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AIR DATE: December 7, 2023
RUN TIME: 7:42
Hi, I'm Mike Hoffmann, partner at Thoma Bravo, and this is Beyond the Deal, a special bonus episode of Thoma Bravo's Behind the Deal. And I'm here with the CEO of ConnectWise, Jay Magee. Jay, this is an opportunity for me to ask you some questions about your inspirations in business life and some fun rapid fire items as well. But if listeners want to hear more about how our partnership came together, have a listen to our full episode of Behind the Deal. In case people are joining without having heard the episode, Jay, why don't you tell us about ConnectWise and the customers you serve?
ConnectWise is a company that empowers IT solution providers with unmatched software services and community to achieve their most ambitious vision of success, right? So TSPs, or another way of saying it, managed service providers are really the backbone of small businesses globally in terms of all their technology needs, from services to making sure that they have the right technology in place to run their business and support their customers and so on.
Jay, what's the best piece of advice you've received from a colleague, a boss, um, or any other leader in your career?
Probably the best piece of advice, actually, it was one of the founders of one of the joint ventures of ConnectWise back in the day. Uh, when I first started at ConnectWise, he, he said something that was so simple, yet took me throughout my journey at ConnectWise and still kind of how I focus and operate, right? He said, "Follow the money, right?" Follow the money in terms of if you're running a business and you're invoicing your customers, right, is that invoice (laughs) appropriate? Um, did they pay? Do you have the internal mechanisms and tracking in place to ensure that it's accurate and so on, right? And you could take that all the way back until it hits your financial statements, and then this way you'd be able to see kind of where you have opportunity for improvement, or call it revenue leakage, or ways to just overall improve that experience for not only you, but for your customers.
Reminds me of the mentorship I got from Tom Cruise and Cuba Gooding Jr. from, uh, Jerry McGuire.
What, show me the money?
Show me the money (laughs). Little different, little different, but, uh-
I- it's almost as if I serve that one up to you, Mike.
Oh, it's too easy, I know.
You know, if you think about other business leaders, you know, dead or alive, um, who would you wanna have dinner with?
Nothing here will be a head scratcher, but look, Warren Buffet or Satya Nadella, right? I mean, they're both tremendous business people and have done tremendous things in their types of businesses, right? Just look at Microsoft today, right, in terms of (laughs), what they're doing right, and what they've accomplished over the last five plus years. It's pretty amazing. So Mike, you, you went to a prestigious, uh, university. When you were there, did you have time for a part-time job?
I did. So you probably hear me talk about this all the time, but when I was in college, uh, during kind of the holidays and summers home at the beginning, um, I used to work at Nordstrom. So I, I worked in the stockroom, and then I was working in, um, in men's sportswear. So was selling Tommy Bahama shirts, um, you know, all the other kind of men's type stuff. And so, I earned a commission rate of 6.75% on everything I sold. And I'll be honest, I mean, it was a great way to, to make some money on the side, and Nordstrom's a great employer. But, um, more than anything, I think it taught me a ton about salesforce incentives, uh, and (laughs) and different sorts of things, which has actually carried over and tur- turned, turned out to be somewhat true. So I actually learned a ton from that job that's helping work with software companies.
All right, so you're a big Bucks fan, Jay. So Baker Mayfield, is he gonna take you to the Promised Land or are we gonna have to bring back Jamis?
Yeah, so clarity, I'm actually a more of a, uh, Washington Commander fan is the current team name. Uh, but I have been a Bucks season ticket holder for I think over 18 years now. So I do, uh, really support the local team 'cause I am a pretty big, uh, NFL uh, fan. Uh-
You can't really be a Commander's fan. I mean, I used to be a Raiders fan. And at some point, you just throw in the towel and say, "You know what? Like, enough's changed. You just gotta move on." So, you know, now I'm, now I'm kind of a free agent slash it's really fun to watch the 49 ERs (laughs).
Speaking of football and your mention of Raiders, how's that done, right? I mean, do you need much therapy these days, um, being ex Raider fan, I guess?
Yeah, it's brutal. Every year begins with a lot of promise, and, uh, it, it doesn't always end up the way that you want, but the exciting part is now I get to go to Vegas at some point. I haven't gone yet, gone to Allegiant and check it out, which I... You know, if the game's not fun, I guess you can just go leave and go back to, to Paradise right around the corner.
Jay, what was the first paying job you ever had?
First paying job I ever had, uh, Boy Scout camp. I was a counselor, actually, I was more of a cook in Boy Scout camp.
All right, favorite business book?
Geez. I mean, that's what I read. I would, I would actually say it's, um, more of a framework around business and it's from Strategyzer, the Invincible Company.
Last, I mean, do, do you ever sleep? So you stay up later than I do, uh, like just time zoned, agnostic. Uh, you're on the East Coast and, uh, I also wake up from, with emails from you, so I mean, how do you do it?
Yeah, look, you know, I, I think genetics really come into play in so- some of those things. Um, I, I could easily function off of probably an average of four hours of sleep a day. Um, some days I get less, some days I get a little more. But yeah, look, running a global company, I'm on the phone with Australia, for example, last night until 1:00, 2:00 AM our time, right? Obviously, it's Monday their time. Um, so interacting with our colleagues or partners and customers globally, right? You know, I work all, all types of hours. Um, look, e- everyone asks me kind of what hobbies and passions I have, and look, I love what I do. I love the industry we're in and our vision and mission that it is my hobby and my passion. Um, so when, when that's the way it is, I don't see it as I'm working 20-hour days. Um, I get to have fun doing what I like to do.
That's awesome. Perfect answer. Jay, thanks again for all the time you spent with us today and, uh, really appreciate you spending some time on Beyond the Deal.
Uh, it's been great. Thank you, Mike.
The executives were not compensated in connection with their participation, although they generally received compensation in connection with their roles, and in certain cases, are also owners of Thoma Bravo portfolio company securities and/or investors in Thoma Bravo funds. Such compensation and investments subject participants to potential conflicts of interest.
Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest.