The Path to Exit

Understanding the internal dynamics of a PE fund—such as where it is in its lifecycle, who is championing the deal, and how decisions are made—is critical for evaluating the strength and seriousness of their bid for your business. The most attractive buyer on paper may be structurally incapable of closing a deal due to internal constraints. In this episode, Managing Directors Mike Lyon and Mike Greco discuss how private equity fund...

Why would a founder sell their business when it’s thriving? It’s a question we hear often—and what we call the “entrepreneur’s dilemma.” In this episode, Managing Directors Mike Lyon and Jeff Bean unpack why selling during a growth phase, though counterintuitive, can lead to better outcomes. They discuss how buyers value momentum, the risks of holding on too long, and how founders can maximize value by leaning into growth.

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To make a strong impression on the right buyers and avoid unnecessary complications when selling your business, it’s essential to have everything in order before going to market. In this episode, managing directors Mike Lyon and Miles Lacey discuss key considerations for founders and what you should have in place before launching a sales process.

This material is intended for informational purposes and is not intended to provid...

Many SaaS founders struggle with go-to-market (GTM) strategy, often underestimating how it impacts valuation and exit potential. In this episode, growth expert Ryan Allis—Founder of iContact and SaasRise—joins Mike Lyon to break down some key GTM tactics that SaaS companies can use that may help to accelerate growth, avoid plateaus, and position themselves for high-multiple exits.

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AI is transforming vertical SaaS, but many founders are unsure how to approach it. In this episode, Ardis Kadiu—Founder and CEO of Element451, an AI-powered student engagement platform—joins Mike Lyon to share how his team successfully integrated AI, the impact it had on growth, and key insights for SaaS founders looking to leverage AI in their own solutions.

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Many SaaS founders view valuation as a straightforward calculation of their company's worth, but it’s far more nuanced. Software valuation often depends on the perspectives of individual buyers, leading to significantly different outcomes. In this episode, managing directors Mike Lyon and Scott Austin explore why valuation in SaaS M&A is inherently subjective, how different buyers assess value differently, and what this me...

Founders are often hesitant to include competitors in the process when looking to sell their business. In this episode, managing directors Mike Lyon and Jeff Koons discuss some key strategies for assessing the risks and rewards of including competitors on the list of potential buyers, as well as ways to help protect yourself and your company throughout the process.

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There are three primary vectors SaaS founders use to grow their business: upselling to existing customers, acquiring new customers, and raising prices. In this episode, managing directors Mike Lyon and Mike Greco discuss the pros and cons of each, particularly through the lens of raising capital or selling your business.

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SaaS founders often have a love-hate relationship with their boards of directors, finding them alternatively invaluable or frustrating. Creating and managing a cohesive, effective board can be a daunting task. In this episode, Sterling Lanier—recurrent board member and co-founder—joins Mike Lyon to share insights on how SaaS founders can help build and lead a high-performing board of directors, ensuring alignment and effectiveness ...

A significant trend SaaS founders are facing is integrating fintech products into vertical businesses, particularly payments. In this episode, Brian Abernethy from Utopaya joins Mike Lyon to discuss considerations for founders thinking about the payments opportunity, when to pursue it or not, and why it’s valuable to private equity firms and buyers. 

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Interest from private equity firms can be flattering, but founders need to understand that not every PE firm will be a good fit for your company. Founders need to discover the true dynamics of the fund, particularly when considering the long-term relationship. In this episode, managing directors Mike Lyon and Jeff Bean outline what questions you should ask a PE firm to understand if they're a good fit for you.

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We typically see four main tipping points for founders when they’re deciding to sell their business or to raise capital. In this episode, managing directors Mike Lyon and Jeff Koons discuss what those milestones look like and how founders can decide for themselves if the time is right to consider pursuing a transaction. 

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SaaS founders are often overwhelmed by or underprepared for the legal diligence and purchase agreement negotiation during an M&A transaction. In this episode, Brian Lenihan from Choate, Hall and Stewart LLP joins Mike Lyon to discuss typical legal challenges that come up during the diligence process that founders should be aware of so they can be better prepared. 

This material is intended for informational purposes an...

SaaS founders typically receive frequent emails and calls from private equity firms and it can be difficult to know which ones are worth responding to, how to respond correctly, or what information to share (or not share) with them. In this episode, Mike Lyon and Russell Perkins discuss several tips for generating PE interest, navigating initial conversations, and identifying promising firms.  

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It’s easy for founders to put tax and estate planning on the back burner when you're focused on running a business and thinking about a sale, however, getting an early start on these considerations can really make a big impact on how much you take home. In this episode, Sarah Letourneau from Goldman Sachs joins Mike Lyon to talk about tax planning, QSBS, estate taxes, and when to start planning.

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It’s easy to get swept up in the speculations of an election year, and founder-led SaaS companies will likely wonder how high the stakes are for them and if now is the time to sell. In this episode, managing directors Mike Lyon and Jeff Koons discuss why founders shouldn’t worry so much about the coming election, what they should be paying attention to instead, and the current M&A outlook for 2024. 

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In Episode 7, we discussed key metrics for selling a SaaS business, but getting data into the correct format to calculate these metrics can be difficult and time consuming. In this episode, Mike Lyon and Ethan Carlson discuss some common issues founders face when trying to pull and calculate these metrics for a business valuation.

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Founders are sometimes tempted to run the process of selling their business themselves in order to save money on a banker fee. In this episode, Mike Lyon and Loson Stockton discuss the advantages of hiring an investment bank that outweigh the fee, specifically how an investment banker can help add value throughout framing and positioning, negotiation, diligence, and optimizing post-deal relationships. 

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A major trend in SaaS has been vertical-specific companies integrating payment processing as a strategy to increase revenue and improve attractiveness in M&A. In this episode, managing directors Mike Lyon and Jeff Koons discuss the “FinTechization” of vertical SaaS, how buyers think about payment integration opportunities, and how companies can capitalize on payment tech trends while not handing all the upside to buyers or priv...