The Ledger
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Prados: Review Wave is strictly 'remote never' and rejects remote work
“We are not remote first. We're remote. We're remote never. I hate that business model.”
Prados: Review Wave expects 150% to 160% NRR by year-end
“We've got a number of strategies where, you know, the net revenue retention you know, we're going to go for is going to be, you know, by the end of the year, we expect to be about a 150, 160% net revenue retention with some additional products and things that …”
Prados: Review Wave targeted $150M valuation with $15M in founder secondary
“Yeah, so, I mean, we were looking at, you know, pretty much a hundred fifty million dollar valuation, 20% deal 50% for secondary, which is where you take it off the table, and then 50% to leave on the books, so we were going to take that fifteen million. We've…”
Expanding into multiple verticals is where many SaaS companies fail
“The harder part is actually getting additional verticals, and I think everybody who nails one thinks they can do many, but that's where a lot of companies go to die.”
Prados: Review Wave finished 2023 at $18M ARR and $16.5M revenue
“So yeah, we finished right around eighteen million ARR. We did about 16 and a half actual revenue.”
Stage speaking significantly outperforms event booths in B2B sales
“Most of the time booths are tough you know, unless they have a reason to come to the booth, they don't typically come to the booth. So speaking is, is the best way to go.”
Prados takes monthly profit distributions rather than reinvesting everything for growth
“So I take chips off the table every single month, right? I take distributions while growing the business at a very rapid pace, et cetera.”
Prados: Review Wave is approaching 6,000 locations across US and Canada
“Were approaching the 6000 mark for locations across the U S and Canada.”
Prados bought a $3M beach house and G-Wagon with business profits
“So, so we took profits for, you know, a number of years and it was good money. I mean, you know, I bought the, you know, the, you know, three million plus, you know, beach house that I've always wanted, you know, got the G wagon, you know, every, everybody's, …”
Prados: Review Wave averages $383 in new MRR per customer
“Average new MRR right now is floating right around the three 83 three bucks a month.”
Review Wave will likely break a $20M run rate in February 2024
“And we'll probably break the twenty million run rate this month.”
Prados: Review Wave's US target customer list is nearly 100,000 accounts
“It's close, close to a 100,000 US.”
Prados hates tools like Salesforce and Monday, relying mostly on Google Calendar
“We have so many tools that we use and pay for from Salesforce to Monday to this, that, Zoom. Honestly, I hate them all. Like, what do I use most? I use G Suite. That's the tool that I use the most. My calendar is the number one tool that I use.”
Review Wave dropped from 20% EBITDA to zero margin to reinvest fully
“We went from, you know, running like 20% EBITDA margins in 20, 20, 23, made the conscious decision to reinvest everything. So we went through a zero EBITDA model, built a lot of headcount, a lot of building.”
Review Wave remains fully bootstrapped while entertaining potential investment firms
“Still, still bootstrapped you know, always being approached currently entertaining a couple of firms, you know, they're always, you're always trying to, you know, date somebody and create relationships.”
Prados: Review Wave SDRs make 100 to 200 calls daily to hit OTE
“Early on, you know, it was like, you got to do a hundred, a 150 calls a day. Now we have technology and auto dialer stuff, so our new guys, you know, up to 200 calls you know, early on, but, you know, once they get good, it can come down to, you know, a hundre…”
Prados: Review Wave doubled revenue year-over-year for first five years
“We've doubled year over year every year for the first five years”
Prados: Review Wave Has 0.76% Monthly Logo Churn
“76, so less than one percent logo churn month over month.”
Prados: Half of Review Wave's Customers Joined in Past 18 Months
“At our growth rate, half of our customers came on in the last 18 months.
So you can't even, I mean, you can't really get an LTV when they've only been with you for, you know, one to eight months.”
Prados: Review Wave raised $150K from an angel but never spent it
“We did have one small, like, early, early, you know, 150 K from
Angel at that point was a strategic kind of deal, but we've never spent the money.
It's been in the bank the whole time.”
Prados: Review Wave pays employees for 15 minutes of daily reading
“So we actually pay them 15 minutes a day to read, and encourage them to read more.”
Prados: Review Wave received 3 term sheets and signed 1 before withdrawing
“We sent it out to everybody who basically reached out ever to us to just get some feedback, see what the deal was. That was, you know, probably 40 different firms. From that we ended up in 30 different conversations. And from that we got down to like three Bas…”
Prados: Review Wave focuses heavily on chiropractic and optometry
“So we, we've been very heavily chiropractic for the last six, seven years. And we have some dentists, but more recently we've gotten heavy into optometry.”