![]() How does Rissell expect his day-to-day life to change? “I will still lead the business, with the charge of growing as fast as possible,” he says. Intuit chief product officer Chriss instigated the deal with a call to Rissell early in the summer. “I consider Brad Smith a mentor,” says Rissell of Intuit’s CEO. “This is one more milestone, a cool milestone, in a really long journey,” he adds.īecause TSheets’ products are designed to integrate with QuickBooks, the two companies have worked closely together for six years, including engineers, managers, marketers and people at the leadership level. “The truth is it really isn’t.” He won’t comment on what share of the company he owns. “People are asking me, is this what you’ve always dreamed of?” he says. Rissell says he’s turned down numerous acquisition offers for TSheets and that until the Intuit deal came up, selling TSheets was not a goal. Yesterday, when news of the deal was still a secret, TSheets and Intuit called an all-hands meeting for TSheets’ staff and explained how the transaction would unfold. The office will remain in Idaho, where the plan is to add 100 employees within the next year. Under the terms of the Intuit deal, all 260 TSheets employees are receiving an offer letter to work for Intuit, says Rissell. In October 2015, TSheets raised $15 million from Summit Partners, a private equity firm based in Boston, for an undisclosed valuation. ![]() When Forbes interviewed him in January 2016, he said TSheets had 20,000 customers and we estimated revenue at nearly $20 million, which means TSheets’ revenue is likely more than $40 million today. ![]() Rissell won’t comment on revenue except to say that sales have doubled every year. TSheets has 35,000 customers in more than 60 countries. Keeping prices steady helped spur growth, says Rissell. TSheets has not raised its prices since 2010. He made the product affordable, charging a base fee of just $16 and a monthly fee of $4 per employee. It worked so well that Rissell sold his Cartridge World stores in 2007 and devoted himself to TSheets. So he turned to his buddy Brandon Zehm, a software architect who proceeded to design a cloud-based program that could track Rissell’s staffers. He searched for software that could manage his time sheets, but he couldn’t find a product geared for small businesses with more than one location. He was going over time sheets for his 35 employees and found that one of his trusted staffers had put in for 15 minutes more time than she had worked. Rissell got the idea for TSheets back in 2005 when he was running three franchised Cartridge World stores that sold ink and toner cartridges for printers. ![]()
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