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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Apr 6
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      Businesses renegotiate contracts all the time, for many reasons, and the attempt to renegotiate a contract is both a) not a refusal to honor the original contract and b) not a thing you should, in general, be particularly offended by.

      4 replies 23 retweets 187 likes
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    2. Patrick McKenzie‏ @patio11 Apr 6
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      People have rather good intuitions for this when they're e.g. asking a bank CSR to waive an overdraft fee but they do not necessarily have the same intuitions when e.g. a client says "So, that money you think I owe you: can I pay you less than that, and later than you want it?"

      1 reply 1 retweet 38 likes
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    3. Patrick McKenzie‏ @patio11 Apr 6
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      And indeed there are some circumstances where you *should happily agree* to a renegotiation against your narrow interests!

      2 replies 0 retweets 21 likes
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    4. Patrick McKenzie‏ @patio11 Apr 6
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      "That sounds implausible." If you're a B2B SaaS, and a client either says cashflow issues or is transparently hitting all their vendors and asking to trade in their good customer brownie points for money, there is a really simple calculation in good times or bad.

      1 reply 0 retweets 22 likes
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    5. Patrick McKenzie‏ @patio11 Apr 6
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      a) If I give the customer a month free, I am out either COGS for one month or revenue for one month depending on boring specifics. Upside: potentially account doesn't churn. b) If I don't, very high likelihood that they pay what they owe and churn immediately.

      1 reply 0 retweets 34 likes
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    6. Patrick McKenzie‏ @patio11 Apr 6
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      So if you valued goodwill at literally zero—this isn't a relationship it is a vending machine—then this is strictly a math problem and under most plausible assumptions the answer to the math problem is "Comp them a month, put a note on the account, done in ~3 minutes."

      2 replies 3 retweets 26 likes
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    7. Patrick McKenzie‏ @patio11 Apr 6
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      n.b. If you're a well-operated B2B SaaS company you long since have given your front-line CSRs the ability to authorize this accommodation on their own authority up to $X00 (minimally) because this is such a screamingly obvious call that it isn't worth Finance or management time.

      3 replies 0 retweets 38 likes
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    8. Patrick McKenzie‏ @patio11 Apr 6
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      When I ran a SaaS company the standard language was approximately: "No worries, we're a small business too and know times can sometimes be tough. I've told the accountant to write off the X invoice in consideration of you being a good client. Best of luck and skill."

      1 reply 0 retweets 53 likes
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      Patrick McKenzie‏ @patio11 Apr 6
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      Commentary: I don't actually have to get the accountant's approval for business decisions, and technically the interaction was "I pushed a button and it does what the accountant would expect it to do without paying him $600 an hour to examine a communication."

      10:42 PM - 6 Apr 2020
      • 28 Likes
      • серафими многоꙮчитїи Kevin Riggle Ian Ragsdale Bitcoin Benjamin “shelter in place” Chait Georgios Konstantopoulos Caelan Huntress worldwidekatie Matt "MSG superfan" Olson
      1 reply 0 retweets 28 likes
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        2. Patrick McKenzie‏ @patio11 Apr 6
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          And mentioning the "small business" part is not accidental, because I know you probably have a boss who has asked you to shake down all the vendors, and I expect you go back next month and say "I just wouldn't feel right doing it again."

          1 reply 0 retweets 30 likes
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        3. Patrick McKenzie‏ @patio11 Apr 6
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          "What do you do if they refuse to pay next month?" Mostly they don't; they slow roll invoices and a SaaS company leisurely attempts to convert invoices to money. If they outright refuse to pay, cool, businesses gonna business. Really clear no regret decision at that point.

          2 replies 0 retweets 27 likes
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        4. Patrick McKenzie‏ @patio11 Apr 6
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          I recall one customer (a used car dealership, not shockingly) who disagreed that they had actually signed up for our service, refused to pay for 6 months of services, then demanded a 50% discount going forward because we were overpriced. They seemed... surprised to hear "No."

          1 reply 0 retweets 50 likes
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        5. End of conversation

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