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The same B2B SaaS business can get offers from $5M to $25M. Same revenue. Same churn. Same product. 5x difference in what ends up in the founder's pocket. Einar Vollset (@tinyseed.com, Discretion Capital) on why the SaaS M&A market is wildly inefficient. YouTube link in 🧵:

Einar's spot on. the 'same' metrics can hide vast differences in customer concentration, defensibility, or even the underlying tech stack. acquirers often look beyond the P&L for long-term strategic fit.

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