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

randall-nachman

In Episode #492, Nathan interviews Randall Nachman of DocuFirst, who has over 15 years of experience in mortgage lending and software development with a strong focus on business processes, workflow, 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.

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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:

  1. You can create a business with SIMILAR software, but DIFFERENT target market.
  2. Always work to develop and improve your business MORE.
  3. 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
  • 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

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