FormPiper
company on 1 show · 22 statements across 2 episodes · said 31 times in 2 episodes since 2021
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Top Founders 31
2022 15 mentions in 1 episode
2021 16 mentions in 1 episode
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22 statements about FormPiper, every show
FormPiper achieves a 20 percent profit margin alongside 37 percent growth
“Last year we ran 18% profit across the board with 34% growth. And then this year we're at 20% profit with 37% growth. And that doesn't include adding back, you know, mine and Ryan's salaries.”
FormPiper closes annual furniture retail contracts between $1,500 and $2,000
“Most of our contracts are being done annually now. I'd say probably 90%, and we're closing those in the furniture space around 1500 to 2000 dollars, depending on how many locations they have.”
Brad Parker reveals FormPiper's outbound sales funnel and closing conversion rates
“So my goals are so that the goals are for them to book 30 demos and that's what they do on average. So 30 demos a month. We see 50% of those demos show. So 15 demos per SDR showing and we're closing 35% of those. So on average, what we're doing is bringing on …”
FormPiper runs with nine non-technical employees and fully outsourced engineering
“Right now we've got nine. So we've got two founders. We've got six salespeople brought in a head of CSM. So that's the internal team. And then we're still outsourcing our dev team to the same, same company we were working with last time.”
Brad Parker sold four retail businesses to focus entirely on FormPiper
“And it was great, you know, but since we last spoke, I actually sold my four retail businesses. So I'm just focusing on SaaS, working with retailers, and it's just a much easier place to live.”
Parker: FormPiper has 60 lenders integrated into its platform
“And then if I put my own financing product into my SAS product, now I'm competing with all of the 60 lenders that I have in the platform.”
Brad Parker rejects balance-sheet lending risk in favor of platform fees
“I don't want to be in the banking business loaning out, you know, Hundreds of millions of dollars. I'd rather somebody else do that and just give me a piece.”
Parker estimates 40,000 furniture retailers fit FormPiper's model
“And then, so what we've been doing is focusing in the furniture space and the furniture space, you have about 40,000 retailers that fit our model.”
FormPiper dominates its initial niche, capturing 60% of pet retailers
“So you really only have about 200 pet retailers that our product would fit for in the market. And we have about 60% of them.”
FormPiper grows pure SaaS monthly recurring revenue to $45,000
“Just on SAS, yeah. So last time we were at 18, and so now we're at 45, so we're up about a 150%.”
FormPiper expands to 150 customers across 250 store locations
“So today we are up to a 150 customers, but 250 actual locations.”
FormPiper customers pay an average of $225 monthly for SaaS
“Right now, our average customer is paying us about 225 dollars a month for the software.”
FormPiper captures an average 1.5% take rate on financed volume
“Yeah, it's on average about one and a half percent.”
FormPiper processes up to $350M in annualized retail transaction volume
“Now we're close to So about a hundred and fifty million in revenue through the lenders we represent, but we're probably running about 300 to three hundred fifty million in transactions through FormPiper or our retailers.”
Parker: FormPiper evolved into broader retail financing analytics software
“And since we've last talked, we've kind of turned it into a retail management software where they're going to be able to aggregate their data and look to see which lenders are providing them with the most revenue, which employees are running the most apps, who…”
Parker: Form Piper and Financing Your Way net 50% to 60% profit margin
“When looking at the P and L, you know, it drops about 50 to 60% profit, you know, to the bottom line.”
Parker: Financing Your Way is highly profitable while Form Piper is not yet profitable
“The finance company is extremely profitable. Form Piper is not currently just due to development.”
Parker: Combined Form Piper and Financing Your Way revenue hit $138K last month
“Last month we did a 138,000 dollars.”
Parker: All companies have been bootstrapped to maintain control
“We've bootstrapped all of our companies and like being in control.”
Parker: Form Piper charges an average license fee of $200 monthly
“On average right now, our license fee is about 200 dollars a month. It can be anywhere from 150 to 300 dollars a month, depending on how many applications you're running.”
Parker: Form Piper has 90 active licenses across roughly 60 business owners
“We have a few multi-store operators, you know, one has 10 couple have five, so you're probably looking at 60 different business owners with 90, 90 licenses being used.”