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Sramana Mitra: You bought these parcels of land and you ran this auction. What was the outcome of the auction? Jeff Frieden: We made a million dollars in one day. Sramana Mitra: Oh, wow! Terrific! Jeff Frieden: There were thousands of people there betting competitively on this land. It was the 1987 to 1988 timeframe.
Sramana Mitra: We are huge fans of bootstrapping entrepreneurs, so congratulations on doing that. What scale did you reach before you raised the private equity round? Jamie Tedford: We were almost a hundred people. We were very profitable and had 50% EBITDA margins. When we decided that we were going to talk to the private equity
During today’s roundtable, we had as our guest Rene Lacerte, CEO of Bill.com. Rene is also the founder of PayCycle, a SaaS payroll company catering to small businesses with fewer than 20 employees. The company was acquired by Intuit. Bill.com has raised over $120 million in funding. Rene and I discussed strategies and nuances of
Sramana Mitra: I’m absolutely on the same page with you. For the small to medium business segment, it has to be as a cloud service offering. It’s hard for a player to go both enterprise and SME because the go-to-markets are so different. The DNA is so different. Everything is so different. It’s hard to
Sramana Mitra: How long did this go on? How many years did you run this? Jeff Frieden: From 1980 to 1983. We once hired an auctioneer to come in one day for an auction of these televisions that we had in containers sitting out in the parking lot. We actually sold more merchandise in that one
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Jamie Tedford: We took a step back at that moment and thought, “We’re sitting on a tremendous amount of equity value.” We had now become, not just a strategic partner of Facebook, but we had also accessed the Twitter platform as well as LinkedIn and thought about how we could become the preeminent software for