How I Reverse Engineered A $100 Million Exit - Jason Lemkin

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 10 April 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 571: Sam Parr (https://twitter.com/theSamParr) talks to Jason Lemkin (https://twitter.com/jasonlk ) talk about the 7 rules of building a $100M business. Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5 — Show Notes: (0:00) Jason Lemkin’s first million (4:19) The rules of getting to a 9-figure exit (5:32) Rule 1: New minimum is $400K per employee (7:58) Rule 2: Go multi-product (9:40) Rule 3: Your second product must be bigger than your first product (11:05) Cheat code: Double your prices (13:48) Rule 4: 30% of your revenue is international (15:43) Rule 5: Localize your product (19:05) Cheat code: Remove friction (22:42) Rule 6: 100% net revenue retention (29:01) Business models that won’t get you there (33:38) $100M conferences (39:35) Rule 7: Don’t raise double digit millions — Links: • Saastr - https://www.saastr.com/ • HLTH - https://www.hlth.com/ — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Transcript

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0:00.0	If you want to reverse engineer things, you have to have a model with economies of scale that gets you to
0:04.4	three to four thousand dollars per employee, or your model is not real.
0:07.8	It is not scalable. What's going on man? How are you? I'm so excited to be here and talk about all my first millions, talk about the millions I lost, a few
0:27.0	learnings on scaling and whatever you want Sam, it's great to be here.
0:30.1	I love you for many reasons. One of them is like you're so catchy and you're so good at summarizing important things, but explain it in a very simple to understand ways. But before we get into that, I need to talk about background because we have to the
0:45.5	OG software guys you are the guy. So like if we talk to like the founders of HubSpot or I mean like guys who run
0:52.3	multi or tens of billions of dollars companies they say if you want to learn about software
0:55.9	Jason's the guy but we have a bunch of like sometimes 20 year old kids listening to this and I want to
1:00.5	like have a little background and so we don't I don't want to spend too much time in this but basically what I know about you is you started a few software companies including echo sign which you sold for nine figures I don't know the exact amount but you've said nine figures then you've been
1:14.2	investing in startups as a VC for like since 2013 which you said I think you said you
1:18.8	ten extra fund or something like that is that right that right? That is about right.
1:24.0	And then what else did you do besides Echosine?
1:27.2	Before that.
1:28.2	Before that I had a startup where I made my first million between when the internet died for a while I actually
1:35.1	founded a startup making implantable batteries from nanomaterials which I knew nothing about which
1:41.0	is interesting and we sold it for 50 million after 12 and a half months.
1:44.2	It is kind of an MFM story.
1:46.1	And I learned a lot from it.
1:47.6	What was that company called?
1:48.9	It was called Nanagram Devices,
1:50.6	and we did something that was thought to be impossible and we got bought by our
1:55.2	competitor it was a classic buyout after 12 and half months when we took away one of
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