The Exchanges

Q And that acquisition was done back, I believe on May 11th of this year. So fairly recently, um, how did you meet the founders? Tell me how the acquisition went down.

A Yeah, but pretty much everything was done because it was COVID and then we had to have all the country lockdowns as well. So it was a really interesting time to do, uh, to do, uh, an acquisition. Uh, we'd met them just before, uh, the country lockdowns had happened. So we were able to travel and meet them once, but then everything was done over zoom. Um, and so we did all of, all of it over zoom. And, you know, it's funny cause in Germany, you know, you have to actually go to the notary and actually have the whole contract spoken out even. Uh, you meant to actually have a representative to sit there and listen to the entire contract spoken out, but they made an exception because of COVID. Um, so we were able to do everything remotely.

AI assessment note: “we'd met them just before, uh, the country lockdowns had happened.”

Q Okay. Got it. And how do you as a startup founder sell the Mailtastic founders on taking your stock instead of more cash? You have to have to sell a vision to them, get them to believe in your, your vision.

A And we, we've had an incredibly fast growth rate. So, you know, we, we grew in, in 2019 from like two to seven million. Um, so, you know, we've got an amazing revenue engine. I mean, that, that's the heart of our company really is, is, um, you know, an incredible inside sales engine, um, and, and great, great, uh, marketing engine as well. Um, and so we, we could sell them the, the fact that they would grow faster with us. I think in Europe in particular, there's a lot of great product companies that have, um, you know, don't have the capital to grow and have, um, you know, like, Generally weak. Um, you know, don't, don't have the investment in the sales team. Um, and also in their, in their home markets, it's, it's usually a little bit tougher than say in the UK or US markets, both, both of which we have access to.

AI assessment note: “we could sell them the, the fact that they would grow faster with us.”

Q Okay. Got it. And how do you as a startup founder sell the Mailtastic founders on taking your stock instead of more cash? You have to have to sell a vision to them, get them to believe in your, your vision.

A And we, we've had an incredibly fast growth rate. So, you know, we, we grew in, in 2019 from like two to seven million. Um, so, you know, we've got an amazing revenue engine. I mean, that, that's the heart of our company really is, is, um, you know, an incredible inside sales engine, um, and, and great, great, uh, marketing engine as well. Um, and so we, we could sell them the, the fact that they would grow faster with us. I think in Europe in particular, there's a lot of great product companies that have, um, you know, I don't have the capital to grow and have, um, you know, like Generally weak. Um, you know, don't, don't have the investment in the sales team. Um, and also in their, in their home markets, it's, it's usually a little bit tougher than say in the UK or US markets, both, both of which we have access to.

AI assessment note: “we could sell them the, the fact that they would grow faster with us.”

Q And, and why, why would folks on your team do that if they know your financials and see you're growing so fast, especially considering the tax consequences of cashing out a portion of their shares?

A Yeah. I mean, speaking to some of my angel investors, angel investors, especially from the, from the UK, um, a lot of their angel investments have just died. Um, and so actually getting any sort of money out of an investment, uh, is great, you know, um, so they're very ecstatic just to actually see any sort of return from, from, from a seed stage investment. Um, uh, I, I think, you know, just generally, you know, all, everybody in the team is, is pretty much a first time in startups. Like none of us are experienced, um, entrepreneurs. Um, and so just getting some liquidity to, to get a lifestyle balance, um, you know, was, was, it was a great opportunity to, you know, um, I, I suppose like cash it, to get a bill of cash and, uh, and buy some of the things that you wanted in life.

AI assessment note: “just getting some liquidity to, to get a lifestyle balance”

Q And that acquisition was done back, I believe on May 11th of this year. So fairly recently, um, how did you meet the founders? Tell me how the acquisition went down.

A Yeah, but pretty much everything was done because it was COVID and then we had to have all the country lockdowns as well. So it was a really interesting time to do, uh, to do, uh, an acquisition. Uh, we met them just before, uh, the country lockdowns had happened. So we were able to travel and meet them once, but then everything was done over zoom. Um, and so we did all of, all of it over zoom. And, you know, it's funny cause in Germany, you know, you have to actually go to the notary and actually have the whole contract spoken out even. Uh, you meant to actually have a representative to sit there and listen to the entire contract spoken out, but they made an exception because of COVID and so we were able to do everything remotely.

AI assessment note: “we met them just before, uh, the country lockdowns had happened.”

Q Okay. Got it. And how do you as a startup founder sell the Mailtastic founders on taking your stock instead of more cash? You have to have to sell a vision to them, get them to believe in your, your vision.

A And we, we've had an incredibly fast growth rate. So, you know, we, we grew in, in 2019 from like two to seven million. Um, so, you know, we've got an amazing revenue engine. I mean, that, that's the heart of our company really is, is, um, you know, an incredible inside sales engine, um, and, and great, great, uh, marketing engine as well. Um, and so we, we could sell them the, the fact that they would grow faster with us. I think in Europe in particular, there's a lot of great product companies that have, um, you know, don't have the capital to grow and have, um, you know, like, Generally weak. Um, you know, don't, don't have the investment in the sales team. Um, and also in their, in their home markets, it's, it's usually a little bit tougher than say in the UK or US markets, both, both of which we have access to.

AI assessment note: “we could sell them the fact that they would grow faster with us.”

Q And that acquisition was done back, I believe on May 11th of this year. So fairly recently, um, how did you meet the founders? Tell me how the acquisition went down.

A Yeah, but pretty much everything was done because it was COVID and then we had to have all the country lockdowns as well. So it was a really interesting time to do, uh, to do, uh, an acquisition. Uh, we met them just before, uh, the country lockdowns had happened. So we were able to travel and meet them once, but then everything was done over zoom. Um, and so we did all of, all of it over zoom. And, you know, it's funny cause in Germany, you know, you have to actually go to the notary and actually have the whole contract spoken out even. Uh, you meant to actually have a representative to sit there and listen to the entire contract spoken out, but they made an exception because of COVID and so we were able to do everything remotely.

AI assessment note: “We met them just before, uh, the country lockdowns had happened.”

Q Walk me through what happened in COVID again, 2018 year, 2,000,020 19, seven million dollar run rate. December that's, you know, caught eight, nine, 10 months ago. COVID then sort of hits. You've only added about two million over the past 10 months. What impact did COVID have on that growth?

A Um, so, well, I suppose, yeah, we were kind of at three million, right? I guess the, um, what really happened, um, churn, I guess, like, customers that we had that, um, were in the recruitment and the event space in particular got really heavily hit. Um, I think, you know, in particular in the UK now, you know, those types of, you know, we, we've had like a complete lockdown. Um, and then we've gone back just recently in the last couple of weeks into lockdown. Um, so, so, you know, those businesses are heavily hit. Um, so we, I suppose like when we had started in, uh, 2017, we, you know, we, we had a, like a focus on S and B businesses. So of course S and B businesses have been particularly, we've been moving up, um, consistently, you know, away from The, the small companies up, um, to, you know, a larger employee companies, but you know, that was part of like a large part of our custom base and that part of that custom base has been hit particularly hard as well. Um, and a lot of that, um, it's got like a portion of that is coming back, but you know, the, you know, that, that was, that was the main hit. And then it was also just the disruption of going from in office to work from home. Um, and so we've made that transition now of actually being able to effectively manage a remote sales team. But initially, you know, that was a bit of a shock to our system, um, of actually, you…

AI assessment note: “customers that we had that, um, were in the recruitment and the event space”

Q Walk me through what happened in COVID again, 2018 year, 2,000,020 19, seven million dollar run rate. December that's, you know, caught eight, nine, 10 months ago. COVID then sort of hits. You've only added about two million over the past 10 months. What impact did COVID have on that growth?

A Um, so, well, I suppose, yeah, we were kind of at three million, right? I guess the, um, what really happened, um, churn, I guess, like, customers that we had that, um, were in the recruitment and the event space in particular got really heavily hit. Um, I think, you know, in particular in the UK now, you know, those types of, you know, we, we've had like a complete lockdown. Um, and then we've gone back just recently in the last couple of weeks into lockdown. Um, so, so, you know, those businesses are heavily hit. Um, so we, so it's like when we had started in, uh, 2017, we, you know, we, we had a, like a focus on S and B businesses. So of course S and B businesses have been particularly, we've been moving up, um, consistently, you know, away from The, the small companies up, um, to, you know, uh, larger employee companies, but you know, that was part of like a large part of our custom base and that part of that custom base has been hit particularly hard as well. Um, and a lot of that, um, it's got like a portion of that is coming back, but you know, the, you know, the, that, that was, that was the main hit. And then it was also just the disruption of going from in office to work from home. Um, and so we've made that transition now of actually being able to effectively manage a remote sales team. But initially, you know, that was a bit of a shock to our system, um, of actually…

AI assessment note: “churn, I guess, like, customers that we had that, um, were in the recruitment”

Q Walk me through what happened in COVID again, 2018 year, 2,000,020 19, seven million dollar run rate. December that's, you know, caught eight, nine, 10 months ago. COVID then sort of hits. You've only added about two million over the past 10 months. What impact did COVID have on that growth?

A Um, so, well, I suppose, yeah, we were kind of at three million, right? I guess the, um, what really happened, um, churn, I guess, like, customers that we had that, um, were in the recruitment and the event space in particular got really heavily hit. Um, I think, you know, in particular in the UK now, you know, those types of, you know, we, we've had like a complete lockdown. Um, and then we've gone back just recently in the last couple of weeks into lockdown. Um, so, so, you know, those businesses are heavily hit. Um, so we, so it's like when we had started in, uh, 2017, we, you know, we, we had a, like a focus on S and B businesses. So of course S and B businesses have been particularly, we've been moving up, um, consistently, you know, away from The, the small companies up, um, to, you know, uh, larger employee companies, but you know, that was part of like a large part of our custom base and that part of that custom base has been hit particularly hard as well. Um, and a lot of that, um, it's got like a portion of that is coming back, but you know, the, you know, the, that, that was, that was the main hit. And then it was also just the disruption of going from in office to work from home. Um, and so we've made that transition now of actually being able to effectively manage a remote sales team. But initially, you know, that was a bit of a shock to our system, um, of actually…

AI assessment note: “churn, I guess, like, customers that we had that were in the recruitment”

Q And, and why, why would folks on your team do that if they know your finances and see you're growing so fast, especially considering the tax consequences of cashing out a portion of their shares?

A Yeah. I mean, speaking to some of my angel investors, angel investors, especially from the, from the UK, um, a lot of their angel investments have just died. Um, and so actually getting any sort of money out of an investment, uh, is great, you know, um, so they're very ecstatic just to, to actually see any sort of return from, from, from a seed stage investment. Um, uh, I, I think, you know, just generally, you know, all, everybody in the team is, is pretty much a first time in startups. Like none of us are experienced, um, entrepreneurs, um, Um, and so just getting some liquidity to, to get a lifestyle balance, um, you know, was, was, it was a great opportunity to, you know, um, I, I suppose, like, get cash, get a bill of cash and, uh, and buy some of the things that you wanted in life, right?

AI assessment note: “just getting some liquidity to, to get a lifestyle balance”

Q And, and why, why would folks on your team do that if they know your finances and see you're growing so fast, especially considering the tax consequences of cashing out a portion of their shares?

A Yeah. I mean, speaking to some of my angel investors, angel investors, especially from the, from the UK, um, a lot of their angel investments have just died. Um, and so actually getting any sort of money out of an investment, uh, is great, you know, um, so they're very ecstatic just to, to actually see any sort of return from, from, from a seed stage investment. Um, uh, I, I think, you know, just generally, you know, all, everybody in the team is, is pretty much a first time in startups. Like none of us are experienced, um, entrepreneurs, um, Um, and so just getting some liquidity to, to get a lifestyle balance, um, you know, was, was, it was a great opportunity to, you know, um, I, I suppose, like, get cash, get a bill of cash and, uh, and buy some of the things that you wanted in life, right?

AI assessment note: “just getting some liquidity to, to get a lifestyle balance”

Q What does that, what's the total monthly expense for just the team in Macedonia? Just so we get an idea.

A Um, oh, uh, in terms of expense, I mean, I would say it's not, I mean, typically, um, like we're paying about, um, you know, 500 euros per person, uh, like an average for, you know, so that's kind of the average price I'd have to. Yeah. Per month. Yeah. It's very, I mean, when we, when I looked at it, it was cheaper than having higher say in India. Um, and you know, they speak, they're on the same time zone, uh, like every fluent in English. Um, so, you know, it's, it's a very cost effective location and part of like our, you know, like I said, one of our first backers was a firm called SC Ventures, South Central Ventures, um, who, who, um, you know, from that region and, you know, part of it is creating jobs in, in that region. Um, so it was a really great Fit for us to get, take funding from them. And then also to, uh, build a base there. So, you know, it, um, like it was double bonus really.

AI assessment note: “we're paying about, um, you know, 500 euros per person”

Q What does that, what's the total monthly expense for just the team in Macedonia? Just so we get an idea.

A Um, oh, uh, in terms of expense, I mean, I would say it's not, I mean, typically, um, like we're paying about, um, you know, 500 euros per person, uh, like an average for, you know, so that's kind of the average price I'd have to. Yeah. Per month. Yeah. It's very, I mean, when we, when I looked at it, it was cheaper than having higher say in India. Um, and you know, they speak, they're on the same time zone, uh, like every fluent in English. Um, so, you know, it's, it's a very cost effective location and part of like our, you know, like I said, one of our first backers was a firm called SC Ventures, South Central Ventures, um, who, who, um, you know, from that region and, you know, part of it is creating jobs in, in that region. Um, so it was a really great Fit for us to get, take funding from them. And then also to, uh, build a base there. So, you know, it, um, like it was double bonus really.

AI assessment note: “we're paying about, um, you know, 500 euros per person”

Q So how'd you, so how'd you build it? Right. So let's just start with like a number and then work backwards, right? What do you set quota at relative to their full on target earnings base plus commission?

A Um, so, so in terms of the, the actual quote, I mean, um, right now, uh, uh, uh, like, uh, so in terms of the actual BDMs, uh, or we, I guess you call account executives, um, they have like a minimum target of around about 8000 dollars of, um, quota that they're meant to be bringing in per month. Um, so, uh, that that's, and then in terms of commission, we're just about to change our commission model right now. It's, it's, you know, I've been told it's very generous. Um, and, and we, we kind of set targets. We, we, you know, we've, we've been setting targets so that, you know, generally like almost all of our reps always hit that, hit that target. So we were quite generous on the targets and we're getting, getting a little bit tougher, uh, now in terms of targets. So, um, yeah, but it's, it's around, it's 8000 minimum that they need to hit.

AI assessment note: “they have like a minimum target of around about 8000 dollars”

Q So how'd you, so how'd you build it? Right. So let's just start with like a number and then work backwards, right? What do you set quota at relative to their full on target earnings base plus commission?

A Um, so, so in terms of the, the actual quote, I mean, um, right now, uh, uh, uh, like, uh, so in terms of the actual BDMs, uh, or we, I guess you call account executives, um, they have like a minimum target of around about 8000 dollars of, um, quota that they're meant to be bringing in per month. Um, so, uh, that that's, and then in terms of commission, we're just about to change our commission model right now. It's, it's, you know, I've been told it's very generous. Um, and, and we, we kind of set targets. We, we, you know, we've, we've been setting targets so that, you know, generally like all, almost all of our reps always hit that, hit that target. So we were quite generous on the targets and we're getting, getting a little bit tougher, uh, now in terms of targets. So, um, yeah, but it's, it's around, it's 8000 minimum that they need to hit.

AI assessment note: “minimum target of around about 8000 dollars of, um, quota”

Q So how'd you, so how'd you build it? Right. So let's just start with like a number and then work backwards, right? What do you set quota at relative to their full on target earnings base plus commission?

A Um, so, so in terms of the, the actual quote, I mean, um, right now, uh, uh, uh, like, uh, so in terms of the actual BDMs, uh, or we, I guess you call account executives, um, they have like a minimum target of around about 8000 dollars of, um, quota that they're meant to be bringing in per month. Um, so, uh, that that's, and then in terms of commission, we're just about to change our commission model right now. It's, it's, you know, I've been told it's very generous. Um, and, and we, we kind of set targets. We, we, you know, we've, we've been setting targets so that, you know, generally like all, almost all of our reps always hit that, hit that target. So we were quite generous on the targets and we're getting, getting a little bit tougher, uh, now in terms of targets. So, um, yeah, but it's, it's around, it's 8000 minimum that they need to hit.

AI assessment note: “they have like a minimum target of around about 8000 dollars of, um, quota”