EP 492: $2M Raised, $12k MRR with DocuFirst CEO Randall Nachman

Randall Nachman of DocuFirst, who has over 15 years of experience in mortgage lending and software development with a strong focus on business processes, work-flow, operation, sales and marketing. He founded a mortgage brokerage company in 2003 which grew from 2 loan officers to 135 loan officers and ranked 2nd in the region for total loan closings and volume. He then founded ATLOS, a document management in 2008 which is used by lenders and borrowers.

Famous Five:

• Favorite Book? – Trump: The Art of the Deal
• What CEO do you follow? – Elon Musk

• Favorite online tool? — Trello
• Do you get 8 hours of sleep?— No
• If you could let your 20-year old self, know one thing, what would it be? – "Pay attention in class"

Time Stamped Show Notes:

• 01:34 – Nathan introduces to the show
• 02:31 – DocuFirst focuses on 3 core functions within software
• 03:12 – DocuFirst also focuses on document storage and management
• • 03:39 – The files are stored securely that they can access anytime
• 03:44 – ATLOS and DocuFirst was launched in 2015
• 04:13 – First year for DocuFirst was close to $100,000
• 04:21 – DocuFirst's is a SaaS model and is subscription-based
• 04:58 – Average monthly RPU is $150
• 05:35 – ATLOS is for mortgage space but DocuFirst handles any type of forms
• 06:40 – DocuFirst is currently serving 80 unique companies
• • 06:54 – Each company has an average of 6-7 users
• 07:06 – ATLOS has 4 companies they're serving
• • 07:18 – ATLOS markets directly to the mortgage lending space
• 07:38 – DocuFirst's monthly revenue is $12,000
• 08:07 – Randall started in the document space because he wanted to automate his own business
• 08:43 – Why create a new brand if they are both running on the same software?
• • 08:45 – ATLOS stands for Automated Tracking Loan Origination Software which is dedicated in the real estate space
• 09:18 – Team size for DocuFirst is 16
• 10:11 – DocuFirst's churn rate is low
• 10:33 – Average CAC is less than $100
• 11:00 – Randall has raised capital for both brands
• 11:31 – Randall raised capital because he wants to speed up the way they develop
• 12:08 – Randall and his team are based in Louisiana
• 12:51 – Randall considered spinning out DocuFirst as a separate entity
• 13:46 – DocuFirst's valuation
• 15:03 – Randall will not sell the business or get an offer
• 15:28 – Randall has been focus on developing DocuFirst
• 16:03 – DocuFirst is adding at least 10 customers a month
• 16:19 – Connect with Randall through DocuFirst and ATLOS
• 19:02 – The Famous Five

3 Key Points:

• You can create a business with SIMILAR software, but DIFFERENT target market.
• Always work to develop and improve your business MORE.
• Education can lead you somewhere, so pay attention in class!

Resources Mentioned:

• Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn't have to hire a co-founder due to the quality of Toptal developers.
• Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Freshbooks – The site Nathan uses to manage his invoices and accounts.
• Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• Assistant.to – The site Nathan uses to book meetings with one email.
• Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip – Nathan uses Drip's email automation platform and visual campaign builder to build his sales funnel.
• DocuFirst.com – Randall's second business website
• ATLOS.com – Randall's first business website
• Show Notes provided by Mallard Creatives