$50M in annual revenue – Mike McDerment, Freshbooks

December 17, 2018

Mike McDerment Is the CEO of Freshbooks for $50 Million Dollars

Best Advice I Ever Received

I remember back in 2005 feeling that if we did not blow our lights out and spend every penny we had on marketing “right now!” someone would obliterate us. I had this impending sense of doom for *years* based on our speed. Turns out I was wrong, and I owe Joe and Levi (my Co-founders) a world of thanks for repeatedly pulling me back from the ledge.


Best Advice I’d Give to Someone Who Wants to Build A $10m+ Business

You can build a business without being forced to work with the wrong people at the wrong time for the wrong reasons. The choice is yours – don’t forget it. Opportunities will present themselves if you keep your feet moving and you string together a series of small successes.


In this episode, Steve, Mary, Richard, and Mike discuss:

  • Creating time frames to help organize and set goals.
  • The effects of social media and the internet in marketing.
  • How to sustain and encourage company growth rates.
  • Discipline in small business and how to creates a thriving business environment.


Key Takeaways:

  • Your marketing should never be fueled by a sense of impending doom and unhappiness.
  • The quality of the people you work with establishes the core foundations of your business.
  • You can’t run the whole business on your own, you must hire to continue scaling and hire people who will scale appropriately with the company.
  • Working together with other people and supporting connections will expand your company and enrich your business.


“You’ve gotta work with great people.”  Mike McDerment


About Mike

Mike is the co-founder and CEO of FreshBooks, the world’s #1 cloud accounting software for self-employed professionals. Built in 2003 after he accidentally saved over an invoice, Mike spent 3.5 years growing FreshBooks from his parents’ basement. Since then, over 10 million people have used FreshBooks to save time billing, and collect billions of dollars. A lover of the outdoors, Mike has been bitten so many times it’s rumoured he’s the first human to have developed immunity to mosquitoes.


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