KashFlow being bought by ex-Sage boss?

[websnail]

The point is that a few years ago it was just a very, very basic invoicing system (Seriously, you wouldn't believe how basic it was). And it's only through years of customer feedback that we now have a very useful bit of kit with no useless bells and whistles.

My serious advice on this would be to get a biiiiiig poster made up for your wall with some of your own words on it... There will come a time when you're so completely snowed under because you're dealing with "bigger" issues that you'll find you've forgotten the little guy suggesting X, Y or Z.

It's natura,l but if you can regularly pull yourself back and get back to the grass roots and apply yourself to the little stuff, you'll have managed a neat trick that very few have ever pulled off. When that happens then I'll be seriously impressed!

 

[DuaneJackson]

We have our own "management system" built into the back end of KashFlow where we can see KPIs, manage user and partner accounts, support, site content, knowledge base, sales crm, etc). Essentially it means various aspects of the business are delegated to others and I keep an eye on every aspect of the business from anywhere. I'm already too busy with bigger picture stuff (like our recent deals with PayPal and other bigger partners) to do a lot of the day to day.


A part of the system is for managing the suggestions we get coming in every day so that they don't get overlooked. We've had a problem over the last couple of months whereby the staff member managing it hasn't been particulary hot, but that's being addressed (always the humans that let you down, not the computers - the old "Hackers Manifesto" from "The Mentor" in Phrack in the '80s still hits a note with me)

But you're right, we do need to make a concious effort to make sure we stick to these original principles.

 

[jholden]

This has been an interesting thread, what Duane did does take courage turning down what appears to be a lot of money, but the thing is you only get that once, a profitably run business could return it many times over.

Additionally, selling a stake or all the business, and staying on, does not often work out well!

The main thing about SaaS Accounting Software is that in the main they are all small independently owned and run operations that serve the needs of the smaller business, and to this end move quickly, innovate, meet customers needs etc, unlike big operations. I therefore would question the success of a large SaaS Accounting provider entering the market for the smaller business, I don't think their management style and approach would translate and therefore not have the success of operations like Kashflow, WinWeb, TwinField, FreeAgent and the list does go on.

But once again congratulations Duane, what a great achievement in a short time.

Jason

 

[PayVector]

Well done Mate. I know from our late night emails not so long ago the "stress" was upon you.

This reminds me I need to give someone a push on your behalf.

* wanders off to go push someone.....

 

[tlewis]

Well done Duane, it couldn't have been easy turning down a 7 figure sum!

 

[John Stokdyk]

Most of you are already on top of this, but having returned from holiday I've put together a piece about the KashFlow-Elderstreet flirtation for AccountingWEB.co.uk.

We'll adapt it for BusinessZone on Monday too, so it should generate a little more interest and debate in online accounting systems.

Thanks for rising to my bait Duane - the episode has certainly raised your profile as a confident, bucaneering entrepreneur and the company you're keeping confirms your point that the big boys are taking software as a server VERY seriously these days.

 

[DuaneJackson]

Thanks for writing it up, John. I'll look forward to seeing the BusinessZone article tomorrow.

 

[10Yetis]

Another cracking update on the life of KashFlow and Duane's decision to not sell-up, this time from a respected author in this sector, Richard Holway.

It is turning into a public relations person's dream!

 

[DuaneJackson]

For those interested in following Michael Jacksons entry into the Software as a Service market, here are two interesting links.

http://business.timesonline.co.uk/tol/business/markets/article4821537.ece
http://www.yorkshirepost.co.uk/businessnews/Access-Intelligence-reveals-board-changes.4521281.jp

Yesterday the identity of the AIM vehicle he's got into has been revealed as Access Intelligence. Shares jumped 38%.

Will be an interesting one to watch.

 

[HC-Martin]

Hmmmmmmmmmmmmmm Very interesting!

 

[Ashley_Price]

Well done on not selling Duane. It must have been a hard decision to make, but you'll be pleased you did.

After all, you know if your business is onto a winner if people start wanting to buy it off you. If you're doing much they wouldn't be bothered.

 

[DuaneJackson]

PS. Jon, I don't think Elderstreet or Michael are just dipping their toes in. I think they're diving in head first. Michael sees the potential of SaaS and really appreciates the benefits of the SaaS business model. Unlike the green FTSE behemoth of the software industry.

Am I allowed to say "I told you so"? : ) See here.

 

[cjd]

Yup, you can

 

[garyk]

2.3 hey Duane, you wouldnt have seen me for dust mate!

 

[PayVector]

What has happened?

 

[DuaneJackson]

What has happened?

It's all at http://www.cloudave.com/link/old-timers-getting-saasy

Basically, the AIM firm he bought in to has said in their annual update that they're looking to drop all non-SaaS activity and focus purely on SaaS.

 

[cjd]

Always a difficult decision.

But like they say, "A bird in the hand is just sh1t on the wrist"

 

[stewartsetter]

If and when I build my company to the point where someone said that they would pay me £2.3m for it, I would take my guy's away for a team weekend break and say my thanks you's. Monday morning in the board meeting I would say "£2.3m......... how can we push this company to £5m.