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SaaS Interviews with CEOs, Startups, Founders

What if you knew data behind the fastest growing SaaS companies today? Each morning join Nathan Latka as he spends 15 minutes interviewing SaaS founders. You'll learn how SaaS CEO's launched their startup and grew it into a business. SaaS Founders range from bootstrapped to funded, MVP to 10,000 customers, pre revenue to pre IPO.
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Now displaying: Page 1
Apr 1, 2017

McCabe Callahan who has been an entrepreneur his entire life. He began with a coffee shop named Mugs Coffee Lounge, which has been operating successfully in Fort Collins, Colorado, since 2002. He began a company called Community Funded, in 2011, out of his passion for providing technology that connects, supports and empowers people.

Famous Five:

  • Favorite Book? – E-Myth and Good to Great
  • What CEO do you follow? –  Elon Musk
  • Favorite online tool? — Slack
  • 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 to numbers”

 

Time Stamped Show Notes:

  • 01:32 – Nathan introduces McCabe to the show
  • 02:33 – Mugs Coffee Lounge is McCabe’s first real business
  • 02:43 – McCabe went to Colorado State University
  • 02:50 – McCabe was coming back from Europe when he had the idea of the Mugs Coffee Lounge
    • 02:56 – Mugs Coffee Lounge was the first wireless internet café in Fort Collins
  • 03:11 – Building relationships is the key to a successful coffee lounge
  • 03:36 – First year revenue
  • 04:04 – McCabe is 36; but when he was 24, he was already opening 5 coffee shops
  • 04:22 – Total topline of all the coffee shops and restaurants
  • 04:58 – McCabe didn’t raise any capital
  • 05:31 – McCabe’s credit card debt when he started Mugs Coffee Lounge
  • 05:48 – McCabe also had debt from other sources
  • 06:43 – “Coffee is a good business to be in—there’s no recession”
  • 06:58 – McCabe shares where he sells his business to
  • 07:07 – McCabe’s income is now generating well
  • 07:16 – McCabe did $1.6M in sales in 2016
  • 07:30 – McCabe shares how he started with Community Funded
    • 08:17 – McCabe had to find a way to secure a loan to open up a location
    • 08:31 – The amount McCabe wanted to loan
    • 08:45 – 2009-2010 was the hardest time for McCabe
    • 09:41 – McCabe was about to give up when one of his regulars offered help
    • 10:05 – 5 months after the McCabe’s next shop opened, he heard about NPR’s Kickstarter
    • 10:20 – McCabe thought, “What if he could something like Kickstarter, but for communities?”
  • 10:44 – Community Funded started out bootstrapped and just recently raised a round
  • 11:03 – Community Funded first round raised $40K-75K
    • 11:29 – Total funding was $2.3M
    • 11:38 – Rounds are equity round
  • 11:50 – McCabe shares Community Funded’s valuation
    • 12:18 – People believed in Community Funded’s vision
  • 12:38 – Community Funded’s is a SaaS model
  • 13:46 – Sample of fundraising raised in Community Funded
  • 14:26 – Community Funded’s focus
  • 14:53 – Current Community Funded’s revenue and revenue goal for 2017
  • 15:54 – Total transaction volume in 2016
  • 16:03 – 2016 total revenue
  • 17:21 – The Famous Five

 

3 Key Points:

  • Lack of funds is not a hindrance in building a company.
  • There’s nothing wrong sharing your problems with your regulars – you don’t know who can offer you help.
  • Stick and pay close attention to your numbers.

 

Resources Mentioned:

  • The Top Inbox  – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • Klipfolio – Track your business performance across all departments for FREE
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
  • Show Notes provided by Mallard Creatives
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