Episode 827 | The Founder's Guide to Selling Your SaaS for What It's Actually Worth

In this episode of Startups For the Rest of Us, host Rob Walling interviews Anar Volset, founder of Discretion Capital and co-founder of Tiny Seed, about his new book, *The Definitive Guide to M&A for B2B SaaS between $2M and $20M ARR*. The conversation dives deep into the often-overlooked reality that most SaaS exits in this range are driven not by strategic buyers, but by private equity firms seeking tuck-in acquisitions. Anar explains how the market has shifted over the past decade, with private equity now actively acquiring smaller SaaS businesses, creating a more liquid and competitive M&A environment. He debunks the myth that startups are 'bought, not sold,' arguing that founders should proactively run structured auction processes to maximize value—especially since 70% of deals in this range are private equity-driven. Key valuation drivers include growth rate (number one) and churn (number two), with high growth often outweighing profitability. Founders who delay selling despite slowing growth risk losing 50-80% of potential value due to a shift in buyer types. The episode also highlights the importance of team-building and operational scalability to reduce key person risk and increase acquisition appeal. Anar’s guide is freely available online and will soon be available in print at MicroConf US. The episode concludes with actionable takeaways: founders should understand the true market dynamics, avoid the trap of chasing ARR at the expense of growth, and consider professional M&A advisory—especially when they're in the $2M–$20M ARR range. The book serves as a practical, no-BS playbook for founders who want to sell their SaaS for what it’s actually worth, not what they think it’s worth. Anar’s insights are grounded in real deal experience, making the episode essential listening for any bootstrapped or early-stage SaaS founder contemplating an exit.