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Steven Benson. The founder and CEO of Badger Maps \u2013 the number one sales app in the Apple app store which helps salespeople become more successful. Badger shows salespeople their customers and leads on the map and connects them with their calendar to build a daily route.

Famous Five:

• Favorite Book? \u2013 Tools of Titans
• What CEO do you follow? \u2013\xa0 N/A
• Favorite online tool? \u2014 Baremetrics
• Do you get 8 hours of sleep?\u2014 No
• If you could let your 20-year old self, know one thing, what would it be? \u2013 Steven wished he had known that he\u2019d learn more working for small companies than big companies

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Time Stamped Show Notes:

• 01:27 \u2013 Nathan introduces Steven to the show
• 02:00 \u2013 Badger Maps helps salespeople with their jobs
• 02:37 -\xa0 Badger Maps is a SaaS model
• 02:50 \u2013 Average customer pay per month is $35
• 02:58 \u2013 Badger Maps was founded in 2012
• 03:24 \u2013 Badger Maps has 3 co-founders
• 03:50 \u2013 Steven and the other co-founders didn\u2019t really split the equity
• 04:00 \u2013 When splitting the equity, everyone gets a fair deal
• • 04:44 \u2013 Steven shares what to consider in splitting equity
  • 05:58 \u2013 Badger Maps has an accelerator clause
• 06:44 \u2013 First year revenue is $70K
• 07:10 \u2013 Number of current customers is 4K
• 07:40 \u2013 Apple ranked Badger Maps as #1
• 08:50 \u2013 There are Fortune 500 companies who use Badger Maps
• 09:01 \u2013 The number of customers is both team and individual sales reps
• 09:16 \u2013 Gross monthly customer churn is 3.3%
• 09:37 \u2013 The customers are finding Badger Maps through word of mouth, SEO, and SMM
• 10:08 \u2013 The amount Badger Maps is willing to spend to acquire new customers
• 10:46 \u2013 Badger Maps spent $12K on paid marketing
• 11:00 \u2013 Average CAC
• • 11:24 \u2013 Google is around $300
  • 12:06 \u2013 In San Francisco, people are spending 100% of LTV on acquisition
• 12:53 \u2013 Badger Maps is bootstrapped
• • 13:03 \u2013 Badger Maps had a loan from Lighter Capital
  • 13:45 \u2013 Steven shares how Lighter Capital makes loans for SaaS companies
  • 14:10 \u2013 Steven is paying 22-28% for the amount they have loaned and there\u2019s no personal guarantee
• 15:06 \u2013 Total revenue in 2016 is around $1.2M
• 15:20 \u2013 Revenue goal in 2017 is $4.5M
• 17:05 \u2013 The Famous Five

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3 Key Points:

• Be fair and make sure it is a great deal for everyone when splitting equity.
• Getting a loan can also be a good option for SaaS companies.
• In San Francisco, people are spending 100% of LTV on acquisition.

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Resources Mentioned:

• Acuity Scheduling \u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip \u2013 Nathan uses Drip\u2019s email automation platform and visual campaign builder to build his sales funnel
• Toptal\xa0\u2013 Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn\u2019t have to hire a co-founder due to the quality of Toptal
• Host Gator\xa0\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Audible\xa0\u2013 Nathan uses Audible when he\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• The Top Inbox\xa0 \u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Jamf \u2013 Jamf helped Nathan keep his Macbook Air 11\u201d secure even when he left it in the airplane\u2019s back seat pocket
• Freshbooks \u2013 Nathan doesn\u2019t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
• Show Notes provided by Mallard Creatives