Claim OwnershipThe Path to Exit
Subscribed: 3Played: 175
Subscribe
© 2025 The Path to Exit
Description
Learn what every technology founder needs to know as they grow their business towards an eventual M&A transaction.
In this podcast, Mike Lyon from Vista Point Advisors chats with tech founders and the VPA team to address questions like:
- What is the process for selling a software or internet business?
- What drives the valuation of a SaaS business?
- What are my different transactions options?
- And more.
Subscribe to listen to new episodes released monthly.
About VPA
Vista Point Advisors is a founder-focused investment bank that advises software & internet founders through M&A and capital raise transactions. We are a fully unconflicted investment bank who only works for founders on the sell-side, so you know that we’re always representing your interests.
If you have any questions about the process of selling your business or raising capital, reach out to a member of our team. Or check out the For Founders section of our site by visiting https://vistapointadvisors.com/for-founders.
34 Episodes
Reverse
Software founders often underestimate who needs to be involved to successfully sell their business or raise capital, and how much value the right team can add. In this episode, Managing Directors Mike Lyon and Mike Greco walk through the key people founders should have on their side, and how assembling the right team early can make the entire transaction smoother and more successful. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational p...
When founders set out to sell their business, many underestimate how important it is to choose the right investment bank, and how costly it can be to get it wrong. In this episode, managing directors Mike Lyon and Miles Lacey break down what founders should and shouldn’t do when evaluating banks, negotiating fees, and determining the best time to hire, so you can run a competitive process and achieve a better outcome. Securities offered through Vista Point Advisors, member FINRA/SIPC. This ha...
When founders lack experience in selling a business, they’ll often accept what buyers lead with, especially the demand for an exclusivity period. In this episode, managing directors Mike Lyon and Jeff Bean break down why buyers push for exclusivity, the real motivations behind their request, and how to navigate the conversation in a way that preserves your leverage throughout the negotiation. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for inform...
SaaS founders often lean toward pursuing a minority deal when looking to raise capital because they believe it means they can maintain control of the business and take advantage of current growth and future upside in their equity ownership, but it’s not that simple. In this episode, managing directors Mike Lyon and Scott Austin unpack the common misconceptions founders have about minority deals, why they often come with more strings attached than expected, and how founders can help set themse...
Retrades are when a buyer or investor tries to renegotiate the valuation price or key terms after a deal is agreed—and it’s always to the founder’s disadvantage. It’s one of the most frustrating risks in M&A, often surfacing late in the process, when founders have already invested significant time, energy, and focus into a buyer. In this episode, Managing Directors Mike Lyon and Jeff Koons break down why retrades happen, what they look like in practice, and most importantly, how founders ...
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 dynamics can impact the quality of their bid—from how serious...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. Th...
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 provide investment advice or a recommendation. The opinions voiced sho...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purp...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should n...
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 means for founders navigating the sale of their business. Securities ...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and sh...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not be considered as investment advice o...
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 for the company’s growth. Securities offered through Vista Poi...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not b...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been p...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not be considered as investment adv...
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 and is not intended to provide legal advice or a recommendation. T...
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for...
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. This material is intended for informational purposes and is not intended to provide investment a...
Comments
Download from Google Play
Download from App Store
United States