Hitting on all cylinders requires focus and intention. Terri Soutor, CEO of FastBridge, recognized that early on and chose dedicated partners who had a great idea and, through amazing service, could deliver high value to their target clients. This approach scaled their SaaS-based business 10x over four years, without having to raise outside capital, before ultimately selling to the perfect strategic buyer. Terri shares the strategies behind their exponential growth and what they did to maintain their mission, vision and values along the entrepreneurial journey.
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Terri Soutor is a talented C-suite leader and strategist skilled at building and growing SaaS companies.She took FastBridge Learning from zero to 10 million USD in a four-year span, earning it the rank of second fastest-growing private company in the Twin Cities. Because of her efforts in her field, Terri made the list of The Real Power 50 by Minnesota Business and received the Titan of Technology award from the Minneapolis / St. Paul business journal. She is still dedicated to her original mission of improving teaching and learning in schools through effective, evidence-based innovations in education.
22:20 - “But at the end of the day, the research basis and the quality of the product was what was fundamental to the go to market.” – Terri Soutor
31:20 - “We grew really fast. How do we make sure that we weren’t getting out over our skis? So there was a constant rebalancing that I was doing in terms of how we were investing the dollars that we were earning through sales.” – Terri Soutor
35:55 - “We were very intentional of our mission, our goals, and our values.” – Terri Soutor
36:08 - “Before we talked about anything around the business, we talked about mission, purpose, and values and what kind of business we wanted to build with intent. And that really drove most (if not all) of the decisions we made about the business. We always came back to our mission and values.” – Terri Soutor
41:26 - “Every decision we made started with mission and vision and values.” – Terri Soutor
44:57 - “No one wants to replace the roof; we’d rather remodel the kitchen.” – Terri Soutor
62:54 - “We didn’t need to sell, so it really gave us the time to evaluate the why behind the what.” – Terri Soutor
68:14 - “The minute lawyers get involved, it gets messy.” – Terri Soutor
69:27 - “When you’re going through this kind of a transaction, everybody that’s engaged stands to make money.”” – Terri Soutor
84:23 - “You can plan not to sell, but be intentional about it.” – Terri Soutor
LinkedIn: Terri Soutor
Email: [email protected]
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Today we’re going to be talking to Alex Chausovsky from ITR Economics, which is a world-renown Economist forecasting and consulting company which works with some of the top mid-market companies and is heavily involved in nationwide CEO Peer Groups like Vistage using their data. A year and a half ago I had him on the show to discuss their short and long -term economic forecast. One of ITR Economics’ main theses has been a slight downturn in the early 2020’s and then a great depression in 2030. Since I had him on, we’ve had a worldwide pandemic that has decimated our global economy. A lot of the things we discussed in the first interview like the demographic shifts and some of the variables that go into their 2030 great depression forecast are still relevant. I figured it was time to get him back on the show to explain how our current situation impacts their forecasts and what they think the future holds. In today’s episode because you’ll learn – About Alex Chausovsky and his background The leading indicators to track and measure the health of the economy How deep and how long the economic pain will be Will experience a V-shaped or U-shaped recovery? The implications of the Federal Reserve printing money How corporate and consumer debt affects the recovery period ITR Economics forecast for the rest of 2020/21 How the pandemic impacts ITR’s 2030 prediction What ITR’s forecast is on the job recovery The 90% economy How are new normal is impacting valuations Their forecast on unemployment in 2021 What companies can be doing right now to weather the storm and set themselves up for the long term How to view rates of change What ITR is using to predict how the virus is Alex’s view ...
Financing is an important aspect when buying or selling a business. The SBA can play a huge role in this process. An important step in the process is knowing where you are trying to go before knowing what tools you will need to use. When structuring a deal the fundamentals come first before the deal structure. Today we’ll be talking to John Thwing who is known as The SBA Guy. John has closed over 400 SBA financed transactions and is currently at Anchor Bank. Today, John shares a ton of insights about SBA structure, the loans, how they work, and the role the lender plays in relationship to the buyer, seller, and broker. He also provides great insights on all the deals that he has done, and what constitutes a qualified buyer for going into a business and how a seller can use the SBA to exit their business. In This Episode You’ll Learn: John shares how he started at his first bank in the mail department and ended up becoming The SBA Guy today. How the role of the SBA is to guarantee loans for financial institutions. Deal structures and restrictions with SBA financing. How the SBA tool may not be a good fit and how John helps sellers and agents recognize that. How cash flow is the driver of value, and banks want loans that will be repaid. Due diligence, determining value and prequalifying for financing. How SBA lenders validate 3 years of ...
[START OF NEW CONTENT FORMAT] You’ve risked and sacrificed a lot to build your business, and we believe you should get rewarded for your hard work. In this special 300th episode, Arkona partners Matt and Pat join Ryan to discuss the takeaways after 300 interviews with some of the top minds in business. Their conversation is full of stories that tie their personal experiences of running, growing, buying, and selling businesses to their mission of helping business owners clarify a path to a more valuable business so they can turn their vision into reality. Ryan, Pat, and Matt talk about how to use your business–and the Intentional Growth™ Mindset–to enjoy work, create wealth, and make an impact. They use examples to explain why this mindset helps business owners clarify what they want and why, how to view their company as a financial asset, and what it takes to track–and make progress toward–the long-term vision you have. // WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast What You Will Learn Why it’s so important to enjoy work, create wealth, and make an impact. The three levers every business owner must be in control of. Why a lack of education is often the root cause of anxiety, frustration, and a lack of progress Why viewing your business from a buyer’s eyes can help you focus on creating a valuable business. How business owners should track their progress toward their vision. Why the CFO is uniquely qualified to be a ...