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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 10, 2017

In Episode #625, Nathan interviews Josh McCarter. He’s the co-founder and CEO of Booker Software, a leading business management and marketing solution serving over 10,000 health and beauty businesses. Josh has served in a variety of senior executive board roles at various technology companies including Arbitech, Spafinder and Autobytel.

Famous Five:

  • Favorite Book? – Make Big Happen
  • What CEO do you follow? –  Steve Case, author of The Third Wave
  • Favorite online tool? — OpenTable
  • Do you get 8 hours of sleep?— No
  • If you could let your 20-year old self, know one thing, what would it be? – “Startups are a blast, but they are not easy”

 

Time Stamped Show Notes:

  • 01:23 – Nathan introduces Josh to the show
  • 01:59 – Booker is a business management and marketing solution for health and wellness businesses
    • 02:08 – Booker is like OpenTable
    • 02:16 – Booker does everything for a business to run
  • 02:31 – Booker gains revenue from their subscriptions averaging $150-250 monthly
    • 02:48 – Booker also has merchant processing
    • 02:53 – Booker also sells its add-on product, Frederick
  • 03:50 – Josh started to focus on the spa industry because of the technology from his previous company
  • 04:25 – “It’s important to understand what type of customers you serve best”
  • 05:31 – Josh shares how he spun out of business in his previous company
    • 06:00 – Make sure you have the right type of structure when you spin out a business
    • 06:10 – Give preferences to the shareholders
    • 06:18 – It took Josh 6-9 months to get all the right structures and licensing in place
  • 06:30 – Josh had a series A for $150K in 2011
  • 06:42 – Spafinder had put in the initial capital for Booker
  • 07:17 – Booker’s current team size is around 200
  • 07:26 – Booker has raised a total of a million
  • 07:47 – You have to do a proper valuation for a spin out
  • 08:30 – First year revenue
  • 09:00 – Booker is currently at 10K locations
    • 09:20 – There is a fee per location
    • 09:34 – A company who has more locations pays more
  • 10:05 – Average MRR
  • 10:25 – Booker does a lot of upselling and retention
    • 10:41 – Booker makes sure that they keep their existing customers happy
    • 10:50 – “You’ve got to focus on upsell opportunities”
    • 11:20 – Booker’s merchant processing
    • 11:37 – Online booking for spas is more common
  • 11:58 – First Data is Booker’s newest investor
  • 12:54 – Average total transactions
  • 13:15 – Josh is currently not in any acquisition talks and isn’t raising a round
    • 13:23 –“We’ve got some good runway”
  • 14:05 – Gross customer churn
    • 14:30 – “50% of our churn is the people who ran out of business”
    • 14:39 – Failure rate of the SMB market is quite high
  • 15:00 – CAC
    • 15:05 – Most SMBs in SaaS and marketing business spend $1500-3500 to acquire new customers
  • 15:40 – Frederick came to Booker for partnership
    • 16:10 – Frederick was able to look at how SMBs are retaining their customers
    • 17:22 – Frederick was able to get high conversion and retention metrics
    • 18:14 – Frederick is integrated heavily into Booker
  • 18:38 – Team location
  • 20:16 – The Famous Five

 

3 Key Points:

  • It’s important to understand what type of customers you serve best.
  • Make sure you have the right type of structure in place when you spin out a business.
  • Startups are a blast, but they’re definitely not easy—be willing to put in the work.

 

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
  • Organifi – The juice was Nathan’s life saver during his trip in Southeast Asia
  • 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
  • Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
  • Show Notes provided by Mallard Creatives
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