The Exchanges

Q So you, this is, that makes good sense. This is now two years old, right?

A No, it's actually, we launched it, uh, about 13 months ago, 14 months ago. We actually, we actually have only been adding customers for probably the last, um, six or seven months. We have a couple hundred customers, um, that are direct customers, um, Similarly to orange soda, we've mostly sold our product through partners. Um, fresh lime will be the same. And so we just, we want to bring on enough customers to prove about the concept and find the right, um, product market fit. And so now we're to the point where we've, we have a system that is scalable. And so while we, we have a couple hundred customers and we'll, I mean, our revenue this year is pretty low. I mean, we'll do about two 50, um, next year by this time, I mean, we'll have a, Probably a, I don't know, a four or five million dollar run rate. I mean, we'll grow that much next year, but it, but we're, customers will actually come mostly through outside affiliate relationships or partner relationships.

AI assessment note: “No, it's actually, we launched it, uh, about 13 months ago, 14 months ago.”

Q just like me. They're going to research the heck out of you. And Jay will link to everything about you, your Twitter, your Facebook, your websites, your, your history in the show notes at NathanLatka.com forward slash the top one, four, eight. So tell us about Fresh Lime. Okay. On your homepage, it says, build your business, grow loyal, dependable customers. What, when people pay you, what do they buy?

A So they're really getting two things. I mean, so small businesses have a hard time attributing their marketing dollars all the way through transactions. So any, any real marketing function for a local service-based business today, for example, we'll say it's a air conditioning company. Um, company or, uh, someone, uh, the salon or whatever, um, they really attribute most of their value to the clicks and the calls that they get. What Fresh Lime does is we actually take it one step further and we actually help them attribute, um, value all the way to the transaction. And so we're going to take the transaction all the way back to the marketing and we help them understand their, their business a little bit better. So we give them a dashboard, not only dashboards because dashboards are not actionable, but But our dashboard is really super simple and actually gives them actual things they need to do. So if it's an air conditioning company, we're going to show them the, the companies, their past customers that they need to contact this month that are most likely need of their service again. And, and then, um, and then we have a built in engagement tool that, that stays up with all the engagement. So you can just put out an autopilot. We're going to send out engagements every single month, um, into different customers that are most likely to need their service this month. And, um, and …

AI assessment note: “So they're really getting two things. I mean, so small businesses have a hard time”

Q What's a range, Jay? Give us a big old range.

A Um, two 50 to three 50. I mean, somewhere in there. And so, I mean, you're, you're, you're making decent money and, um, and then, but you know that you're going to go, and I've done this, I've done this a couple of times now. So, Between aha and orange soda, I essentially went for four years with making zero dollars. Um, I'm back to that again. So, I mean, you have to have, you have to have some confidence that, um, in your abilities to actually build something. Um, but, uh, I don't know. I think it's, I think it's, it's, it's still difficult for people. I mean, they have to kind of get over that and be prepared, um, from, uh, A standpoint, from a financial standpoint, knowing that you're going to be going a while. Don't think that you're going to, you need three months worth of money, kind of on hand to pay your mortgage, right?

AI assessment note: “two 50 to three 50. I mean, somewhere in there.”

Q Yeah. Okay. I just want to make sure I was following you. Okay. So walk us through, you sell to March X, you get some cash, some stock. Why'd you found orange soda? And then walk us through the sale to deluxe in.

A Yeah. I mean, um, I, it was, we actually stayed there. I mean, almost our entire team stayed at, uh, March X for about three years. Um, I left and moved my family to Europe for a year. And while I was over there, I started orange soda. And at the time, I mean, I saw this transition, um, small businesses really kind of exiting yellow pages, needing to get online. And we thought that we could create some simple solutions, um, that enabled them to see success with, um, not only paid search, but really SEO, which was on the local or small basis in 2006, 2007. And was really unheard of. I mean, just cause the, the prices were not affordable. And what we were able to do was to take an enterprise level SEO solution and put it onto almost like an assembly line approach where we basically cut it down to little bits, use technology to tell us what to do. And then we had people do, we had manual people write the content and do the postings and other things like that. But what we were able to do was to take a Um, type of account and sell that for 200 dollars a month or 300 dollars a month and be profitable with it.

AI assessment note: “I saw this transition, small businesses really kind of exiting yellow pages, needing to get online.”

Q What did your wife think? What'd your wife think about all this?

A She's actually used to it. I mean, I think, um, she knows what we're getting into when we, when we, when we're going to go start something new and, um, and we know that we look at our expenses differently. We, we, I mean, our lifestyle does change even now. I mean, um, being in a startup, I mean, we do change some things. I mean, we still, there's some things that we don't change. I mean, we like to go on vacation a couple of times a year and so we still plan those out, but, um, Um, but we're not probably taking, um, the trips that we would if we had more, if we weren't in startup month. Plus you don't have the time, right? Yep.

AI assessment note: “She's actually used to it. I mean, I think, um, she knows what we're getting into”

Q Easy for you to say. Well, let me ask you differently. What would you tell people who are currently stuck in a position like tree strategy officer that want to get out?

A Do you know, I think it's, I think it's extremely hard. I mean, I've been in, I've been in kind of a startup mode for the past 15 years, and so, um, when I start something, I know I'm going to, I know I'm going to sell it at some point and, um, I'm going to work there for a little while and then I'm going to go probably start something else. And so for me, the decision was pre-made even before I, I, before I sold to deluxe that I was going to leave at some point. I just didn't know what that point was, but I think it's really hard because I mean, if you, if you have a great salary, you have great benefits, you're working for this company and then leaving knowing that you're not going to get paid for a few years and, um, That you're going to have all these other stresses. I mean, I think it is really hard for, um, a lot of individuals, but at the same time, I mean, it's so rewarding when you see, hey, we've started with a clean piece of paper here and we're building something and coming up with the, the right, um, product market fit, so on and so forth. I mean, there's all also so many rewards and, and you, A lot of times you do, you get a payday at the end. It may take you three or four or five years, but you do get a payday at the end if you're successful. And so, but I think, I think it's hard.

AI assessment note: “I think it's really hard because I mean, if you have a great salary”