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Sep 7, 2019 · 19m · top-founders

1505 Rare 30% EBITDA, $100m ARR Company Bootstrapped Helping Enterprise Clients Onboard to Google Ad Tools

Clint Tasset · 12m spoken Nathan Latka · 5m spoken
0:00 / 0:00

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

Host Nathan Latka interviews Clint Tasset, founder and CEO of AdSwerve, exploring how the bootstrapped company scaled past $100 million in revenue with 30% EBITDA margins by providing Google Marketing Platform licensing and enterprise consulting to agencies and brands.

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

Nathan as informed peer 6.4 Guest teaching 3.2 Guest disagreement 1.2 Nathan pushing back 3.6
05100:0010:000:00–3:18 · Nathan as informed peer 6/10 Episode Preview and AdSwerve Growth Overview Nathan presses Clint to distinguish whether AdSwerve is an agency or a SaaS platform. Clint clarifies that they operate as a hybrid channel partner reselling and supporting Google Marketing Platform stack tools.3:18–7:26 · Nathan as informed peer 5/10 Origins, Target Market Shift, and Retainer Pricing Nathan repeatedly tries to pin down customer counts and average retainer pricing while isolating pass-through media spend. Clint explains the agency-enabling relationship structure versus direct brand engagements.7:26–10:21 · Nathan as informed peer 8/10 Bootstrapping Origins and Private Equity Leveraged Buyouts Nathan displays high financial expertise by reconstructing Clint's leveraged PE buyout and debt structure for the $24M Analytics Pros acquisition. Clint confirms Nathan's accurate description of the secondary recapitalization.10:21–14:08 · Nathan as informed peer 7/10 Revenue Scale, Growth Velocity, and CAC Economics Nathan calculates the monthly run rate at over $8M based on customer numbers and ACVs, comparing the model to Silverline CRM. He also pushes Clint to define their customer acquisition cost threshold.14:08–18:44 · Nathan as informed peer 6/10 Sustaining 30% EBITDA and Navigating Privacy Regulation Nathan explores how Clint deploys $2.4M in monthly free cash flow from 30% EBITDA margins into programmatic roll-ups. Clint details navigating privacy headwinds before transitioning into the Famous Five closing questions.0:00–3:18 · Guest teaching 4/10 Episode Preview and AdSwerve Growth Overview Nathan presses Clint to distinguish whether AdSwerve is an agency or a SaaS platform. Clint clarifies that they operate as a hybrid channel partner reselling and supporting Google Marketing Platform stack tools.3:18–7:26 · Guest teaching 4/10 Origins, Target Market Shift, and Retainer Pricing Nathan repeatedly tries to pin down customer counts and average retainer pricing while isolating pass-through media spend. Clint explains the agency-enabling relationship structure versus direct brand engagements.7:26–10:21 · Guest teaching 3/10 Bootstrapping Origins and Private Equity Leveraged Buyouts Nathan displays high financial expertise by reconstructing Clint's leveraged PE buyout and debt structure for the $24M Analytics Pros acquisition. Clint confirms Nathan's accurate description of the secondary recapitalization.10:21–14:08 · Guest teaching 3/10 Revenue Scale, Growth Velocity, and CAC Economics Nathan calculates the monthly run rate at over $8M based on customer numbers and ACVs, comparing the model to Silverline CRM. He also pushes Clint to define their customer acquisition cost threshold.14:08–18:44 · Guest teaching 2/10 Sustaining 30% EBITDA and Navigating Privacy Regulation Nathan explores how Clint deploys $2.4M in monthly free cash flow from 30% EBITDA margins into programmatic roll-ups. Clint details navigating privacy headwinds before transitioning into the Famous Five closing questions.0:00–3:18 · Guest disagreement 1/10 Episode Preview and AdSwerve Growth Overview Nathan presses Clint to distinguish whether AdSwerve is an agency or a SaaS platform. Clint clarifies that they operate as a hybrid channel partner reselling and supporting Google Marketing Platform stack tools.3:18–7:26 · Guest disagreement 2/10 Origins, Target Market Shift, and Retainer Pricing Nathan repeatedly tries to pin down customer counts and average retainer pricing while isolating pass-through media spend. Clint explains the agency-enabling relationship structure versus direct brand engagements.7:26–10:21 · Guest disagreement 1/10 Bootstrapping Origins and Private Equity Leveraged Buyouts Nathan displays high financial expertise by reconstructing Clint's leveraged PE buyout and debt structure for the $24M Analytics Pros acquisition. Clint confirms Nathan's accurate description of the secondary recapitalization.10:21–14:08 · Guest disagreement 1/10 Revenue Scale, Growth Velocity, and CAC Economics Nathan calculates the monthly run rate at over $8M based on customer numbers and ACVs, comparing the model to Silverline CRM. He also pushes Clint to define their customer acquisition cost threshold.14:08–18:44 · Guest disagreement 1/10 Sustaining 30% EBITDA and Navigating Privacy Regulation Nathan explores how Clint deploys $2.4M in monthly free cash flow from 30% EBITDA margins into programmatic roll-ups. Clint details navigating privacy headwinds before transitioning into the Famous Five closing questions.0:00–3:18 · Nathan pushing back 4/10 Episode Preview and AdSwerve Growth Overview Nathan presses Clint to distinguish whether AdSwerve is an agency or a SaaS platform. Clint clarifies that they operate as a hybrid channel partner reselling and supporting Google Marketing Platform stack tools.3:18–7:26 · Nathan pushing back 5/10 Origins, Target Market Shift, and Retainer Pricing Nathan repeatedly tries to pin down customer counts and average retainer pricing while isolating pass-through media spend. Clint explains the agency-enabling relationship structure versus direct brand engagements.7:26–10:21 · Nathan pushing back 3/10 Bootstrapping Origins and Private Equity Leveraged Buyouts Nathan displays high financial expertise by reconstructing Clint's leveraged PE buyout and debt structure for the $24M Analytics Pros acquisition. Clint confirms Nathan's accurate description of the secondary recapitalization.10:21–14:08 · Nathan pushing back 4/10 Revenue Scale, Growth Velocity, and CAC Economics Nathan calculates the monthly run rate at over $8M based on customer numbers and ACVs, comparing the model to Silverline CRM. He also pushes Clint to define their customer acquisition cost threshold.14:08–18:44 · Nathan pushing back 2/10 Sustaining 30% EBITDA and Navigating Privacy Regulation Nathan explores how Clint deploys $2.4M in monthly free cash flow from 30% EBITDA margins into programmatic roll-ups. Clint details navigating privacy headwinds before transitioning into the Famous Five closing questions.

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

0:00 · Nathan 39.2% · guest 60.8%0:00 · Nathan 39.2% · guest 60.8%3:00 · Nathan 30.2% · guest 69.8%3:00 · Nathan 30.2% · guest 69.8%6:00 · Nathan 29.3% · guest 70.7%6:00 · Nathan 29.3% · guest 70.7%9:00 · Nathan 54.2% · guest 45.8%9:00 · Nathan 54.2% · guest 45.8%12:00 · Nathan 22.3% · guest 77.7%12:00 · Nathan 22.3% · guest 77.7%15:00 · Nathan 15% · guest 85%15:00 · Nathan 15% · guest 85%18:00 · Nathan 50.3% · guest 49.7%18:00 · Nathan 50.3% · guest 49.7%
Sharpest disagreement ▶ 4:44 Clint corrects Nathan on media billing mechanics

Clint politely pushes back on Nathan's demand to exclude media, explaining that platform usage fees remain inherently tied to overall tracked impression volume.

 Hardest push from Nathan ▶ 5:36 Nathan calls the business model overly complex

Nathan cuts through Clint's layered description of working with both brands and agencies, directly challenging who writes the checks.

 Biggest teaching moment ▶ 11:05 Clint explains agency supercharging leverage

Clint reframes why AdSwerve works through agencies, explaining how educating one agency partner quadruples customer reach and retains high operating leverage.

 Nathan holds their own ▶ 8:29 Nathan articulates private equity deal mechanics

Nathan demonstrates deep mastery of corporate finance by breaking down minority equity secondary sales and debt layering for M&A acquisitions without dilution.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Episode Preview and AdSwerve Growth Overview 6414 Nathan presses Clint to distinguish whether AdSwerve is an agency or a SaaS platform. Clint clarifies that they operate as a hybrid channel partner reselling and supporting Google Marketing Platform stack tools.
Origins, Target Market Shift, and Retainer Pricing 5425 Nathan repeatedly tries to pin down customer counts and average retainer pricing while isolating pass-through media spend. Clint explains the agency-enabling relationship structure versus direct brand engagements.
Bootstrapping Origins and Private Equity Leveraged Buyouts 8313 Nathan displays high financial expertise by reconstructing Clint's leveraged PE buyout and debt structure for the $24M Analytics Pros acquisition. Clint confirms Nathan's accurate description of the secondary recapitalization.
Revenue Scale, Growth Velocity, and CAC Economics 7314 Nathan calculates the monthly run rate at over $8M based on customer numbers and ACVs, comparing the model to Silverline CRM. He also pushes Clint to define their customer acquisition cost threshold.
Sustaining 30% EBITDA and Navigating Privacy Regulation 6212 Nathan explores how Clint deploys $2.4M in monthly free cash flow from 30% EBITDA margins into programmatic roll-ups. Clint details navigating privacy headwinds before transitioning into the Famous Five closing questions.

Statements from this episode (10)

Disclosure
AdSwerve's revenue model ranges from a 50/50 service split to 90% SaaS
“Some of our product models are very 50 50 because they're very service driven. And then other products are going to be more just SaaS based model where they're almost I'd say 80 to 90% where we're just kind of helping with the platforms like licensing and dist…”
Clint Tasset Sep 7, 2019 ▶ 1:17
Assertion Not checkable as stated
AdSwerve's average customer contract exceeds six figures excluding media spend
“So if we were to extract media out of it, I would say in excess of six figures.”
Clint Tasset Sep 7, 2019 ▶ 4:15
Assertion Not checkable as stated
AdSwerve manages 800 direct relationships across up to 6,000 advertisers
“So right now I think we're effectively operating about 800 unique relationships and five to 6000 different advertisers.”
Clint Tasset Sep 7, 2019 ▶ 5:11
Assertion Not checkable as stated
Agencies make up about 60% of AdSwerve's paid client base
“Those are all paid clients within that though. There's about 60% of those would be agencies and those agencies we're supporting might have multiple clients inside of those.”
Clint Tasset Sep 7, 2019 ▶ 6:51
Assertion Not checkable as stated
AdSwerve has 160 employees and adds five to ten every month
“So right now we're about 160 and growing typically about five to 10 headcount every, every month, I think.”
Clint Tasset Sep 7, 2019 ▶ 7:06
Disclosure
Clint Tasset bootstrapped AdSwerve in 2009 with a $5,000 parental loan
“I started the company back in 2009 very bootstrapped. I literally got 5000 bucks from my parents as kind of what we put in the bank account to kick this thing off. And that was the only funding that we took at the Time.”
Clint Tasset Sep 7, 2019 ▶ 7:29
Disclosure
AdSwerve acquired Analytics Pros for $24M using debt and PE backing
“That was a twenty four million dollar acquisition that we did. And that was more on a traditional debt perspective. I have also been able to engage with a private equity, Avery Group, and they've been able to come aboard with us in a minority deal structure, a…”
Clint Tasset Sep 7, 2019 ▶ 8:05
Assertion Not checkable as stated
AdSwerve is growing its revenue at 33% to 36% year-over-year
“We're typically running about a 33% year-over-year growth right now. 33, 36.”
Clint Tasset Sep 7, 2019 ▶ 11:52
Assertion Not checkable as stated
AdSwerve is operating at roughly 30% EBITDA margins
“We're probably sitting somewhere in the 30% range right now, and it's kind of just ticking down, but ultimately it's not because sitting Because of loss.”
Clint Tasset Sep 7, 2019 ▶ 14:30
Assertion Not checkable as stated
AdSwerve surpassed $100 million in annual revenue in 2018
“No, we did that. We did it last year.”
Clint Tasset Sep 7, 2019 ▶ 15:47
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