How Chris Bakke Received $150,000+ in Tax Credits Before Selling His Recruiting Startup To Elon Musk

BACKGROUND

Chris Bakke is a seasoned tech entrepreneur by day and viral X influencer by night. His track record includes multiple $50M+ startup exits to companies like Indeed and Zillow. Most recently, Bakke’s recruiting startup Laskie became the first acquisition under Elon Musk’s X Corp. Despite his business acumen, Chris admits to a gap in his knowledge for managing taxes and accounting, making Fondo an invaluable asset to Laskie all the way from launch to exit.

The Challenge

Ignoring taxes and bookkeeping is a costly afterthought for founders of fast-growing startups

Like Chris’ previous companies, Laskie took off like a rocketship after its launch in 2020. As the team quickly scaled from 2 to a distributed workforce of 60 people, Chris realized meticulous bookkeeping and an informed tax strategy would be necessary for Laskie.

At his previous company, Chris had met these needs with a patchwork solution of DIY bookkeeping, QuickBooks, and freelance accountants who didn’t understand venture-backed businesses. That strategy proved costly and inefficient, warranting a better approach.

The Solution

Fondo’s easy accounting solution for busy founders

When Chris received an $87,000 bill from the Delaware Franchise Tax Board, it became clear he needed help. Fondo emerged as the ideal partner for Chris's needs, offering a comprehensive suite of financial services tailored for startups.

From reducing the daunting Delaware Franchise Tax Bill to managing monthly bookkeeping and securing significant tax credits, Fondo provided a scalable, cost-effective solution. Their approach of embedding with Chris' team, offering direct support through channels like Slack, and Fondo’s intuitive document management platform marked a departure from traditional accounting services. This hands-on, integrated support model was exactly what Chris required to streamline Laskie's financial operations.

The Result

Thanks to Fondo, Chris saved both time and money

Before Fondo, Chris was spending 3-5 hours per month dealing with issues related to Laskie’s financial operations. While young companies need to be scrappy, working with Fondo came out to be cheaper on a monthly basis than the DIY solution he brought to his previous companies.

While most founders won’t ever sell a company to Elon Musk, many are building to the north star of acquisition. Chris notes how Fondo also proved invaluable during Laskie’s high-stakes purchase by X Corp.