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Apr 15, 2022 · 22m · top-founders

5000 Building Owners Manage Jobs Using This Vendor Management Tool

Emil Brill · 11m spoken Nathan Latka · 8m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this interview with Nathan Latka, VendorPM founder Emil Brill discusses his journey from teenage window cleaner to building a dual-sided marketplace that modernizes commercial property management procurement across thousands of buildings.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 42% of the talking time here. How this is scored →

Nathan as informed peer 4.3 Guest teaching 2.2 Guest disagreement 1.7 Nathan pushing back 4.3
05100:0010:0020:000:50–2:58 · Nathan as informed peer 2/10 Emil Brill's Early Window Cleaning Venture Latka probes into the background and economics of Brill's first window cleaning company. Brill declines to disclose the exit valuation, prompting Latka to push for estimated annual revenue numbers instead.3:00–5:48 · Nathan as informed peer 2/10 Commercial Services and Market Opportunity Discovery Brill explains the economics of commercial high-rise properties versus single-family residential homes, highlighting the 400 billion dollar institutional property management market. Latka listens and asks about Brill's unconventional university path.5:49–9:31 · Nathan as informed peer 4/10 Founding VendorPM and Automating Outdated Workflows Latka drills into customer counts and ACV breakdowns across both sides of the marketplace. When Brill shares total building and vendor numbers, Latka challenges whether those figures represent truly active transacting participants.9:33–13:58 · Nathan as informed peer 4/10 Sponsor Segment: Corporate Spend Management with Ramp Following a sponsor read, Latka explores how VendorPM benchmarks engagement through RFP response rates. Brill details the jump from 15 percent to 80 percent fulfillment liquidity across markets.14:01–17:45 · Nathan as informed peer 6/10 Team Composition and Capital Fundraising Strategy Latka challenges Brill's top-line math by multiplying total vendors by ACV to show the revenue figure cannot be real. He then presses Brill on why vendors actively respond to RFPs on VendorPM rather than treating it like Craigslist leads.17:46–20:38 · Nathan as informed peer 8/10 SaaS Multiples, Financial Products, and Valuation Outlook Latka rejects Brill's definition of stage by capital raised, citing failed companies like Reflektive to argue valuation multiples require pure SaaS metrics and fintech monetisation strategies.0:50–2:58 · Guest teaching 1/10 Emil Brill's Early Window Cleaning Venture Latka probes into the background and economics of Brill's first window cleaning company. Brill declines to disclose the exit valuation, prompting Latka to push for estimated annual revenue numbers instead.3:00–5:48 · Guest teaching 4/10 Commercial Services and Market Opportunity Discovery Brill explains the economics of commercial high-rise properties versus single-family residential homes, highlighting the 400 billion dollar institutional property management market. Latka listens and asks about Brill's unconventional university path.5:49–9:31 · Guest teaching 2/10 Founding VendorPM and Automating Outdated Workflows Latka drills into customer counts and ACV breakdowns across both sides of the marketplace. When Brill shares total building and vendor numbers, Latka challenges whether those figures represent truly active transacting participants.9:33–13:58 · Guest teaching 3/10 Sponsor Segment: Corporate Spend Management with Ramp Following a sponsor read, Latka explores how VendorPM benchmarks engagement through RFP response rates. Brill details the jump from 15 percent to 80 percent fulfillment liquidity across markets.14:01–17:45 · Guest teaching 2/10 Team Composition and Capital Fundraising Strategy Latka challenges Brill's top-line math by multiplying total vendors by ACV to show the revenue figure cannot be real. He then presses Brill on why vendors actively respond to RFPs on VendorPM rather than treating it like Craigslist leads.17:46–20:38 · Guest teaching 1/10 SaaS Multiples, Financial Products, and Valuation Outlook Latka rejects Brill's definition of stage by capital raised, citing failed companies like Reflektive to argue valuation multiples require pure SaaS metrics and fintech monetisation strategies.0:50–2:58 · Guest disagreement 1/10 Emil Brill's Early Window Cleaning Venture Latka probes into the background and economics of Brill's first window cleaning company. Brill declines to disclose the exit valuation, prompting Latka to push for estimated annual revenue numbers instead.3:00–5:48 · Guest disagreement 1/10 Commercial Services and Market Opportunity Discovery Brill explains the economics of commercial high-rise properties versus single-family residential homes, highlighting the 400 billion dollar institutional property management market. Latka listens and asks about Brill's unconventional university path.5:49–9:31 · Guest disagreement 2/10 Founding VendorPM and Automating Outdated Workflows Latka drills into customer counts and ACV breakdowns across both sides of the marketplace. When Brill shares total building and vendor numbers, Latka challenges whether those figures represent truly active transacting participants.9:33–13:58 · Guest disagreement 1/10 Sponsor Segment: Corporate Spend Management with Ramp Following a sponsor read, Latka explores how VendorPM benchmarks engagement through RFP response rates. Brill details the jump from 15 percent to 80 percent fulfillment liquidity across markets.14:01–17:45 · Guest disagreement 3/10 Team Composition and Capital Fundraising Strategy Latka challenges Brill's top-line math by multiplying total vendors by ACV to show the revenue figure cannot be real. He then presses Brill on why vendors actively respond to RFPs on VendorPM rather than treating it like Craigslist leads.17:46–20:38 · Guest disagreement 2/10 SaaS Multiples, Financial Products, and Valuation Outlook Latka rejects Brill's definition of stage by capital raised, citing failed companies like Reflektive to argue valuation multiples require pure SaaS metrics and fintech monetisation strategies.0:50–2:58 · Nathan pushing back 3/10 Emil Brill's Early Window Cleaning Venture Latka probes into the background and economics of Brill's first window cleaning company. Brill declines to disclose the exit valuation, prompting Latka to push for estimated annual revenue numbers instead.3:00–5:48 · Nathan pushing back 2/10 Commercial Services and Market Opportunity Discovery Brill explains the economics of commercial high-rise properties versus single-family residential homes, highlighting the 400 billion dollar institutional property management market. Latka listens and asks about Brill's unconventional university path.5:49–9:31 · Nathan pushing back 5/10 Founding VendorPM and Automating Outdated Workflows Latka drills into customer counts and ACV breakdowns across both sides of the marketplace. When Brill shares total building and vendor numbers, Latka challenges whether those figures represent truly active transacting participants.9:33–13:58 · Nathan pushing back 3/10 Sponsor Segment: Corporate Spend Management with Ramp Following a sponsor read, Latka explores how VendorPM benchmarks engagement through RFP response rates. Brill details the jump from 15 percent to 80 percent fulfillment liquidity across markets.14:01–17:45 · Nathan pushing back 7/10 Team Composition and Capital Fundraising Strategy Latka challenges Brill's top-line math by multiplying total vendors by ACV to show the revenue figure cannot be real. He then presses Brill on why vendors actively respond to RFPs on VendorPM rather than treating it like Craigslist leads.17:46–20:38 · Nathan pushing back 6/10 SaaS Multiples, Financial Products, and Valuation Outlook Latka rejects Brill's definition of stage by capital raised, citing failed companies like Reflektive to argue valuation multiples require pure SaaS metrics and fintech monetisation strategies.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 44.8% · guest 55.2%0:00 · Nathan 44.8% · guest 55.2%3:00 · Nathan 11.8% · guest 88.2%3:00 · Nathan 11.8% · guest 88.2%6:00 · Nathan 27.3% · guest 72.7%6:00 · Nathan 27.3% · guest 72.7%9:00 · Nathan 67.6% · guest 32.4%9:00 · Nathan 67.6% · guest 32.4%12:00 · Nathan 21.1% · guest 78.9%12:00 · Nathan 21.1% · guest 78.9%15:00 · Nathan 47% · guest 53%15:00 · Nathan 47% · guest 53%18:00 · Nathan 63.5% · guest 36.5%18:00 · Nathan 63.5% · guest 36.5%21:00 · Nathan 75.1% · guest 24.9%21:00 · Nathan 75.1% · guest 24.9%
Sharpest disagreement ▶ 15:56 Brill guards revenue metrics under freemium model

Brill firmly resists Latka's revenue extrapolations by insisting on a confidential freemium model and declining to disclose exact conversion figures.

 Hardest push from Nathan ▶ 18:50 Latka rejects capital raised as a stage definition

Latka directly refutes Brill's premise that funding rounds define business stage, pointing out heavily funded startups that failed despite raising hundreds of millions.

 Biggest teaching moment ▶ 3:01 Brill outlines commercial contract economics

Brill educates Latka on the exponential unit economic contrast between single-family window cleaning and 7-figure commercial building service contracts.

 Nathan holds their own ▶ 19:05 Latka outlines SaaS vs marketplace multiple dynamics

Latka demonstrates deep industry benchmarking expertise by breaking down growth targets, revenue multiples, and market perception hurdles for Series A hybrid marketplaces.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Emil Brill's Early Window Cleaning Venture 2113 Latka probes into the background and economics of Brill's first window cleaning company. Brill declines to disclose the exit valuation, prompting Latka to push for estimated annual revenue numbers instead.
Commercial Services and Market Opportunity Discovery 2412 Brill explains the economics of commercial high-rise properties versus single-family residential homes, highlighting the 400 billion dollar institutional property management market. Latka listens and asks about Brill's unconventional university path.
Founding VendorPM and Automating Outdated Workflows 4225 Latka drills into customer counts and ACV breakdowns across both sides of the marketplace. When Brill shares total building and vendor numbers, Latka challenges whether those figures represent truly active transacting participants.
Sponsor Segment: Corporate Spend Management with Ramp 4313 Following a sponsor read, Latka explores how VendorPM benchmarks engagement through RFP response rates. Brill details the jump from 15 percent to 80 percent fulfillment liquidity across markets.
Team Composition and Capital Fundraising Strategy 6237 Latka challenges Brill's top-line math by multiplying total vendors by ACV to show the revenue figure cannot be real. He then presses Brill on why vendors actively respond to RFPs on VendorPM rather than treating it like Craigslist leads.
SaaS Multiples, Financial Products, and Valuation Outlook 8126 Latka rejects Brill's definition of stage by capital raised, citing failed companies like Reflektive to argue valuation multiples require pure SaaS metrics and fintech monetisation strategies.

Statements from this episode (10)

Assertion Not checkable as stated
Brill's teenage window cleaning business generated $1 million in annual revenue
“Roughly a million a year was where we were sitting.”
Emil Brill Apr 15, 2022 ▶ 2:42
Assertion Supported
Brill: North American commercial building services spending exceeds $400 billion annually
“How much are they spending on literally every other building service? Okay, and that number annually in North America is over four hundred billion dollars.”
Emil Brill Apr 15, 2022 ▶ 3:56
Assertion Not checkable as stated
VendorPM charges property managers $6k-$10k annually and vendors $3k-$6k
“ACV on the property management side. Some of the names that you mentioned is relatively nominal, right? It could be anywhere between six to 10,000 dollars a year where we do monetize is predominantly on the supply side and that's on the vendors. And so ACV on …”
Emil Brill Apr 15, 2022 ▶ 8:06
Assertion Not checkable as stated
VendorPM reached 5,000 buildings and 35,000 vendors in Canada
“In the past two years, just a couple of quick, I guess, headline points on both sides of that marketplace is that we've gone from virtually zero on both to 5000 buildings on the property management side, on the demand side, and 35,000 vendors on the supply sid…”
Emil Brill Apr 15, 2022 ▶ 8:36
Assertion Not checkable as stated
VendorPM's 5,000 buildings are managed by roughly 2,000 property managers
“Roughly 2000.”
Emil Brill Apr 15, 2022 ▶ 11:30
Assertion Not checkable as stated
VendorPM's three-bid fulfillment rate jumped from 15% to over 90%
“So today in major metropolitan cities, it's over 90% in some more, we'll call it secondary tertiary markets. It's about 75%. And I'll give you just some context here. Only six months ago, that number was at one, five, 15%.”
Emil Brill Apr 15, 2022 ▶ 12:48
Assertion Not checkable as stated
VendorPM processed 500 to 600 RFPs in February 2022
“Oh yeah. Probably between five and 600.”
Emil Brill Apr 15, 2022 ▶ 13:53
Assertion Partly supported
Latka: Reflektive raised $150M and sold for just $14M
“Reflective raised a hundred and fifty million bucks. They did fourteen million in revenue and sold for fourteen million bucks. It was a total dud, right?”
Nathan Latka Apr 15, 2022 ▶ 18:57
Assertion Not checkable as stated
Latka: Series A SaaS startups are seeing 25x to 40x revenue multiples
“Most people in their series A right now are seeing between like a 25 and 40 X multiple. If they can convince the market that they are truly a SaaS movement”
Nathan Latka Apr 15, 2022 ▶ 19:25
Disclosure
VendorPM plans to offer invoice factoring and cash flow lending
“There, 100% will be.”
Emil Brill Apr 15, 2022 ▶ 20:03
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