Einar Volsett

And people then started reaching out and saying, hey, we don't have an offer, but we're considering selling.

Can you help us run that process?

And I was like,

All right, sure.

So started doing that.

And really when, um, and fundamentally what I realized pretty quickly is that things have changed very much the last 10 years, like certainly even potentially the last five years in that.

So back in 2009, 2010, if you had a, say a 1 million, 2 million ARR B2B SaaS company, um, you know, at say breakeven, um,

it wasn't obvious that you could sell that for any reasonable amount of money, certainly.

But I think in part what's happened is that the big sort of software PE players have moved down market in parts because they realized like, A, it's obviously cheaper to buy smaller businesses,

But also, I think the debt providers on the back end to do the purchases have started to understand software businesses to a point where the economics makes sense for the private equity.

So what that means is that sort of if you get a B2B SaaS business north of a million or two million or something like that, it's worth something, like even if at least if you break even or better, you know, and so you can actually have an exit and a meaningful one, both for like founders and potentially for investors.

even without you know ipoing or being acquired for 100 million dollars by um by microsoft or whatever and i think i think that's one of the fundamental differences between sort of particularly b2b sas but also generally software businesses and other kinds of startups like if you have say

juice delivery service that's doing two million a year and like are you going to be able to sell that you know it's like for any reasonable amount of money you know if you're breakeven probably not no like it's you may make some money like the founders may do okay but it's not the same like you couldn't sell that for three four five six times revenue depending on how you grow

I'm not going to discuss any of the deals.

No numbers, no nothing.

Yes, we're mostly a success fee.

Sometimes, sometimes it's a percentage of the whole thing.

And sometimes, quite often what happens is they have some sort of an offer, say 5 million.

And they come to me and say, Do you think this is a good offer?

Or can you give me something better?