Randall Nachman of DocuFirst, who has over 15 years of experience in mortgage lending and software development with a strong focus on business processes, work-flow, operation, sales and marketing. He founded a mortgage brokerage company in 2003 which grew from 2 loan officers to 135 loan officers and ranked 2nd in the region for total loan closings and volume. He then founded ATLOS, a document management in 2008 which is used by lenders and borrowers.
Famous Five:
- Favorite Book? – Trump: The Art of the Deal
- What CEO do you follow? – Elon Musk
- Favorite online tool? — Trello
- Do you get 8 hours of sleep?— No
- If you could let your 20-year old self, know one thing, what would it be? – “Pay attention in class”
Time Stamped Show Notes:
- 01:34 – Nathan introduces to the show
- 02:31 – DocuFirst focuses on 3 core functions within software
- 03:12 – DocuFirst also focuses on document storage and management
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- 03:39 – The files are stored securely that they can access anytime
- 03:44 – ATLOS and DocuFirst was launched in 2015
- 04:13 – First year for DocuFirst was close to $100,000
- 04:21 – DocuFirst’s is a SaaS model and is subscription-based
- 04:58 – Average monthly RPU is $150
- 05:35 – ATLOS is for mortgage space but DocuFirst handles any type of forms
- 06:40 – DocuFirst is currently serving 80 unique companies
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- 06:54 – Each company has an average of 6-7 users
- 07:06 – ATLOS has 4 companies they’re serving
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- 07:18 – ATLOS markets directly to the mortgage lending space
- 07:38 – DocuFirst’s monthly revenue is $12,000
- 08:07 – Randall started in the document space because he wanted to automate his own business
- 08:43 – Why create a new brand if they are both running on the same software?
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- 08:45 – ATLOS stands for Automated Tracking Loan Origination Software which is dedicated in the real estate space
- 09:18 – Team size for DocuFirst is 16
- 10:11 – DocuFirst’s churn rate is low
- 10:33 – Average CAC is less than $100
- 11:00 – Randall has raised capital for both brands
- 11:31 – Randall raised capital because he wants to speed up the way they develop
- 12:08 – Randall and his team are based in Louisiana
- 12:51 – Randall considered spinning out DocuFirst as a separate entity
- 13:46 – DocuFirst’s valuation
- 15:03 – Randall will not sell the business or get an offer
- 15:28 – Randall has been focus on developing DocuFirst
- 16:03 – DocuFirst is adding at least 10 customers a month
- 16:19 – Connect with Randall through DocuFirst and ATLOS
- 19:02 – The Famous Five
3 Key Points:
- You can create a business with SIMILAR software, but DIFFERENT target market.
- Always work to develop and improve your business MORE.
- Education can lead you somewhere, so pay attention in class!
Resources Mentioned:
- Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal developers.
- Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
- Assistant.to – The site Nathan uses to book meetings with one email.
- Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
- Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel.
- DocuFirst.com – Randall’s second business website
- ATLOS.com – Randall’s first business website
- Show Notes provided by Mallard Creatives