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.

Summary

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. Over the span of three years, 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

Results
Revenue nearly doubled
Results
Broke the $10M revenue barrier
Results
Annual Recurring Revenue per customer increased by nearly 20%
Results
3 major partnerships with Boeing, Textron and Cirrus
Results
Launched Flightdocs Operations, a complementary product with huge up-sell potential.
Results
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 documents 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.

Talent

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. 

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