Patrick Campbell

“You think that when you, quote, make it, you don't have doubts, and you don't spend money on foo-foo shit like a Life. You spend even more on that type of stuff because it's just still incredibly necessary.”

“He created a company called profit. Well sold it for two hundred million bucks.”

“So, it's thirty million in gas stations. I believe, I can't remember the exact cap rate basically what we're getting out of it, but we're getting I believe the caps are at like five and a half. And so we're not getting like an immense amount of income from tha…”

“So I spent 50 grand on, like, a study basically run, and this is one of our products at ProfitWell was, like, basically running research studies. And so I spent 50 grand basically trying to get in front of as many, like, rich folks as humanly possible. And the…”

“Like the things that we coded that built or brought the most happiness were what I kind of labeled freedom inducing events or freedom inducing Items. So things like a jet, if you can afford a jet and you can fly private, it's not the nature of the jet. It's th…”

“Well, I took it all the way to, I think it's like three to four million a year and the happiness just continues to increase. It's not at the same rate, but like more income and more net worth does bring more happiness. Like I'm not sure where it's going to lik…”

“Particularly for the folks who had more than five to ten million in net worth no matter what it was, if it was higher, and some of the billionaires qualitatively this was also the case you would see that if the net worth went up, they got happier. If the net w…”

“I get so jacked up about the idea of like toppling a dictatorship one day. I get so excited by it. And I'm like, I'm not even kidding. And I'm like, okay, well, if we go after Cuba, it's going to cost this much because I have this idea and this idea.”

“You should be changing something about your price every three months. That does not mean raise your price every three months, but it means, like, changing up your packaging, going up market, down market, changing up an add-on, changing up your discounting stra…”

“Add-ons they're the most underrated, underutilized aspect of all pricing, consumer B to B enterprise. They boost lifetime value by about 20 to 50%.”

“So the Nordics you know, when we take into account exchange rates and stuff like that, they're still willing to pay about 30% higher than the US for the exact same product. Folks in like Southeast Asia, it's about 40% less.”

“You should be raising your price at least once per year. There are some top outs and there's some exceptions to this particular rule, but everything about your price is basically this exchange rate on your value.”

“I think the average amount of time they take between pricing changes, like actual price increases is like three years.”

“Our friend Patrick Campbell, he did a talk where all he said was the word churn for 20 minutes.”

“Patrick Campbell bootstrapped his company, ProfitWell to like a two hundred million dollar exit.”

“Patrick Campbell, The former founder and CEO of ProfitWell, now the chief strategy officer for Paddle, is going to be telling his story. The story of bootstrapping ProfitWell and growing it to a exit that's north of two hundred million dollars.”

“The average tenure of a manager in tech right now is about 15.7 months.”

“The average time a report Has the same manager in corporate tech is only about 10.8 months. So just under 11 months.”

“We sold for over two hundred million dollars, et cetera. But we probably, if we had taken money, we could have had a billion dollar exit or we could have kept going and we should have taken money earlier in our life cycle. This was actually a big mistake becau…”

“So our approach that kind of mitigated some or solve for some of these causes and mitigate the problem was freemium. And then these paid products that were all pay for performance, because with paper performance, you could charge a significant amount more in a…”

“Prospects who meet you in person have 10 to 30% higher willingness to pay than those who didn't. Churn for those folks who you meet in person is typically 20% lower than those folks who have never met you. Expansion revenue is typically 15 to 20% higher.”

“Tax is completely taken care of. Like, not like, Hey, we show you how much tax it's like, no, no, no. It's completely taken care of. Like if your tax gets messed up, we go to jail. Like you don't go to jail. We go to jail because we're the ones that are actual…”

“I have Asperger's, so that's another thing I don't think I've ever told you, and I've been more open about that recently”

“I made Google a ton of money, but the point I was trying to make was like, they gave me an award and like a 5000 dollar bonus. And they were like, yeah, we're going to shut this down.”

“Within nine, nine months, like I had closed probably about a 200 grand in, in, in sales. And I wasn't paying, I wasn't making anything. I was like, we had no, that was the funding in the business.”

“Like we did like FACU didn't sign his employment agreement for like a year because we were like worried that we were going to have to like take the source code.”

“Oh yeah. Like probably under a thousand dollars MRR. Right. Like cause we got it out there and then you have to understand like at that time there wasn't this like indie hacker community. There wasn't product hunt.”

“What a lot of people don't realize it has to be better than the paid competition. If it's worse than the paid competition, what ends up happening is people just, they don't use it, right? Because it's not worth it. Like their time, most of the time.”

“We should have raised money right there, at least a small seed fund or seed round or something like that in order to like, you know, accelerate that probably by a year. Like we probably lost a year by not raising a small round for that.”

“A percent cut feels punitive, but if I position it as a flat rate, that is essentially a percentage anyways, like that little mind trick, like makes the sales process so much easier.”

“The ego number is like the amount of dollars that go through all retained forms. That's the number I know. That's twenty two million dollars a month.”

“I think you should always be ready to like run a process. And that means like, even if you're bootstrapped, have a deck, have like an overview, like memo or a deck or whatever it is have like some of your financials or a data room. Like you don't have to have …”

“This is another thing that you should do is you should always keep potential acquirers, I would say, warm. So for the past number of years, we had like a slide in our board deck of like, here are the potential acquirers. And then basically like, where is the s…”

“And we did get other offers. Those other offers, they were not as compelling from a team perspective. They might have been more lucrative depending on how you look at it, but it was one of those things where the core of us as well as like myself wanted to keep…”

“Freemium, obviously not a pricing approach, it's a marketing approach, and when you have freemium and someone signs up for your account, even if they're backgrounding it, they're, because they don't, I'm not paying for it, but then they remember in six months,…”

“Your annual contracts will typically have 30% better retention overall compared to monthlies. And then quarterlies basically have typically a 20% better retention rate than those monthlies.”

“Whole numbers, two months off one month off, 100 dollars off versus percentages, 15% off the whole numbers work substantially better. It's not even close in terms of the actual performance between those two buckets.”

“We don't spend, like, we literally just hired our first marketing person, like, a couple months ago. We had some outsourced spending, so if I had to actually quantify it was probably around 10 K a month, but that was for people. We were spending zero dollars o…”

“We have, Doubled or more than doubled every year.”

“The split, I'm trying to do the math in my head. It's probably about two thirds, one third.”

“You know, I, I've gained a hundred pounds through this business so it's been one of those things, and I, like, it's not the business's fault. It's definitely my fault, but it's been one of those things where I think I definitely, like, sacrificed the body a li…”