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SaaS Interviews with CEOs, Startups, Founders

1491 $1k/mo Scheduling Tool Turns Down $5m Offer, would you do the same?

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6683 Ratings

🗓️ 24 August 2019

⏱️ 16 minutes

🧾️ Download transcript

Summary

After 20 years working in restaurants, Cory started ShedWool to solve the pain point of scheduling making every day working in restaurants suck.

Transcript

Click on a timestamp to play from that location

0:00.0

Founded Shedwool.com, 50 customers now paying about 40 bucks a month. They're doing two grand

0:05.2

a month right now in revenue, raised 40 grand, 45 grand from friends and family. About to raise another

0:09.6

50 grand right now, it's a convertible note. I think he set a $5 million cap on that. I've got a team

0:15.0

of 12 people again founded back in 2015. Hello, everyone. My guest today is Corey Warfield. After 20 years working in restaurants,

0:23.1

he started his company Shedwell to solve the pain point of scheduling, making every day

0:28.1

working in restaurants suck. He's focused again on making that much easier with his

0:32.7

smart shift scheduling software. Corey, are you ready to take us to the top? 100%. All right. Tell us about this

0:38.6

tool. How is it work and how do you make money? Absolutely. So we're a SaaS-based company. We have our

0:43.9

web, mobile responsive suite of softwares, and then we're on the iOS and the Android Google Play

0:50.2

store. And so I created the company about three years to go out of need. I spent decades in the restaurant industry where every day is a problem with scheduling

0:58.0

from management to servers and bartenders.

1:01.0

And if there's too many people, you don't make enough money, if there's not enough people,

1:04.0

you work way harder and somehow still don't make enough money.

1:07.0

And so basically, we've been using someres for some years that really did help kind of

1:12.0

solve for the on-call during out when you worked and getting your optimal schedule and

1:16.2

that was taken away due to price.

1:18.2

So I did a little poking around, saw that there wasn't really anything available on the

1:21.5

market that was affordable and robust.

1:23.4

And over the years of using some of the other tools, we would always say like, I wish

1:27.4

it did this or I wish it did this,

1:28.0

or I wish it did this, or if it did this, that would be so much better. So I put together a team

1:32.1

and I created the tool that I wished I would have had at my disposal for about 20 years in the

...

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