The Path to Exit

AI has changed what buyers consider a defensible software business, and the gap between companies that command a premium and those facing a potential discount is widening. For founders, where your software sits in the AI stack now shapes valuation almost as much as growth does. In this episode, managing directors Mike Lyon and Miles Lacey discuss what makes software essential rather than replaceab...

Choosing the wrong M&A attorney can slow your deal, cost you on terms, and in some cases, put the whole transaction at risk. Yet most software founders give this decision far less thought than it deserves. In this episode, managing directors Mike Lyon and Mike Greco discuss what to look for in a lawyer who specializes in software deals, the most common mistakes founders make when selecting leg...

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and investors look for in software businesses faster than most founders realize, and many are still operating with an outdated playbook.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 driving the so-called SaaSpocalypse, why we think it is more of a market re-rating than a collapse, what criteria investors are now using to evaluate softw...

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 when buyers and investors pay the most attention. In this episode, managing directors Mike Lyon and Jeff Koons revisit The Entrepreneur’s Dilemma to unpack h...

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 senior associate Sarabeth Sandweiss explain why retention has become a key valuation driver, how investors evaluate it, where founders often get the math wrong...

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 2025 trends and what founders could expect in 2026. From buyer behaviors to changes in vertical SaaS valuations, they offer a view of the market dynamics that...

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 mistakes they see founders make on the path to an exit; from waiting too long to run a process, to anchoring on a headline number, to assembling the wrong deal...

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. Vista Point A...

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 achi...

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. Vist...

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, w...

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 bre...

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 Gr...

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 val...

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 purpose...

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. Vista Point Ad...

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. Vista Point Advisors is a boutique sel...

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...

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. Vista Point Advisors is a boutiq...

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. Vista Point Advisors is a boutique sell-side investment bank providing unconf...

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,...

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.  Vista Point Advisors is a boutique sell-side in...

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...

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.  Vista Point Advisors is a boutique sell-side investment bank providing unconf...

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...