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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 🧵:

15/6/26, 2:28 pm1 repost1 like

MicroConf

@microconf.com

15 June

"Startups are bought, not sold" is useless advice. Everyone sells eventually. Treat M&A like something that happens to you, and you'll take the first credible offer, not the best one.

MicroConf

@microconf.com

15 June

The buyer universe for sub-$20M ARR SaaS: → 20% strategic → 70% private equity → 10% other And PE isn't a monolith. Growth-focused PE pays dramatically more than value-focused PE for the exact same business.

MicroConf

@microconf.com

15 June

Growth is the dominant valuation factor. 20% growth is the threshold where the conversation changes entirely. The biggest mistake Einar sees: founders who are "for sale but not for sale." Pick a mode. Run a real process, or stay out of the conversation.

MicroConf

@microconf.com

15 June

The full talk covers ARR thresholds that unlock new buyer pools, the "surprise and steal" buyer category, and why waiting for a "better market" usually costs you. (20m) ▶️ youtu.be/m24nt1Gk1II

youtu.beyoutu.be

Founderr Pulse

@founderrpulse.bsky.social

15 June

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.