The Ledger, every show

“I do think somewhere around 24 to 36 months people stop calling you back, so you have a different problem. It doesn't matter how good your story is if you don't get the meaning.”

“If and when you replace a founder, which was extremely unpopular for the last five years, but I think will get more popular going forward, you will tend to replace them with a GTM person.”

“Jason Horowitz, in my opinion, Put that trend on hold for a decade or more, right?”

“Well, you know, battery came up with a famous slide well now famous slide, but they basically said, I'm going to get the, I think to support 30 sellers, they argued that today it takes a 110 personal organization and that tomorrow it'll take 75. So they're say…”

“I did a year at Salesforce in the middle of all that, and I was mentioning Zendesk. I was like, hey, there's these guys called Zendesk, and they might be a problem for, like, our customer service business and I got the kind of uh-oh moment where, like, oh, and…”

“The R squared is only .O six between net dollar retention and enterprise value to next 12 months revenue.”

“I think Outbound actually worked better four years ago than it does today, because I think everyone's doing it, and people are getting flooded with it, and they don't like getting called on their cell phone, they're not answering their regular phone, and you c…”

“The great paradox right now is that people who are in subscription pricing generally have been hit harder than those who are not, but they're nevertheless still growing faster.”

“In 2002, there were only two types of startups in existence. Those that had raised a large amount of money at a ridiculous valuation prior to April 2001, or dead. There was no other type of startup in 2002, when the internet bubble burst.”

“So if I were a founder of one of these companies, I'd be very aggressive right now to get myself known and established in the market, because this market will organize, right? We're in the chaos phase of the market, and so from the vendor side, this will organ…”

“I competed against the company that did one dollar renewals. And they would juice their churn rate so they could offset their SAS metrics.”

“I literally did a consulting gig with a company that had 100 X pipeline coverage. Can you imagine? So their pipeline was a hundred times bigger, and they still missed their numbers. So, so think about that. And the answer is they don't have what I call pipelin…”

“Monday.com, the Work OS, aren't they kind of a PLG company, product-led growth? Doesn't the product kind of sell itself? Well, they spend five times as much on sales and marketing as they do in R&D.”

“CMOs last one and a half, two, two and a half years. You're gonna be hiring one soon, whether you just hired one or not.”

“So I like the CAC ratio very important SAS metric, you know, typically runs around 1.3, you know, below 1.3 is getting to be quite good. Below one is really good. Best I've ever seen was .4. Anything between 1.5 and two people start to scratch their eyebrows a…”

“In the VC side, frankly, I don't see as much recalculation, but when you meet PE people, they will literally take all your financials and just recalculate everything. You know, you're going to say your churn is, you know, only 10%. They're like, well, we'll fi…”

“It will drive on an ARR basis, epic net dollar retention, but on a revenue basis, ASC. So six will flatten it out. It will see right through this trick and you will just end up with a 120 K per year in gap revenue.”

“I think the next metric we're going to see private companies start to look at is now kind of second billing in public companies, RPO remaining performance obligation.”

“And we've won business literally for the cost of a 75 cent sticker. I met a CFO of a public company in a restaurant. One of my guys met a CFO of a public company in a bar. People just come up and start talking to you and wow, 75 cents.”

“If you look at the cloud penetration of this market, it's around five percent.”

“Like the finance department is like 10 to 15 years behind sales in adoption. If you take the two endpoints, right, sales was the first department to go cloud, and finance is really the last department to go cloud.”

“You know, it takes on average 13 years to build a public company. I guess it was 11 years for the twenty-twenty-one cohort. It was only 11.”

“Nine out of 10 SaaS companies spend more on sales and marketing than R&D, 50% of SaaS companies spend more than double on sales and marketing than R&D, and it only goes up from there, right?”

“By the way, it does grow at 40% of the cost of new logo customer acquisition. If you look at the customer acquisition cost ratio, for example, in the key bank survey that I'm citing down below, you'll see that the expansion CAC or the customer acquisition cost…”

“The average one had three hundred and thirty million in ARR, 49% revenue growth, and a 120% net dollar retention.”

“The R squared between ARR growth and enterprise value multiple Is a .5”

“So, so I think it was, let's just say plus or -10 in ARR.”

“So I'd say grow it four, four X plus or minus over the timeframe.”

“If you do the math on what I said, the ASP aggregated is around 70 K a year.”

“You know, buck 50, I'd say typically in a bad quarter, two bucks. In a good quarter, we can beat the buck 50.”