Case Study
Flightdocs
Flightdocs had been providing maintenance tracking software to the aviation industry for over 14 years. The company was profitable and boasted a high performing tech team that had a great reputation in the industry.
Case Study
Flightdocs had been providing maintenance tracking software to the aviation industry for over 14 years. The company was profitable and boasted a high performing tech team that had a great reputation in the industry.
The founder of Flightdocs was looking to break through a revenue plateau. He knew that he wanted to sell the company someday and wanted to ensure the multiple reflected the true value of the company. We were able to put the infrastructure in place to support consistent double-digit revenue growth, operational systems that delivered world-class Net Promoter Scores, and a management team that was able to secure major partnerships, attract initial investors, and ultimately impress would-be acquirers.
Results
Revenue nearly doubled
Broke the $10M revenue barrier
Annual Recurring Revenue per customer increased by nearly 20%
3 major partnerships with Boeing, Textron and Cirrus
Launched Flightdocs Operations, a complementary product with huge up-sell potential.
Successfully sold for a premium multiple despite the pandemic.
How we got there...
Revenue
Challenge
Revenue had not yet surpassed the 8 figure mark.
Solution
Revenue Generation System
Implemented a reliable revenue machine and measured key metrics daily.
Marketing
Challenge
Did not have a comprehensive marketing strategy being executed by professionals.
Solution
Marketing Team & Campaign
Developed an in-house marketing team, then grew brand awareness with a multi-channel advertising and marketing strategy.
Operations
Challenge
There were no operating procedures and several single points of failure.
Solution
Standard Operating Procedures
Formalized training programs and all key processes were documented with standard operating procedures.
Sales
Challenge
There was only one dedicated sales professional.
Solution
Sales Department Growth
Shortly after implementing a repricing strategy, and on the heels of a successful marketing campaign, grew the sales department from 1 to 10.
Revenue
Challenge
The leadership team consisted of the owner and his son.
Solution
Hired & Retained Talent
Recruited and onboarded an experienced Chief Revenue Officer, Chief Finance Officer and a Human Resources Professional, while implementing and adopting hiring and retention best practices.
Financials
Challenge
Financials being run by a bookkeeper did not follow Generally Accepted Accounting Principles (GAAP) for SaaS companies.
Solution
Tracked Key Metrics
Implemented systems for properly tracking SaaS metrics and performance, including Customer Lifetime Value and Churn.
Capital
Challenge
While the company was profitable, funding was required to accelerate growth.
Solution
Secured Investor
Explored financing options and ultimately secured a first round investor.
“We operated a fast-paced, boot-strapped, SaaS company in the Aviation Industry and the folks at Limitless helped us to help scale up every aspect of our business resulting in a 40% YOY growth. From accounting, to product, to sales, to operations, the Limitless team enabled us to move major initiatives along quickly and effectively - ultimately resulting in a very successful exit.”
- Greg Heine, President
Main Takeaways
High valuations are achieved by companies that have strong recurring revenue streams supported by strong sales processes and management teams independent of the owner.
In a study of 23,158 companies, we found 40% of business owners have one thing in common: They are Rainmakers – the primary revenue driver for their company.
Rainmakers are exceptional at rapidly accelerating business growth, but they eventually hit a ceiling.
Revenue stagnates and business value plateaus, forcing owners to confront the Rainmaker’s Dilemma.
The solution? Become an Architect.
In this eBook you will learn:
- The defining characteristics of a Rainmaker
- The one problem Rainmakers will encounter
- Quantitative evidence on how Rainmakers affect company value
- The negative impact Rainmakers have on receiving an acquisition offer
- 9 strategies to transition from a Rainmaker to an Architect