Brad Miller

“Well, the company two years later is half its size. It was at the time when I sold it doing 20,000,000 in revenue and 6 in profit”

“Well, there was a litany of things that happened, but one of the things that happened is and like many of the companies here are super efficient and many people wear many hats and the company kinda went from an entrepreneurial company to, we need, you know, more people to do the same amount of work, so the so the payroll skyrocketed.”

“Well, it was an investment bank that was selling it. And they approached me because I had had a history of buying like similar companies and I'm wasn't, you know, and they've known me as someone who's willing to buy complicated situations, and this was one of those complicated situations, in part because of the problem of not making it a SaaS. It was a SaaS product without a SaaS business model. So the first thing we did is we turned it into a you know, we made it a renewal, a subscription model and the and the revenue increased 40% overnight.”

“They had a business set up as a software as a service business, but they sold the product as if it was a one time sale. And so they had an ongoing relationship with the customer who would log in and you know, forever, but only get paid once. And so we converted the business from a one time payment to a subscription, and that added $2,000,000 of revenue overnight. So it went from 5,000,000 to 7,000,000 and as all that revenue was profit, the business went from losing 1,000,000 to making a million.”

“We started a negotiation where we were gonna pay them $19,000,000 on a then they were doing 12,000,000 of revenue. But by the time we closed the deal, they, they were on a $8,000,000 run rate, and they had run out of money, and they couldn't meet payroll. So we bought it for 3,500,000.”

“They from losing money to making $2,000,000. And so we were before we bought them, we were, you know, a $12,000,000 business making four at this point. And they added they were eight and two now. And so now we were twenty and six, and then we said, okay. Time to sell the business.”