Hello friend,
Why you're getting this: this is my Friends Newsletter; a behind-the-scenes look at how real founders sell real companies without playing dress-up for the capital markets.
Today’s hot take:
You don’t need a banker to sell your SaaS business.
In fact, if you run a calm, profitable SaaS company doing $500K to $5M in EBITDA…
You might be better off skipping the circus entirely.
Let me explain.
Founders are told:
“You’ll leave money on the table without a banker.
They’ll run a tight process.
They’ll get you a bidding war.”
Sometimes true.
But here’s the fine print no one tells you:
What you actually want isn’t a war.
It’s a clean, quiet, fair deal with the right buyer.
I’ve bought over 40 companies.
Not once through a banker.
Every one started with:
Most closed in 45–90 days.
No drama.
No fanfare.
This isn’t a dream.
It’s the norm in what I call the boring business lane.
Want a play-by-play?
👉 What It’s Really Like to Sell to Tiny
When we’re buying SaaS (or any high-margin, calm company), we’re looking for:
$1–10M in revenue
20–50% margins
Low churn, simple product
No key-person risk
Clear growth levers or stability
A founder who’s ready to exit, not waffle
We don’t need an auction.
We need clarity.
More on that here → What Buyers Like Tiny.com Look For
Here’s the founder’s version of the “off-market process”:
No bidding war.
No posturing.
Just grown-up operators buying grown-up businesses.
Need the checklist?
👉 The Boring Business Exit Checklist
Maybe.
But here’s the flip side:
Plus, deals are about structure, not just price.
I’d rather get $3.5M cash on close than $6M over 5 years with clawbacks, earn-outs, and a 2-year lock-up.
To be fair, bankers aren’t evil.
They’re useful if:
You’re a $100M ARR rocket ship with strategic acquirers lined up
You’ve got multiple offers already and want leverage
You’re not in a hurry, and you’re fine playing the long game
You need to create urgency in a sleepy market
But for 99% of SaaS founders under $10M ARR?
Direct is better.
If you’ve built a great business, you don’t need to dress it up.
You don’t need to “run a process.”
You don’t need a deck full of hockey sticks.
You don’t need a $600/hour M&A advisor asking if your “QofE is investor-ready.”
You need:
You can sell your SaaS business quietly.
Profitably.
Without becoming someone else’s exit strategy.
And if it’s truly built well?
We’ll probably want to buy it.
Get Your Copy of Never Enough at https://www.neverenough.com
Or just go clean up your books and email the buyer you’ve been lurking on for months.
No banker required.
– Andrew
