How Michael Maximoff Scaled Belkins to $15M: Retention, Pricing & Profitability

The Founder-Led Marketing Show

Michael Maximoff co-founded Belkins, a $15M/year appointment-setting agency that’s grown into one of the most efficient and well-run ops in the space. Alongside the agency, Michael also helped launch Folderly, a SaaS product born out of Belkins' internal needs.

In this episode, Michael shares why retention is the real growth lever for agencies, how to build a comp structure that drives accountability, and why the dream of 50% profit margins is mostly a myth. He also breaks down what most agency founders get wrong when trying to launch a product and what he'd do differently today.

Topics we cover in this episode:

- Why retention and not acquisition, is what actually scales agencies

- How to structure account manager compensation for maximum LTV

- Why smaller agencies struggle more with client churn

- The myth of 50% profit margins—and what’s realistic instead

- Building a calm, profitable agency vs. chasing top-line growth

- What to know before launching a SaaS product from your agency

- Why your internal tools might be your best product idea

- How to think about equity, ownership, and hiring a “#2” early

Topics that we are covering in this episode:

- The biggest growth levers behind scaling to $3M ARR

- How Frank dominated LinkedIn to drive early traction

- Why founder-led marketing works—but why it isn’t enough long-term

- How AI agents and automation are reshaping outbound sales

- Why Salesforge launched multiple products in parallel instead of a single brand

- The playbook for building an ecosystem of SaaS tools

- Scaling from 3 founders to 40 employees in 12 months

- The right way to transition from founder-led growth to scalable marketing

Perfect for:

- Agency founders looking to improve retention and margins

- Entrepreneurs considering the leap from services to software

- SaaS builders who want to avoid common product spin-out mistakes

- Operators thinking long-term about structure, incentives, and scale

Don't forget to subscribe to the podcast for more insights from industry leaders reshaping B2B SaaS and marketing!

Connect with Michael:

- LinkedIn: https://www.linkedin.com/in/michael-maximoff/

- Belkins: https://belkins.io/

- From Zero to Agency Hero Newsletter: https://www.fromzerotoagencyhero.com/

Connect with me:

- LinkedIn: https://www.linkedin.com/in/finnthormeier/

- Website: https://www.project33.io/

- Podcast: https://open.spotify.com/show/03CXzsZp7wdqIRVDcqPTFH

Chapters

00:00 Introduction and Michael’s Background

01:10 Why Retention is the #1 Metric for Agencies

03:00 The Revenue-Sharing Model for Account Managers

06:15 Aligning Incentives with Client Success

08:30 Building an Ownership Culture in Account Management

11:10 Setting North Star Metrics and Client KPIs

14:00 The Myth of 50% Profit Margins

16:30 Why Small Agencies Struggle with Churn

20:00 How to Build a Calm, Profitable Agency

23:00 Scaling from $1M to $5M: The Key Levers

26:00 Finding and Growing Your #2 Operator

28:00 What to Know Before Spinning Out a SaaS Product

31:00 The Mistake Most Founders Make When Building Products

33:00 Building Tools Your Agency Can’t Live Without

35:00 Why Most SaaS Companies Don’t Make Real Money

36:30 Final Thoughts and Michael’s Newsletter

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