Adam Lubofsky – Making affordable and easy Wills for everyone to safeguard their life’s work
By Madhu Sundararajan
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Welcome back to "The Perfect Pitch Show" where Brandon Burns, Head of Growth & Community at Runway Virtual interviews small business founders and entrepreneurs in their respective fields about the secret sauce of their successful start-up journey.
In this article, we break down the key lessons from our interview with Adam Lubofsky, Co-Founder and CEO of Safewill, a start-up committed to changing the way Australians thinking about Will-writing. Safewill uses modern design and technology to make it simpler and more affordable for Australians to safeguard the people, assets and organizations that mean the most to them. Adam is passionate about removing the stigma and hassle associated with Will-writing, and helping all Australians protect their life's work.
Prior to leading Safewill, Adam was a management consultant with BCG, where he worked with world leading organisations to solve some of their most difficult problems. Adam also spent several years working in the law across M&A, private equity and construction law.
During our interview, Adam shares exciting personal experiences. We believe these discussion topics will help start-ups in regional Victoria with tips & tricks in setting up small businesses.
A typical day in the office
Adam’s Safewill is an easy to use online platform for Will writing. The platform is used to generate cost effective and legally bounded Will with extraordinary notification features about creation/modification of the Will. Adam’s typical day in Safewill would involve liaising with lawyers on strategies for product market fit, seeking feedback from the customers, synthesising them to create meaningful insights & features, working alongside the tech team of the Safewill online platform to conceptualize ideas, turn them into prototypes, validate with customers and implement those features which make the cut with the customers. Adam is very proud about his recent video messaging feature which he predicts will bring an emotional connection to the product with their loved ones.
When asked about his daily rituals which adds 5% extra efficiency, Adam was quick to respond that there are a few non-negotiables in his routine viz. 7-8 hours of sleep, exercising daily and meditating in the morning. Adam is a firm believer of creating happy and healthy environments for people to thrive in Safewill workplace as well. He would have an open conversation with all of his new team members on what would make them happy and productive, create such flexibilities to suit their needs.
10x growth strategies
“Your most unhappy customers are your greatest source of learning”, Bill Gates
For Adam, customer feedback is pivotal. Adam says, he will reach out to customers who have completed the end to end process of Will writing through Safewill and also to customers who have abandoned mid-way. By doing so, Adam says he will get the holistic understanding of the bottlenecks in the process which needs to be ironed out, ease of use of platform over the life cycle of Will creation and why customers chose an alternative approach for Will writing. All these, Adam concludes will help Safewill cohort to go back to the drawing board to improve the product offering.
Unique value proposition
Adam quotes, lawyers charge anywhere in the range $2000-$10,000 for writing a Will. Through Safewill, the end-to-end process takes $190 for individuals and $285 for couples which includes a layer of protection by thoroughly reviewing every word used so that there are no mistakes. Customers can also edit the Will unlimited number of times and get a new copy of the Will for a subscription cost of $15. Adam says, in comparison, every visit to lawyer would cost customers 10-20% of the total cost of Will writing. The amount of time individuals and couples would save is huge and the entire process is complete within 20-30 minutes seated in the couch. Adam proudly says, the Safewill platform has revolutionized the Will writing process
There are no mistakes or failures, only lessons
When asked about the biggest mistake or roadblock in his life, Adam says, finding his passion was a long journey. Adam started as a corporate lawyer and spent several years working in the law across M&A, private equity and construction law which most people would ideally dream of. However, he hated the job and moved on to management consulting with Boston Consulting Group where Adam got umpteen opportunities to work on digital businesses. All these, paved way for Adam to find his passion through Safewill which combines digital business and law. Adam also says the steps that he went through to find his passion was extremely crucial
Best and worst advice
If you do what you have always done, you will get what you have always gotten – Tony Robbins
Adam is always selective in playing his battles. He remembers the time when a number of his colleagues and friends cautioning him on implementing his Safewill idea. People were quick and judgemental without understanding the mechanics of how Safewill is going to operate. Adam listened to his inner voice which always backed his idea through to implementation which is exactly what great entrepreneurs and visionaries do.
A mentor is someone who allows you to see the hope inside yourself – Oprah Winfrey
Every time Adam is indecisive, Adam recalls how his mentor inspired him to trust his idea and go on the path where no one had gone in Will writing. The lesson, Adam continues is that if you completely understand the intricacies of the business, the mantra is to just empower yourself as you are the best placed person in the world to take that idea to a complete product which is going to benefit millions of individuals and family.
Adam’s callout to the remotest entrepreneurs in Australia is that if you are an expert, if you understand the problem (your Why) you are trying to solve, there is no other human being in the planet to come up with a better solution than you. Adam concludes, just back yourself with courage and conviction, the results will follow.
Adam’s ask from Runway HQ and the community members
Adam research says, over 50% of Australian do not have a Will and over 60% of parents do not have any appointed guardians for kids. Adam’s ask to the community members is to raise this awareness to people. With Safewill, within 20 minutes and at $190, a complete Will can be generated.
Adam on Runway Virtual