The Path to Exit

29 Episodes
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By: Vista Point Advisors

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 VPAVista Point Advisors is a founder-focused investment bank that advises software & internet founders through M&A and capital raise transactions. We are...

29 | How PE Fund & Partner Dynamics Impact Their Bids for Your Business
06/17/2025

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 it is, to its structure, to the risk of closing.

Securities offered through Vista...


28 | Why Sell Your SaaS Business When You’re Winning?
05/13/2025

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. This has been provided for informational purposes only and should not be considered as investment advice or a...


27 | How to Prepare to Sell Your Company
04/15/2025

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 should not be construed as legal or tax advice and is not intended to replace the advice of...


26 | GTM Practices for SaaS Growth & Exit Outcomes (with Ryan Allis, SaasRise)
03/11/2025

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 purposes only and should not be considered as investment advice or a recommendation. It is not intended to address all circumstances that might arise. The...


25 | Harnessing AI for Founder-Led Businesses (with Ardis Kadiu, Element451)
02/11/2025

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 not be considered as investment advice or a recommendation. It is not intended to address all circumstances that migh...


24 | The Subjectivity of Valuation in SaaS M&A
01/21/2025

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 offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not be considered as investment advice or...


23 | Strategies for Selling Your SaaS Company to a Competitor
12/18/2024

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 should not be considered as investment advice or a recommendation. It is not intended to address all circumstances that might...


22 | Balancing SaaS Growth: Upselling vs. New Customer Acquisition vs. Pricing
11/12/2024

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any...


21 | How to Structure & Manage a SaaS Board of Directors
10/15/2024

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 Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not be considered as investment advice or a recommendation. It is...


20 | Understanding SaaS FinTech & Payments Opportunities with Utopaya
09/10/2024

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 be considered as investment advice or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may cha...


19 | 7 Questions Founders Should Ask PE Firms
08/13/2024

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 provided for informational purposes only and should not be considered as investment advice or a...


18 | 4 Common Milestones That Lead SaaS Founders to Sell Their Business
07/16/2024

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 advice or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may...


17 | Common Legal Diligence Issues Founders Face During M&A Transactions
05/21/2024

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. The opinions voiced should not be construed as legal or investment advice and are not intended to replace t...


16 | Generating & Evaluating Interest from PE Firms
04/23/2024

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 informational purposes only and should not be considered as investment advice or a recommendation. It is not intended to address all circumstances t...


15 | Founder Tax & Estate Planning with Goldman Sachs
03/12/2024

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 advice or a recommendation. The opinions voiced should not be...


14 | 2024 Founder Focus & SaaS M&A Outlook
02/12/2024

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. 

Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for informational purposes only and should not be considered as investment advic...


13 | How to Avoid Miscalculating Key SaaS Metrics
01/30/2024

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.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein...


12 | Why You Should Hire an Investment Bank When Selling Your Company
12/19/2023

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. 

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 or a recommendation. It is not intended to address all circumstances t...


11 | Vertical SaaS + Payments: What Founders Need to Know for M&A
11/14/2023

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 private equity firms.

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 or a recommendation. It is n...


10 | The Reason So Many Private Equity Firms Call You
10/17/2023

Founders typically hear from about 40 - 60 PE firms and strategic buyers annually who are looking to connect and compare notes. In this episode, managing directors Mike Lyon and Jeff Bean discuss why so many PE firms are reaching out, how to identify the best ones to build relationships with, and what information you should and should not share.

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 or a recommendation. It is not intended to address all circumstances that might arise...


9 | SaaS M&A: The State of the Market in 2023 & Beyond
09/19/2023

Macro trends in the M&A markets can influence a founder's outcome when looking to execute a deal process. In this episode, managing directors Mike Lyon and Mike Greco discuss current trends and their implications in the SaaS M&A markets, who is winning and who is losing, and a short- to mid-term outlook for the market.

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 or a recommendation. It is not intended to address all circumstances that might arise. The...


8 | How Hostaway Turned a Crisis into an Opportunity & Thrived During the Pandemic
08/15/2023

Founders of Hostaway, Marcus Rader and Saber Kordestanchi, share their experiences of dramatically scaling a vacation rental property management SaaS platform during a worldwide pandemic with very little capital raised, as well as the process of closing their recent $175 million investment with PSG. 

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. O...


7 | Key Metrics for Selling a SaaS Business
07/25/2023

The metrics you use (and how you position them in the context of your business) will have a significant effect on the interest you can attract from buyers/investors in a process. In this episode, Mike Lyon and Loson Stockton discuss the top metrics you should be tracking and sharing as part of your process.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed...


6 | How Service Autopilot Used Content Marketing to Grow Their SaaS Business with Jonathan Pototschnik
06/27/2023

Jonathan Pototschnik, founder of Service Autopilot, shares his experience of using content marketing to foster rapid growth in his software business, as well as the journey to eventually selling his company through an investment bank.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. Opinions contained herein should not be interpreted as...


5 | Rapid Growth and a Competitive Process with Anthony Showalter of Pear Deck
05/30/2023

Anthony Showalter, co-founder of Pear Deck, shares how his team managed the operational challenges of rapid growth and the experience of running a competitive transaction process through an investment bank.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. Opinions contained herein should not be interpreted as a guarantee of future results...


4 | Transaction Options: Minority vs. Majority vs. Full Sale
04/25/2023

Different transaction types offer different trade offs in the form of liquidity, control, and upside. In this episode, Mike Lyon and Miles Lacey discuss some of the trade offs and how founders keep their options open during a process.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. Opinions contained herein should...


3 | The Importance of a Competitive Process
04/03/2023

The outcome of your M&A or capital raise transaction will depend in large part on your ability to foster competition as part of the transaction process. In this episode, managing directors Mike Lyon and Mike Greco discuss what goes into creating competition between prospective buyers.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the...


2 | Company Culture and Deciding to Sell with Sabari Raja
04/03/2023

Sabari Raja, co-founder of Nepris (now Pathful) shares her journey of starting an EdTech company, building the company (including an awesome culture), and then working with an investment bank to eventually sell her company.

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 or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. Opinions contained herein should not be interpreted as a...


1 | The Entrepreneur's Dilemma: Selling into Growth
04/03/2023

Founders whose businesses are currently experiencing rapid growth may be hesitant to sell a stake in their business. In this episode, Mike Lyon and Jeff Koons discuss why a growth phase is often the best time to pursue 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 advice or a recommendation. It is not intended to address all circumstances that might arise. The views expressed herein may change at any time subsequent to the date of issue. Opinions contained herein...