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Aug 6, 2021 · 22m · top-founders

EstateSpace Grows 200% to $2.2m ARR Bootstrapped Helping You Track Your Physical Assets

Jonathan Fishbeck · 13m spoken Nathan Latka · 6m spoken Frank Bien · 4s spoken
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

EstateSpace founder and CEO Jonathan Fishbeck joins Nathan Latka to discuss how he bootstrapped a physical asset management SaaS platform to a $2.2 million ARR while maintaining 88% family ownership. He outlines the platform's product roadmap, customer acquisition economics, and strategic expansion into enterprise B2B asset tracking.

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 33.2% of the talking time here. How this is scored →

Nathan as informed peer 4.9 Guest teaching 1.0 Guest disagreement 0.3 Nathan pushing back 1.7
05100:0010:0020:001:27–4:08 · Nathan as informed peer 4/10 Introducing Jonathan Fishbeck and EstateSpace Nathan posits a hypothetical customer profile of an 80-year-old managing real estate for nephews. Jonathan clarifies that their typical user is a 35-to-55-year-old tech entrepreneur or CEO needing proactive non-financial asset management.4:09–6:22 · Nathan as informed peer 3/10 Genesis and Evolution of the EstateSpace Platform Nathan inquires about the company's founding timeline, customer count, and product roadmap, which Jonathan details without friction.6:23–9:11 · Nathan as informed peer 6/10 Financial Trajectory and B2B Enterprise Expansion Nathan drills into revenue milestones, distinguishing cash collected from annualized contract values and translating the platform's B2B physical asset management application for listeners.9:12–11:47 · Nathan as informed peer 3/10 Customer Acquisition and Go-to-Market Strategy Jonathan explains the go-to-market outbound and inbound strategy targeting luxury estate managers and high-net-worth family offices.11:50–15:16 · Nathan as informed peer 7/10 Ad Spend Metrics and Sales Funnel Conversion Economics Nathan questions unit ad economics and capitalization, then pushes back on Jonathan's conservative 10x ARR valuation, arguing SaaS market multiples value the firm at $60M-$70M.15:17–18:11 · Nathan as informed peer 6/10 Scaling the Team, Sales Quotas, and Ecosystem Marketplace Nathan dissects headcount and immediately calculates sales quotas, converting monthly deal targets into annualized quota expectations for the new reps.18:11–21:25 · Nathan as informed peer 5/10 Profitability Metrics, Cash Flow, and Growth Reinvestment Nathan pushes into burn versus profitability, clarifying that EstateSpace ran a $15k net profit last month while continually reinvesting into product scaling.1:27–4:08 · Guest teaching 3/10 Introducing Jonathan Fishbeck and EstateSpace Nathan posits a hypothetical customer profile of an 80-year-old managing real estate for nephews. Jonathan clarifies that their typical user is a 35-to-55-year-old tech entrepreneur or CEO needing proactive non-financial asset management.4:09–6:22 · Guest teaching 1/10 Genesis and Evolution of the EstateSpace Platform Nathan inquires about the company's founding timeline, customer count, and product roadmap, which Jonathan details without friction.6:23–9:11 · Guest teaching 1/10 Financial Trajectory and B2B Enterprise Expansion Nathan drills into revenue milestones, distinguishing cash collected from annualized contract values and translating the platform's B2B physical asset management application for listeners.9:12–11:47 · Guest teaching 0/10 Customer Acquisition and Go-to-Market Strategy Jonathan explains the go-to-market outbound and inbound strategy targeting luxury estate managers and high-net-worth family offices.11:50–15:16 · Guest teaching 1/10 Ad Spend Metrics and Sales Funnel Conversion Economics Nathan questions unit ad economics and capitalization, then pushes back on Jonathan's conservative 10x ARR valuation, arguing SaaS market multiples value the firm at $60M-$70M.15:17–18:11 · Guest teaching 0/10 Scaling the Team, Sales Quotas, and Ecosystem Marketplace Nathan dissects headcount and immediately calculates sales quotas, converting monthly deal targets into annualized quota expectations for the new reps.18:11–21:25 · Guest teaching 1/10 Profitability Metrics, Cash Flow, and Growth Reinvestment Nathan pushes into burn versus profitability, clarifying that EstateSpace ran a $15k net profit last month while continually reinvesting into product scaling.1:27–4:08 · Guest disagreement 1/10 Introducing Jonathan Fishbeck and EstateSpace Nathan posits a hypothetical customer profile of an 80-year-old managing real estate for nephews. Jonathan clarifies that their typical user is a 35-to-55-year-old tech entrepreneur or CEO needing proactive non-financial asset management.4:09–6:22 · Guest disagreement 0/10 Genesis and Evolution of the EstateSpace Platform Nathan inquires about the company's founding timeline, customer count, and product roadmap, which Jonathan details without friction.6:23–9:11 · Guest disagreement 0/10 Financial Trajectory and B2B Enterprise Expansion Nathan drills into revenue milestones, distinguishing cash collected from annualized contract values and translating the platform's B2B physical asset management application for listeners.9:12–11:47 · Guest disagreement 0/10 Customer Acquisition and Go-to-Market Strategy Jonathan explains the go-to-market outbound and inbound strategy targeting luxury estate managers and high-net-worth family offices.11:50–15:16 · Guest disagreement 1/10 Ad Spend Metrics and Sales Funnel Conversion Economics Nathan questions unit ad economics and capitalization, then pushes back on Jonathan's conservative 10x ARR valuation, arguing SaaS market multiples value the firm at $60M-$70M.15:17–18:11 · Guest disagreement 0/10 Scaling the Team, Sales Quotas, and Ecosystem Marketplace Nathan dissects headcount and immediately calculates sales quotas, converting monthly deal targets into annualized quota expectations for the new reps.18:11–21:25 · Guest disagreement 0/10 Profitability Metrics, Cash Flow, and Growth Reinvestment Nathan pushes into burn versus profitability, clarifying that EstateSpace ran a $15k net profit last month while continually reinvesting into product scaling.1:27–4:08 · Nathan pushing back 2/10 Introducing Jonathan Fishbeck and EstateSpace Nathan posits a hypothetical customer profile of an 80-year-old managing real estate for nephews. Jonathan clarifies that their typical user is a 35-to-55-year-old tech entrepreneur or CEO needing proactive non-financial asset management.4:09–6:22 · Nathan pushing back 1/10 Genesis and Evolution of the EstateSpace Platform Nathan inquires about the company's founding timeline, customer count, and product roadmap, which Jonathan details without friction.6:23–9:11 · Nathan pushing back 2/10 Financial Trajectory and B2B Enterprise Expansion Nathan drills into revenue milestones, distinguishing cash collected from annualized contract values and translating the platform's B2B physical asset management application for listeners.9:12–11:47 · Nathan pushing back 0/10 Customer Acquisition and Go-to-Market Strategy Jonathan explains the go-to-market outbound and inbound strategy targeting luxury estate managers and high-net-worth family offices.11:50–15:16 · Nathan pushing back 4/10 Ad Spend Metrics and Sales Funnel Conversion Economics Nathan questions unit ad economics and capitalization, then pushes back on Jonathan's conservative 10x ARR valuation, arguing SaaS market multiples value the firm at $60M-$70M.15:17–18:11 · Nathan pushing back 1/10 Scaling the Team, Sales Quotas, and Ecosystem Marketplace Nathan dissects headcount and immediately calculates sales quotas, converting monthly deal targets into annualized quota expectations for the new reps.18:11–21:25 · Nathan pushing back 2/10 Profitability Metrics, Cash Flow, and Growth Reinvestment Nathan pushes into burn versus profitability, clarifying that EstateSpace ran a $15k net profit last month while continually reinvesting into product scaling.

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

0:00 · Nathan 61.7% · guest 38.3%0:00 · Nathan 61.7% · guest 38.3%3:00 · Nathan 9.1% · guest 90.9%3:00 · Nathan 9.1% · guest 90.9%6:00 · Nathan 28.4% · guest 71.6%6:00 · Nathan 28.4% · guest 71.6%9:00 · Nathan 61.1% · guest 38.9%9:00 · Nathan 61.1% · guest 38.9%12:00 · Nathan 13.4% · guest 86.6%12:00 · Nathan 13.4% · guest 86.6%15:00 · Nathan 22.9% · guest 77.1%15:00 · Nathan 22.9% · guest 77.1%18:00 · Nathan 28% · guest 72%18:00 · Nathan 28% · guest 72%21:00 · Nathan 54.2% · guest 45.8%21:00 · Nathan 54.2% · guest 45.8%
Sharpest disagreement ▶ 1:54 Premise rejection on target demographic

Jonathan dismisses Nathan's premise that EstateSpace is for elderly real estate division, redirecting the target user to 35-to-55-year-old active founders.

 Hardest push from Nathan ▶ 14:42 Host challenges conservative 10x valuation

Nathan refuses Jonathan's self-imposed 10x ARR ($20M) multiple, arguing SaaS market dynamics place the business at $60M-$70M minimum.

 Biggest teaching moment ▶ 2:23 Educating on non-financial asset management

Jonathan explains that wealth management tools ignore physical asset upkeep, teaching Nathan how preventative management prevents catastrophic leaks and downtime.

 Nathan holds their own ▶ 14:42 Host demonstrates market valuation acumen

Nathan leverages SaaS industry benchmarks to re-price the guest's business from a 10x ARR standard up to a 30x multiple.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Jonathan Fishbeck and EstateSpace 4312 Nathan posits a hypothetical customer profile of an 80-year-old managing real estate for nephews. Jonathan clarifies that their typical user is a 35-to-55-year-old tech entrepreneur or CEO needing proactive non-financial asset management.
Genesis and Evolution of the EstateSpace Platform 3101 Nathan inquires about the company's founding timeline, customer count, and product roadmap, which Jonathan details without friction.
Financial Trajectory and B2B Enterprise Expansion 6102 Nathan drills into revenue milestones, distinguishing cash collected from annualized contract values and translating the platform's B2B physical asset management application for listeners.
Customer Acquisition and Go-to-Market Strategy 3000 Jonathan explains the go-to-market outbound and inbound strategy targeting luxury estate managers and high-net-worth family offices.
Ad Spend Metrics and Sales Funnel Conversion Economics 7114 Nathan questions unit ad economics and capitalization, then pushes back on Jonathan's conservative 10x ARR valuation, arguing SaaS market multiples value the firm at $60M-$70M.
Scaling the Team, Sales Quotas, and Ecosystem Marketplace 6001 Nathan dissects headcount and immediately calculates sales quotas, converting monthly deal targets into annualized quota expectations for the new reps.
Profitability Metrics, Cash Flow, and Growth Reinvestment 5102 Nathan pushes into burn versus profitability, clarifying that EstateSpace ran a $15k net profit last month while continually reinvesting into product scaling.

Statements from this episode (11)

Assertion Not checkable as stated
EstateSpace serves over 50 families, including multiple billionaires
“So we have over 50 families. We have multiple billionaires on the platform.”
Jonathan Fishbeck Aug 6, 2021 ▶ 5:33
Assertion Not checkable as stated
EstateSpace booked $1.4M in Jan 2021, exceeding 2020's total revenue
“So we did a million in 2020, and we did 1.4 in January of this year, and continue to scale that number up this year.”
Jonathan Fishbeck Aug 6, 2021 ▶ 7:28
Assertion Not checkable as stated
Fishbeck: EstateSpace reached about $175,000 in monthly recurring revenue
“About a 175,000.”
Jonathan Fishbeck Aug 6, 2021 ▶ 7:51
Disclosure
EstateSpace targets luxury contract managers and estate consultants for B2B growth
“We're focusing on more of a luxury market as our go-to market. So like the, like a luxury contract management company or a consultant that's helping with you know something to do with more on the estate management or property management side. Those are kind of…”
Jonathan Fishbeck Aug 6, 2021 ▶ 9:58
Assertion Not checkable as stated
EstateSpace converts $5k monthly ad spend into 10 new customers
“Typically on average about three to 5000 dollars is going to get us like three to five million eyeballs. And then from there, we're looking at about 500 leads that, that probably end up somewhere around a 150 of sales qualified leads that typically, you know, …”
Jonathan Fishbeck Aug 6, 2021 ▶ 12:40
Assertion Not checkable as stated
Fishbeck and family retained 88% equity in EstateSpace into year five
“Myself and my family, we own 88% of the company in year five.”
Jonathan Fishbeck Aug 6, 2021 ▶ 13:17
Disclosure
EstateSpace ruled out a Series A due to the exhaustion of fundraising
“So there's no, I've taken that off the table given how exhausting it was to raise some of the money just internally right now. So so no plan, no plans of like a formal series A at this point.”
Jonathan Fishbeck Aug 6, 2021 ▶ 13:40
Assertion Not checkable as stated
Fishbeck's family self-funded $6M of EstateSpace's $7M total investment to date
“We've, to date, we've invested just over seven million dollars across the company, and that's about a million of that was not my direct family.”
Jonathan Fishbeck Aug 6, 2021 ▶ 14:25
Opinion
Latka values EstateSpace at $60M-$70M based on a $2.2M ARR
“I mean, I personally would argue you're worth more than if you're already at a 135,000 dollars per month in revenue, right? So that's about a 2.2 million dollar run rate. I'd say like minimum sixties. Although all you investors listening aren't going to like t…”
Nathan Latka Aug 6, 2021 ▶ 14:58
Assertion Not checkable as stated
EstateSpace needs another $350k ARR to break even on planned scale
“We're 350 K of recurring or right away from break even.”
Jonathan Fishbeck Aug 6, 2021 ▶ 18:22
Assertion Not checkable as stated
EstateSpace achieved cash flow positivity with a $15k net profit
“So, so last month we made more than we spent by about. 15,000 dollars.”
Jonathan Fishbeck Aug 6, 2021 ▶ 18:58
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