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The Path to Exit
Vista Point Advisors
33 episodes
2 weeks ago
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 achieve a better outcome. Securities offered through Vista Point Advisors, member FINRA/SIPC. This ha...
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Entrepreneurship
Business
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All content for The Path to Exit is the property of Vista Point Advisors and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
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 achieve a better outcome. Securities offered through Vista Point Advisors, member FINRA/SIPC. This ha...
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Entrepreneurship
Business
Episodes (20/33)
The Path to Exit
33 | The Do's & Don'ts of Hiring an Investment Bank When Selling Your Business
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 achieve a better outcome. Securities offered through Vista Point Advisors, member FINRA/SIPC. This ha...
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2 weeks ago
20 minutes

The Path to Exit
32 | How to Navigate Exclusivity with Buyers & Investors
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. Securities offered through Vista Point Advisors, member FINRA/SIPC. This has been provided for inform...
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1 month ago
17 minutes

The Path to Exit
31 | The Hidden Risks of Minority Investments for SaaS Founders
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, why they often come with more strings attached than expected, and how founders can help set themse...
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2 months ago
18 minutes

The Path to Exit
30 | How to Help Prevent a Retrade When Selling Your Business
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 break down why retrades happen, what they look like in practice, and most importantly, how founders ...
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3 months ago
27 minutes

The Path to Exit
29 | How PE Fund & Partner Dynamics Impact Their Bids for Your Business
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...
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4 months ago
18 minutes

The Path to Exit
28 | Why Sell Your SaaS Business When You’re Winning?
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. Th...
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5 months ago
16 minutes

The Path to Exit
27 | How to Prepare to Sell Your Company
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 sho...
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6 months ago
17 minutes

The Path to Exit
26 | GTM Practices for SaaS Growth & Exit Outcomes (with Ryan Allis, SaasRise)
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 purp...
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7 months ago
20 minutes

The Path to Exit
25 | Harnessing AI for Founder-Led Businesses (with Ardis Kadiu, Element451)
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 n...
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8 months ago
18 minutes

The Path to Exit
24 | The Subjectivity of Valuation in SaaS M&A
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 o...
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9 months ago
17 minutes

The Path to Exit
23 | Strategies for Selling Your SaaS Company to a Competitor
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 sho...
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10 months ago
27 minutes

The Path to Exit
22 | Balancing SaaS Growth: Upselling vs. New Customer Acquisition vs. Pricing
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...
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11 months ago
19 minutes

The Path to Exit
21 | How to Structure & Manage a SaaS Board of Directors
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 Poin...
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1 year ago
22 minutes

The Path to Exit
20 | Understanding SaaS FinTech & Payments Opportunities with Utopaya
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...
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1 year ago
21 minutes

The Path to Exit
19 | 7 Questions Founders Should Ask PE Firms
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 pr...
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1 year ago
15 minutes

The Path to Exit
18 | 4 Common Milestones That Lead SaaS Founders to Sell Their Business
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 advi...
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1 year ago
18 minutes

The Path to Exit
17 | Common Legal Diligence Issues Founders Face During M&A Transactions
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 ...
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1 year ago
23 minutes

The Path to Exit
16 | Generating & Evaluating Interest from PE Firms
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 ...
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1 year ago
14 minutes

The Path to Exit
15 | Founder Tax & Estate Planning with Goldman Sachs
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 advi...
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1 year ago
16 minutes

The Path to Exit
14 | 2024 Founder Focus & SaaS M&A Outlook
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 prov...
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1 year ago
19 minutes

The Path to Exit
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 achieve a better outcome. Securities offered through Vista Point Advisors, member FINRA/SIPC. This ha...