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Drew Goodmanson started Monk Development as a custom website development shop and evolved it into a product enabling churches to establish an online presence. With more than 300,000 churches in the United States, Goodmanson’s company took off and he grew it to more than $3 million in recurring revenue per year, leveraging the Software as a Service (SaaS) business model.
In 2015, Goodmanson sold Monk to Ministry Brands and was then dispatched by Ministry to go and buy up similar software companies. Working for Ministry, Goodmanson eventually acquired 10 small software companies into one mega group.
Goodmanson has the unique perspective of being both the hunter and the hunted, and in this episode, you’ll learn about:
Have You Figured Out Your Recurring Revenue Model?
Goodmanson got a multiple of revenue (not profit) for his business in part because it relied on a subscription based billing approach. You may think subscription billing is just for software companies but there are actually nine unique recurring revenue models, meaning any company, from just about any industry, can find a model that’s right for them. Recurring revenue will be our focus in Module 5 of The Value Builder System™—get started for free by completing Module 1 (Value Builder questionnaire) now.