Mikita Mikado. He’s the CEO of PandaDoc, a company founded to accelerate the way organizations transact. He’s an entrepreneur, engineer, and executive focused on creating self-sustaining companies. Famous Five: Favorite Book? – Pitch Anything What CEO do you follow? – Satya Nadella Favorite online tool? — Google Calendar How many hours of sleep do you get?— 8 If you could let your 20-year old self, know one thing, what would it be? – Mikita would tell himself that he doesn’t have to focus on making so much money and just focus on learning as much as he can   Time Stamped Show Notes: 01:24 – Nathan introduces Mikita to the show 02:03 – Jared Fuller was in episode 193 of The Top and is still part of PandaDoc 02:25 – PandaDoc helps organizations the way they transact 02:39 – all kinds of transactions 02:52 – PandaDoc focuses on deals that have substantial value and paperwork 03:06 – PandaDoc can build proposals, quotes, contracts and close deals in a digital fashion 03:30 – PandaDoc’s RPU has increased since last year 03:56 – Annual deals 04:10 – Average customer pay 05:10 – PandaDoc gets most of their customers from word of mouth 05:32 – Using SEO to expand operations 06:15 – PandaDoc gives their small customers templates that they can use in their deals 06:58 – The marketing team finds keywords that are most popular and relevant to them 07:20 – They use Moz and other tools to find keyword 07:59 – PandaDoc isn’t built on top of PDF 08:03 – The templates from PandaDoc are in HTML and not PDF 08:41 – QuoteRoller was the first product that was launched in 2011 08:56 – Pivot to PandaDoc at the end of 2015 09:06 – Team size is now 106 09:23 – The last year total raised was $4.5M in cash and $2M in debt 09:41 – Currently, debt has been paid 09:50 – Total amount raised is $19.5M 10:17 – PandaDoc has more than 7K customers 10:30 – 2 different cohorts of customers 10:55 – PandaDoc has a legacy product and a new product 11:22 – Gross churn is satisfactory 11:50 – From last year’s revenue churn, it was 9% 13:21 – Some inbound marketers use PandaDoc to close a deal then will stop using it 13:50 – 5% monthly logo churn is high for Mikita 14:38 – PandaDoc has around 100 team members and 2 are focused on target customers 15:13 – CAC and LTV varies 16:00 – Mikita is trying to get under 12 months of payback period 16:29 – Fully weighted CAC can be $1200 16:48 – How Mikita assumes CAC 18:47 – The industry’s rule of thumb for payback period is 1.13 of ACV or 14 month payback period 19:05 – PandaDoc has channels with a payback period of 6 months and 2 years 19:29 – PandaDoc has an outbound sales team that is their delta force 19:54 – The outbound sales team finds the industries that PandaDoc should target 21:05 – Paid spend total is under quarter of a million 21:19 – PandaDoc is closed to hit a million in MRR 22:08 – “We want to make an impact” 22:22 – This is a horizontal product 23:47 – PandaDoc focuses on workflow and the actual collaboration on the workflow 23:58 – “We want to system of records for deals or transaction” 24:05 – PandaDoc isn’t going to the CRM space 24:18 – Mikita has been in the CRM space before 24:43 – One of the challenges of CRM now is the emergence of AI 27:12 – Mikita’s consideration on price of acquisition 30:20 – The Famous Five   3 Key Points: Create a product that can serve a different market and fill the gap that the others haven’t seen. Let your goals guide you, but also keep in mind that having a business means being responsible for your employees. Multiple revenue cohorts will lead you to multiple marketing and sales strategies.   Resources Mentioned: The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more Klipfolio – Track your business performance across all d