be clear, you and your wife owned a 100% equity at that at sale?
100% Equity and Employee Earn-Outs
Callum McKeefery
02:39>> 100%. Yeah. I had this you know, I I I there was a few people in the company who would help me along the way, and they got really big earn outs, but it was only really from me saying, hey. I wanna make sure you get a big earn out out of this rather than it being actually formally in a contract.
No Stock Options: The Unconventional Talent Strategy
Nathan Latka
03:01This is against conventional wisdom. Most folks listening say, wait, Nathan. I saw I thought you're supposed to create an employee stock option pool, and that's the way you get really good talent is you give them equity. You did the opposite. Why?
Callum McKeefery
03:10>> I didn't need to. I didn't need to. That was the thing. You do what you need to do. I actually found really, really talented people without doing that who believed in me. And doing that I felt would have slowed me down and would have made the deal much more complicated to do the sale. So I was just really honest. I mean, I some of my team members got over a million dollars earn out of this.
03:40>> You know, some people got way more than that and some people got a little bit less. But I did try and make sure that everyone was brought along from the journey, and I kinda kept my promise to everybody that, hey. If this works, I'm gonna change your life. And I did it. Everybody trusted me, and it worked out, thankfully.
Nathan Latka
03:59And how many folks were full time when you exited?
Callum McKeefery
04:03>> It was about 50. It was about 15 growing yeah. And we was growing pretty fast, to be honest. At that time, Tom Tom was adding staff every week where I forget their names. And, yeah, I think from starting to do the deal to end to do the deal, I think we'd added another 10 staff by then.
Nathan Latka
04:21Mhmm. So you're at $10, 11, 12,000,000 of revenue, 50 people, $240,000 of revenue per employee. No employees own stock when you exited, but you made many of the millionaires. You just told me when you did exit based off sort of your choosing. How many did you make millionaires?
Callum McKeefery
04:36>> More more than probably looking back, I should have done that. You know? I don't know. I don't know. I I was so happy to do it. These people had helped me on my journey, and they were part of my family and my team. And I I appreciated all of them so much, and, yeah, I wanted them to to have the part of that success. It wasn't just me all day on paper. It was
04:56>> just How'd you decide?
Nathan Latka
04:57Was it just simply who was there the longest, or how'd you decide?
Callum McKeefery
05:00>> Yeah. Who was there longest and contribution? So my two my CTO, he was, like, our fourth employee. But Tom was a catalyst catalyst. We'd already had product market fit when Tom came in, and Tom really helped us reach those bigger numbers later on.
Nathan Latka
05:15Alright. Let's get the backstory here. So I want everyone to see what you are today. Right? We're recording to twenty twenty five. You sold the business, you know, two or three years ago. So just to be clear, Callum, are you influencing this website design today, or are you totally checked out of the business at this point?
Callum McKeefery
05:28>> That that website there is pretty I am pretty much checks out. I am on the board so I do handle direction from above. That website pretty much hasn't changed that much. It's got a little bit fancier, a few more moving things on there. My the guy who designed that website was actually he's been an employee of reviews. He was I think he was number five. He came in at number five, Don. He's an amazing guy, amazing
05:55>> designer. And me and him worked really close together, and we taught each other so much about design and
Early Days: Origins and First Pivot
Nathan Latka
06:02So right here, we love going back to the way back machine, the website app back in 2014 when you launched. Again, you built it for a while. And in the early days, we go to a 2015 screenshot. This is what it looked like. So what was the v one here? What am I looking at?
Callum McKeefery
06:16>> Oh my gosh. I don't even know that version. The v one of reviews was I came from a background of tech technology reviews. Tech..com? No. Unbeatable.com. It's not on there. I don't know why it should be. It was part of Liquid New Media. So unbeatable.com was kinda like a CNET type thing. And it did tech reviews, but also was a price comparison website. Part of Unbeatable was that companies would get reviewed on there as well, and
06:50>> that was a bit that I saw as growth. So I actually bought the domain name while playing golf one day, like ten years before I launched reviews.io which was a reviews.co.uk at the time. But I bought the domain name while playing golf and it was quite a funny deal. The idea was that it'd be me writing reviews, reviewing technology, reviewing televisions, reviewing cameras, all the CNET stuff, the stuff that you go and see at CES. And
07:17>> then when I did unbeatable, I noticed that actually consumers were writing a lot of these reviews and they were better than what I was writing. And we kinda doubled down on that, and that was what took me into the review space. What got me in further was that I think it was really early on I got sued by a company not removing genuine reviews. And this company sued me for a £250,000. I really didn't have the
07:42>> money at the time. And it made me really go a lot deeper into reviews and it got stuck in my head, and that was the catalyst to launch reviews.i what became reviews.io. And we really bootstrapped it from the kitchen table. There was nothing, know, there wasn't the tools that you can get now, dashboards and the frameworks and AI to help you do it. It was really brute force. We had a couple of clients take a chance
08:08>> on us in The UK, and we grew from The UK, really. That's how we did it.
Nathan Latka
08:14Guys, remember, I am not just a YouTuber. I'm investing into my third fund. We've deployed $250,000,000 into 550 software companies so far, again at founderpath.com. If you're interested in capital, I would love to cut you a check because I know you're investing in your education. You watch my show. So sign up at founderpath.com, and when you get the onboarding email, I reply and I see all those. Just reply and say, Nathan, I found you through YouTube,
08:36and I'll make sure to prioritize you. I would love to cut you a check. Check out founderpath.com. So, Callum, just to pull the story forward here, with the website and the concept we see on our screen right now, your twenty fourteen, twenty fifteen version, did you pass a million dollars of annual revenue with this concept or no?
Callum McKeefery
08:52>> No. No. If you go in a little bit further, Ronald, if you go 2022, we'd already blown up by then. 2022, we were doing 10,000,000 or more.
Nathan Latka
09:00You basically I guess, give me the give me the quick quote here. You went from half repeat this, I guess, if it's true. You went from about 500,000 of revenue in 2017 to five years later doing 10,000,000 of revenue. Is that about right?
Callum McKeefery
09:12>> Yeah. Yeah. That's correct.
Nathan Latka
09:13Oh, okay. So take us into the growth tactics there. Right? What happened? I mean, based off the digital footprint you've left, it looks like you invested significantly starting in late twenty twenty one SEO just by how much you're being indexed by the way back machine. You also have very, very high domain rating, which really, I mean, you popped that back in 2016, but then you further optimized it, it looked like, in this 2018 onward period. What
09:36were your top growth channels in 2018, 2019?
The Viral Loop That Fueled Growth
Callum McKeefery
09:38>> I built a really, really, really nice viral looptoreviews.io. So, literally, the more clients we got, the more powerful the brand became because we were collecting more reviews, more content. It was getting fresher every day.
Nathan Latka
09:54Break that viral loop down for me because a lot of people think viral loop is all about, like, I can't do a viral loop because I'm not a document signing tool. There's not two people for every one thing. Right? So how did you actually mathematically and psychologically engineer one user turning into three?
Niche Strategy: Car Parts and Anchor Clients
Callum McKeefery
10:08>> So one user turning into three. So we'd look at a niche. So one of our niches was car parts. So we'd look at we went and won Euro Car Parts, which is a big European car part reseller. And then we'd win that client. We'd get our brand on their website. We'd now go and speak to the other people in the industry. So we go and speak to GSF, and we try and try and win three or
10:34>> four in each industry. That was how we won the clients, but the clients really weren't where we were focusing. At that point, we're not focusing on the clients. We're focusing on getting footprint. So when we won Euro Car Parts, we wanted to collect as many reviews for that company as possible, and that'd get as many labels on the reviews that I own name as possible. And then we the revenue would come. So, generally, once we collected,
10:58>> say, thousands of reviews I mean, look. We collected 57,000 reviews for GSF there. Once we collected a huge amount of reviews, all the people in the kind of street, like, are, like, doing amazing. They're doing amazing things with a review. Let's give them a call. So as we won one client and did amazing, you know, help them collect the reviews at the right time so they got really high conversion, collect really good looking reviews with photos,
11:23>> really good content. That had really powered that flywheel to get more going.
Nathan Latka
11:28Callum, the question here is the chicken and egg problem. Right? So how did you without cooperation from gfscarparts.com because you haven't landed them as a customer yet. So without their cooperation, how do you get the first 100, 200, 300, 500 reviews? How did you get their customers? How did you know how to who who'd ask for the reviews?
Seeding Reviews and Google Seller Ratings
Callum McKeefery
11:43>> We we already ranked quite well for those pages. We found that if we got two or three reviews on a profile, the page would start to do really well. And we'd listen for people talking about GSF car parts or Euro car parts, and we'd go, hey. Why don't you leave a review? You've had a great experience. Why don't you leave a review? And those people had to leave those first couple of reviews, and that helped that
12:02>> page round, and then we'd be reaching out to that business. So if you wanted your your rating to show up on your Google Ads, gold stars next to your ads, you had to work with one of the Google seller ratings partners, and we were one of those partners. Now, originally, there was only about five partners. Now I think there's about 20. Google stellar ratings license was super, super important in the early days.
Nathan Latka
12:23I love this. Okay. So 2017, that was 500,000 of revenue. 2018, you broke a million?
Callum McKeefery
12:27>> Yeah.
Nathan Latka
12:28Okay. Well, I was gonna say, year did you break 5,000,000 of revenue? Do you remember?
Callum McKeefery
12:33>> No. It's all like, the the numbers to me, I never really focused. And and and this sounds crazy as a bootstrap founder. But I was so focused on the product. I was so focused on making I'm a product person, so I was focused on making a really good product. And I thought the revenue was secondary to to me.
Nathan Latka
12:48I mean, the reason I asked the question is because we wanna identify the growth tactics that really work for you. So launching as a content and media business, for example, did not work for you. You then pivoted, and then you had success pretty rapidly. So let's let's talk more though about how you've sort of priced and planned these because based off my understanding, you are not a high ACV, you know, a a, you know, commission structure
13:08sales motion. What how many customers did you have when you exited, and what was the average price point?
Callum McKeefery
13:13>> I think it says 9,000 on there now. I think we probably had about seven, eight thousand comments then. We were a low ACV business. We did everything. In those early days, I'm gonna tell you, we did everything. What you shouldn't do in in a low ACV business. We got on the phones. I had salespeople on. It just really on on low you know, for to I mean, our plans now have gone up massively, but we were
Pricing and Getting on the Phone for $29
Callum McKeefery
13:36>> doing an our our probably biggest plan was, like, $149 plan. And we get we but we get on the phone for $29. We wouldn't just be pure play
13:50>> product led. We we'd actually get on the phone for $29 and talk to those people and build relationships.
Nathan Latka
13:56I'm bringing up a chart because this is, I mean, this is one of the things that that we teach. I take all I plot basically everyone that's going on the podcast. I plot their ACV. Yeah. So, like, you know exactly where I'm going. There's a dead spot. It's very hard to build a a $100,000,000 company with a price point between 500 and like 5 k per year. My question to you is, I totally get getting on
14:15the phone early on to learn. Right? But if you take 9,000 customers, right, times thirty minute call each divided by sixty minutes per hour, that's four thousand five hundred hours if you're spending that with every customer. So just to be clear, do you still today get on a thirty minute call with every customer who signs up for a $150 a month, or is that to learn in the early phases?
Callum McKeefery
14:35>> No. That's really just to get learn in the early phases to get a true product market fit. You can't do that when you're at, you know, you're at 9,000 points. I think these, you know, now reviews only gets on the phone and they two nine nine plan or four nine nine plan. And even then, I think, you know, a lot of that is already done at that stage Yep. Via the product.
Nathan Latka
14:56So to summarize so far what you've what you've taught us, the media business didn't work. You pivoted to an SEO strategy where you recruited people talking about a company on Twitter to actually leave a review on a landing page you built for the company that would then rank for SEO, then you'd go close the company and the viral coefficient started. You also casually mentioned paid ads briefly. I wanna understand, was that a big part of your
15:16growth or not? How much were you spending on pay at?
Paid Ads: Google and LinkedIn Strategy
Callum McKeefery
15:18>> I think we were doing $10,001,000 dollars a day for the last couple of years. We were really targeting people who wanted Google seller ratings. That was our biggest win.
Nathan Latka
15:27So just to be clear, if you were gonna spend $500,000 that last year on ads, how much was on Google Ads versus LinkedIn ads?
Callum McKeefery
15:33>> 30% LinkedIn, the rest on Google. And I truly believe closest to the customer wins every single time. I had some big competitors in reviews, like wealth financed VC backed companies that were backed to, like, hundreds of millions. And but they weren't close to their customers. They weren't there listening to them. And I truly believe that we did well against them, against these well funded companies because we were listening to our clients and and talking to our
16:03>> clients a lot more.
Nathan Latka
16:04So, Callum, as we wrap up here, because I want to close the loop on this and then talk about your new business that you're building. But I do for those wondering and saying, man, I wanna I wanna build bootstrapped like Callum, it sounds like and correct me if any of this is wrong, but to summarize, your order of operations was basically you start off with viral coefficient using Twitter to get reviews, which then started fueling your
16:22programmatic SEO strategy on the review pages. And once those were working, you moved on here and got pretty aggressive on LinkedIn ads and Google ads to the tune of about half a million clicks per year. Is that sort of the right order of operations?
Callum McKeefery
16:34>> Exactly.
Negotiating the Exit and Lessons Learned
Nathan Latka
16:35That's great. So you sell the business for $82,000,000 cash. Just, you know, any lessons, maybe just one lesson that you wanna leave, the biggest mistake you made in your negotiations during the
Callum McKeefery
16:45exit process?
16:45>> My biggest mistake was probably being a bit too emotional, if I'm more honest,
16:53>> and not doing enough research on the people who I sold to. The the people who run the business now are great. We did have challenges after we sold, which were upsetting. They were upsetting. And and I sold because I was in an emotional place in in a where I shouldn't have sold probably.
Nathan Latka
17:10What what what was upsetting post close?
Callum McKeefery
17:14>> There was a couple of things. Yeah. So, basically, we we closed and we, you know, we were told by by the people who purchased us private equity from me, oh, we're very Founder friendly. We're gonna keep you're gonna still be in this seat, and this is what we're gonna do. And then, you know, everything's gonna be under your control. There's nothing gonna change. You know? Carry on running it. Get it to 20,000,000. My aim my my
17:40>> dream was, you know, to get this to to to $30,000,000, 40,000,000, and really get to the stage where we were a a big well known global brand. I love the business. I love the people who are working on it. So pretty quickly, things changed. For instance, the press release about the deal. I didn't have any say on the press release. They did it via a paid wall platform, Axiom. And I didn't get to celebrate that win
18:10>> or certain things that where I I I wish that things were done differently.
Nathan Latka
18:14So there wasn't any part of the $82,000,000 deal that you had to hit an earn out. It's not like you made less because the company screwed up once you sold it to them. Right?
Callum McKeefery
18:22>> No. No. We we there was an earn out that quickly got changed into just a deferred payment. And that that's all done now. We're paid out completely.
Nathan Latka
18:30So total cash Stefan for you and your team again was that full $82,000,000 cash?
Callum McKeefery
18:34>> My my biggest thing probably would be spend a bit bit more time researching who you're doing if you're selling, who you don't who you're selling to, what the promises are going forward. I'm not I'm not bitter, except probably sounds like I am. But I actually really like the team that's running reviews now. And it it was probably, you know, the company that purchased reviews was basically a roll up of Shopify apps, but reviews really wasn't a
19:02>> Shopify app. It wasn't that player. We we had a much different playbook. And the company the people who were heading up that company at the time really didn't understand. They were really just trying to buy RevEng. So I probably should have done more research on them. I don't believe they took enough time to learn what we was actually doing.
Nathan Latka
19:22It's the common theme you see. Right? A private equity firm gets behind a company. They say, mister company or missus company, go buy a bunch of other companies. That's what a private equity firm is supposed to do. You know, you will aim them because you need obviously your stuff. What is like App Hub and Silver Smith. Right? So Silver Smith puts $60,000,000 into App Hub. They say, App Hub, go do deals. They say, oh my gosh.
19:38Callum, we gotta do deals. We'd love to buy your business. They didn't really do a lot of research. They're now doing their thing. You're now moving on. I wanna give you you know, we have about five minutes left of recording time here, Callum. I wanna give you some air to talk about what your son is going through because it's a very rare disease. I based off my research, let's say fifty people in the world
19:54have it. It was a gay thing that drove your sales. So why don't we shine a light on that for a minute or two? And then let's wrap up with how you're thinking about your next business Partner. Io.
Life After the Sale and Son's Treatment
Callum McKeefery
20:01>> Yeah. My my son's nine now. He's got a super rare disease. We know a lot about it. I actually fund a research lab in Buffalo, and I'm, you know, finding a lot of research. I actually doing something with Harvard at the moment on mitochondrial transplants, which is amazing. Amazing amazing potential with that. And we've just got him access to a to a new drug, which is where he's the first kid in the world to get access
20:24>> to this drug. Rare disease, life expectancy is very hit and miss. Fifty kids. We lost about ten during COVID. And after COVID coming out and being so close to those families with lost children, I was like, Jesus, you know, I wanted to add some security to him. It's probably never gonna work if if you know? So I wanted to add some security to him. I wanted to do more with more research. I wanted to fund some
20:51>> more research for him, and that was a big driver for doing the sale. I absolutely love the reviews business and I loved working with my team and if it wasn't, know, things happen for a reason and maybe, you know, it was the right time. You know, Looking back, we'll look back through the lens of the history and it will go, wow, look at the timing there. But the timing really, I did the deal because of I
21:17>> wanted to add security to my family and fund some research, go and get some cures for these kids. And we are doing it. It's great on that side. That that side's really rewarding. I'm actually in the process of moving some mice from Buffalo to Harvard at the moment, and it's the hardest thing I've ever done in my life. You know, the the red tape involved is is unbelievable, but truly rewarding. And I've learned a lot over
21:47>> the last couple of years in in that area.
Nathan Latka
21:50Well, we help you find a good solution, obviously, for your son, and he lives to be long and healthy and old age just like you. But I I think one of the lessons for founders listening to this is we're constantly told that your company has to be pursued, right, to get a good exit. You you must be pursued by somebody, be the pretty girl on the street. You needed to get a deal done for a variety
22:10of reasons even though, you know, this company was growing. You just told us your son's situation. You still were able to get and negotiate what I would consider a healthy multiple, 82,000,000 cash on 12,000,000 top line, which is about a 6.8, seven x multiple. Right? So that's a good lesson for everybody. It is possible to drive. You lead a sale process and still get a good multiple. Would you agree or disagree with that?
Callum McKeefery
22:30>> Yeah. 100%. 100%. You've gotta drive that process. You've got you know, the legals involved in doing a deal of that size was was something I'd never seen.
Nathan Latka
22:40Alright. Let's wrap up here on what you're focused on now.
Partnerships at REVIEWS.io and What Came Next
Callum McKeefery
22:42>> At reviews, one of our later on in the journey, one of our biggest drivers were partnerships. All tech partnership became a real big thing. Early on, we did nothing in partnerships towards the end. It was all partnerships. Like, 40% of the rev was through partnerships. And it was a team that drove me mad because they had no systems in place. There was no accountability. The revenue was coming in, but I couldn't I couldn't make it repeatable
23:09>> or grow it any further. It was a mess. So, you know, when I left heart left reviews, I thought, what am I gonna do next? What was the you know, I used to journal the bits that were annoying me around the business and partnerships frequently came up in my pad. That was the bit I I challenged. I I went, right. I'm gonna build a better partner solution. We have a really good inbound motion. There's really good
23:31>> inbound technology. There's really good outbound technology, but partnership tech was a bit rubbish. I actually used two partner solutions. I like main names at at reviews, and both of them were garbage. I never even got one of them running properly even though it's an $100,000 a year on it. So I wanted to build a complete partnership solution. And I went into it very naive, and I think that's maybe what you, you know, tech founders do, where
24:00>> they go into things naive and then they, you know, have to figure it out, and that's what we're doing. I wouldn't say we've got true product market fit even though we're doing okay in revenue. We're at about 69,000 MRR. And but we've not got true product market fit there yet. We're still developing the products. And then going back to the old days, I'm on the phone listening to what our partners want, and I'm, you know, trying
24:29>> to get my moments again, and that's pretty really exciting. If you look at our marketing, I'm trying to these different marketing messages and tactics now to try and see what resonates. We're doing a lot of LinkedIn, going back to LinkedIn again. And, yeah, it it it's really exciting. Got a great team. There's only some of the team who people who left reviews have joined me on this this this journey. And when I mean they left, they
24:57>> left prior to the sale. So my CTO was a, you know, a great great developer, and he was like, Calum, I'm gonna leave reviews. And we're like, do not leave reviews. Do not leave this rocket ship. And he went, no. I'm leaving. I've got a job offer. I'm like, don't. And he did leave. And, honestly, then he didn't get any air in air. He didn't have that exit. So when I started Partner, he went, whatever you're
25:20>> doing next, I wanna be involved. So, you know, we're really good friends, and he came back, and we were, like, doing that with a few people now. So there is there is a couple of people who I've worked with for a while.
Nathan Latka
25:29So put all that at a clean sense for me on partner.io so that when we interview you in a year and you tell us what how how much you've grown it, we can sort of look back at this. So so you've gone from 0 to $70,000 a month in revenue with how many people on the team?
Callum McKeefery
25:39>> There's nine people on the team at the moment.
Nathan Latka
25:42And the main growth channel is LinkedIn ads?
Callum McKeefery
25:45>> LinkedIn ads. Yeah.
Nathan Latka
25:47How much are you spending a month on LinkedIn ads?
Callum McKeefery
25:51>> It's about $8,000 a month. Not a great deal. This
Nathan Latka
25:55is so eye catching. You're just are you doing all this manually right now? You're just testing it all manually?
Callum McKeefery
25:59>> It's just me. It's just me and a Canva account. You know? I'm just finding that hook. I'm just finding what resonates, what hooks, what converts. Double down. Double down. Double down.
Nathan Latka
26:11Alright, Callum. As we wrap up here, people wanna learn more about you online. Where's the best place they can find you?
Callum McKeefery
26:16>> LinkedIn. I'd I'd spend most of my time on LinkedIn as a social platform, do a bit on Twitter, but mainly LinkedIn.
Nathan Latka
26:23Guys, there you have it. Callum launched reviews.io in 2014 and got his first users by using a viral coefficient. He would look on Twitter for people talking about a brand, get the Twitter users to leave a review on a programmatic landing page he built for the brand, eventually tell the brand, hey. You gotta pay us because we have all your reviews. That then led to a big programmatic SEO motion, blew his domain rating up on Ahrefs
26:43to above 80, organic traffic over 200,000 clicks per month. And then he said, okay. This machine is working. Let me pour paid ads on the funnel. About $500,000 a year spent on ads in 2022, of which 30% were LinkedIn. The rest were Google ads. Ultimately built that business to over 8,000, 9,000 paying customers, and and $12,000,000 of revenue bootstrapped before selling in 2022 to a roll up group called App Hub for about $82,000,000 all cash. He's
27:08now building partner.io. You wanna check it out, you can find him online at partner.io. Callum, thanks for taking us to top.
Callum McKeefery
27:14>> Thanks, Nathan.