Mar 11 2023
#19 Steve Richard SVP @Mediafly, Founder @Vorsight and ExecVision | Building two businesses at once | Service businesses vs software businesses
On today’s episode, we are joined by an incredible sales leader, entrepreneur, and keynote speaker with over two decades of experience in the field. After starting his career in sales, he went on to found the highly successful sales training and coaching firm, Vorsight, in 2005. But that's not all - he also had the vision to build one of the first conversational intelligence platforms, making him an early competitor to the likes of Gong and Chorus. Later, he sold ExecVision to Mediafly and now serves as the SVP of Sales Excellence.
In today's episode, we dive deep into his journey from employee to self-employed sales trainer, and the transition into running a successful service business that later became a software company. We cover everything from the life of a solopreneur to competing with the biggest names in the game and lessons learned from being acquired.
(02:14) Starting an appointment-setting business
(05:22) Idea behind conversational intelligence business
(09:42) Getting customers
(12:01) Value of creating a training business - scaling your time
(15:12) First hires, the first office
(18:51) Pricing, revenue per month, margins
(19:56) Building your own business with significant profitability
(22:21) Building a curriculum
(27:02) Why there is more to building a business than an exit
(28:20) Building ExecVision and learnings from Vorsight
(30:54) Value of a technical cofounder
(34:18) Building two businesses at once
(43:06) Splitting responsibilities with another cofounder
(43:44) Process of acquisition
(46:12) Learnings after acquisition - being so focused on product
(51:51) Should salespeople build a software business or a service business
(54:16) Don't be a destination island
(55:13) Rapid-fire questions
Steve Richard's LinkedIn
Mastering the Rockefeller Habits
Catcher in the Rye
The Search For Growth Podcast
Alfie Marsh B2B Go-To-Market Advisory
Alfie Marsh's Newsletter "Rocket GTM"
Chris Gibson's Newsletter "Content I Consumed"