The journey to selling a SaaS, B2B, or e-commerce business isn’t always straightforward. From understanding buyer dynamics to navigating personal readiness for an exit, founding and scaling companies requires not just operational excellence - but also strategic foresight. In a candid and insightful conversation, Alexis Grant, founder of They Got Acquired, shares her experiences and expertise in helping entrepreneurs exit their businesses gracefully while maximizing value.
This article distills lessons learned from the discussion, exploring critical elements such as buyer fit, timing, emotional preparedness, and trends in the M&A space. Founders and senior operators will gain actionable insights to scale their businesses effectively, prepare for acquisition, and avoid common pitfalls.
Why Selling Your Business Requires More Than Just Numbers
For founders of $10M+ businesses seeking exits, the focus often narrows to key metrics - ARR, EBITDA, and multiples. But as Alexis points out, selling is not just about financials. It’s a deeply personal and strategic decision that requires alignment across multiple dimensions.
Businesses that are "exit-ready" are marked by strong operational fundamentals, including profitability, scalable systems, and clear growth trajectories. Founders who achieve the best outcomes often prioritize building a business they themselves enjoy running - making it an attractive asset for buyers.
Core Attributes of a Sellable Business
- Profitability and Growth: Buyers look for companies with both strong profit margins and demonstrable growth. A flat or declining trajectory can significantly impact multiples.
- Operational Scalability: Systems that don’t rely heavily on the founder create value. Buyers want to inherit a business, not ongoing dependencies.
- Team and Processes: A strong team with documented processes signals sustainability.
- Buyer Alignment: Beyond numbers, cultural fit and shared vision between buyer and seller often determine success.
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The Role of Buyer Fit in Exit Success: Don't Just Chase the Highest Offer
When selling a business, numbers alone don’t tell the whole story. Alexis emphasizes the importance of buyer fit - the cultural and strategic alignment between you and the acquiring entity. This is particularly important for founders who will stay on post-acquisition or care deeply about the future of their company.
Key Questions to Assess Buyer Fit
- Does the buyer share your vision for the company’s future?
- Are their terms (such as earnouts or equity stakes) aligned with your personal goals?
- What is their reputation for working with founders post-acquisition?
Real-world Tip: A higher upfront offer doesn’t always translate into the best deal. A bid with significant earnouts or contingencies might carry more risk than one offering a smaller, guaranteed payout.
For example, Alexis herself chose to sell her second company to a buyer she trusted, even though they weren't the highest bidder. This decision was based on aligning values and ensuring the smooth transition of her business.
What Founders Often Overlook: Emotional Readiness and Timing
One of the most challenging yet overlooked aspects of selling a business is timing it right - not just from a market perspective, but a personal one. Alexis highlights the importance of preparing emotionally before initiating the selling process.
Key Insights for Emotional Preparation
- Avoid Burnout: Selling when you’re burned out can lead to rushed decisions and underperformance during critical deal phases. Keep energy reserves for the lengthy process of due diligence and negotiations.
- Understand the Transition: After the sale, you may no longer have control over the business’s direction. Mentally preparing to let go is essential.
- Plan Your Next Chapter: Whether it’s starting a new venture or taking time off, having a clear post-sale vision can ease the transition.
One of the most telling anecdotes shared was Alexis’s experience with her second exit. Despite carefully selecting a buyer, the company was resold just two months later - a move she didn’t anticipate. While it was initially disheartening, she came to terms with the reality: once you sell, the business is no longer yours.
Pro Tip: Start thinking about your exit strategy well before you feel ready. Waiting too long can cause you to miss peak valuation moments.
Trends in SaaS and the M&A Landscape (2026 and Beyond)
While M&A activity slowed in recent years, optimism in 2026 suggests a rebound - especially within the SaaS space. According to Alexis, SaaS remains the "golden child" of acquisitions, consistently attracting high multiples due to its recurring revenue models and scalability.
Factors Driving SaaS Acquisitions
- AI Integration: Companies leveraging AI to improve efficiency or create unique value propositions are especially appealing to buyers.
- Lean Teams: Businesses that rely on contractors rather than large employee bases are becoming increasingly attractive due to their agility.
- Strategic Interest: Buyers often pay premium multiples for businesses that can complement their existing product offerings.
However, not all deals are equal. The context behind a sale - such as the buyer’s strategic interest - can sometimes lead to astronomical multiples. Alexis recalls an instance of a SaaS company with $8 million ARR selling at a 16x multiple to a strategic buyer, far exceeding typical industry averages.
Navigating the "Exit Gap" for Female Founders
One of the more pressing issues in today’s M&A ecosystem is the gender disparity in exits. Alexis sheds light on the alarming statistics: only 1.3% of female-led companies are sold. The reasons are complex but include fewer female-led businesses in SaaS and systemic biases in deal-making networks.
How to Bridge the Gap
- Visibility: Highlighting successful female exits is crucial to inspiring more founders.
- Inclusive Outreach: Buyers and advisors should actively seek out female-led companies.
- Community Support: Female founders often benefit from access to networks and advisors who understand their unique challenges.
Practical Advice for Founders Preparing to Sell
From her years of experience interviewing founders and covering acquisitions, Alexis distilled several critical takeaways:
- Document Everything: Comprehensive records of operations, finances, and growth metrics are invaluable during due diligence.
- Focus on Scalability: Build systems that can run without you. Buyers value businesses that don’t rely heavily on founders for day-to-day operations.
- Create Buyer Competition: Generating multiple offers strengthens your negotiating position, often leading to significantly better terms.
- Be Realistic with Multiples: While it’s tempting to chase sky-high valuations, most offers will reflect your growth rate, profitability, and market conditions.
- Understand Terms Beyond Price: Structure matters just as much as the Topline number. Pay close attention to earnouts, equity rollovers, and contingencies.
Key Takeaways
- Don’t Wait Too Long: Sell while your business is still growing. Declining performance during negotiations can significantly reduce value.
- Prioritize Buyer Fit: Cultural alignment and shared vision often lead to smoother transitions and better outcomes.
- Prepare Emotionally: Selling a business is as much about letting go as it is about financial gain. Plan for life after the sale.
- Create a Sellable Business: Focus on profitability, scalability, and streamlined operations to attract buyers.
- Stay Organized: Proper documentation and a professional process instill confidence in buyers.
- Women Founders Face Unique Challenges: Bridging the exit gap requires both structural changes and targeted outreach.
Final Thoughts
Selling your business is a landmark event that requires careful preparation and thoughtful decisions. By focusing on operational excellence, timing the market (and yourself), and aligning with the right buyer, founders can maximize both financial and personal outcomes. As Alexis Grant’s work with They Got Acquired illustrates, every founder’s story is unique - but the foundational principles of building and selling a great business are universal.
Whether you’re planning for an exit this year or simply laying the groundwork for the future, the key is to balance strong business fundamentals with strategic intent. After all, the most successful exits are those where both the buyer and seller walk away happy.
Source: "How to get SaaS exit ready and find your buyer fit with Alexis Grant @TheyGotAcquired" - saas group, YouTube, Mar 10, 2025 - https://www.youtube.com/watch?v=B6NBiINZBCw
