The Path to Exit
Learn what software and technology founders 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.
Episodes
39 episodes
39 | SaaSpocalypse? How AI Is Reshaping Software M&A
AI is reshaping what buyers and investors look for in software businesses faster than most founders realize, and many are still operating with an outdated playbook. In this episode, managing directors Mike Lyon and Jeff Koons break down what is...
38 | The Entrepreneur's Dilemma: When Should You Sell or Raise Capital?
When is the right time to sell your business or raise capital? And why would you consider a transaction when business is booming? Founders often delay selling or raising capital when their company is performing so well, yet that is frequently w...
37 | Why Retention Is Now Driving Software Company Valuations
Retention is becoming an increasingly important factor in how software companies are valued, and many founders are not prepared for the level of scrutiny buyers are applying to these metrics. In this episode, managing director Mike Lyon and sen...
36 | 2026 Software M&A Outlook: Valuations, Buyers, and What’s Changed
Software founders planning to exit or raise capital in 2026 need a clear read on where M&A is heading after a volatile few years. In this episode, Vista Point Advisors Managing Directors Mike Lyon and Jeff Koons unpack the most important 20...
35 | Pitfalls to Avoid on the Path to an Exit (with Goldman Sachs)
Many founders wait for the “perfect moment” to sell or fixate on hitting a specific valuation target, but both can lead to missed opportunities. In this episode, Sarah Letourneau from Goldman Sachs joins Mike Lyon to discuss the most common mis...
34 | Assembling Your Software M&A Dream Team
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 pe...
33 | The Do's & Don'ts of Hiring an Investment Bank When Selling Your Business
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 fo...
32 | How to Navigate Exclusivity with Buyers & Investors
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 exclusi...
31 | The Hidden Risks of Minority Investments for SaaS Founders
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...
30 | How to Help Prevent a Retrade When Selling Your Business
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 i...
29 | How PE Fund & Partner Dynamics Impact Their Bids for Your Business
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 attr...
28 | Why Sell Your SaaS Business When You’re Winning?
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, thoug...
27 | How to Prepare to Sell Your Company
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 dis...
26 | GTM Practices for SaaS Growth & Exit Outcomes (with Ryan Allis, SaasRise)
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 G...
25 | Harnessing AI for Founder-Led Businesses (with Ardis Kadiu, Element451)
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 integrat...
24 | The Subjectivity of Valuation in SaaS M&A
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 t...
23 | Strategies for Selling Your SaaS Company to a Competitor
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 com...
22 | Balancing SaaS Growth: Upselling vs. New Customer Acquisition vs. Pricing
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 ea...
21 | How to Structure & Manage a SaaS Board of Directors
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—r...
20 | Understanding SaaS FinTech & Payments Opportunities with Utopaya
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 th...
19 | 7 Questions Founders Should Ask PE Firms
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-te...
18 | 4 Common Milestones That Lead SaaS Founders to Sell Their Business
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 d...
17 | Common Legal Diligence Issues Founders Face During M&A Transactions
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 typica...
16 | Generating & Evaluating Interest from PE Firms
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 epi...
15 | Founder Tax & Estate Planning with Goldman Sachs
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 t...