Oct 2022 Portfolio Updates
The three co-founders of XO got together last weekend in South Carolina for a weekend of golf and just hanging out. I am by far the crappiest golfer on the team... it's truly an evil sport. I think I'm also the shortest. Anyways ...
We get together at least once a year. It brought up a lot of the reasons I want (someday) an office where people come in and work as an option. There were just so many small moments of insight or chat that not only sped up some decisions we had to make but overall communication was 100% better. If someone isn't tracking something in person, you look at their face and know that you lost them and can pause and try explaining something differently. Of course you could do this over chat but in my experience, you tend to just give up after a while. I'm long on an optional return to office.
We're only a few months in from having a real content strategy and have yet to see fruit from it. It's tough playing the long game even when your whole company is predicated upon playing the long game.
We're still aiming to do larger deals and are re-evaluating funding options given the SBA want's my first born child as collateral for any loan above $350k. We have some cash in the bank and will likely find some partners to loan us $$. Between a loan and some seller financing, we should be good for our next two deals without raising any money and without involving the SBA, although we may still pursue that path for working capital loans, etc.
- $26,968 MRR
- 4 products
- No new acquisitions
- Recovered almost $400 in payment failures from Churnkey (haven’t stopped any voluntary churn though)
- MRR $6,364
- We're getting killed on cash collections. We made the mistake of putting an earn out based on data in chart mogul (instead of cash collections) and chart mogul is horrendously wrong at times. This was definately a lesson learned.
- Churn is still high. Will be launching new pricing + feature gating + some UX improvements to try and mitigate this. We also started a sequence specifically for SOLO users (the highest rate of churn, and lowest $ amount).
- Closed a $1k customer. We're nearly at 10x from where we bought it! Also kind of just humming.
- closed one new small customer
God I love this product so much. Just humming. Strong growth this month with lowest churn we’ve ever had.
Bonus - Cold Email Studio
- We're back! After 3 months of tough breaks from customers churning to a war + typhoons in the Philippines, we've been dealing with a ton of team issues. We're just now getting back to rebuilding the team from (nearly) scratch to scale this out.
Bonus 2 - Super Send!
This is a new email sending tool. We built this and launched it a couple of weeks ago. Sorry if you've been following me on Twitter and are annoyed at all the giveaways ... but they're working!