The $2.5B acquisition of Manus exemplifies a "local maximum" exit. While VCs might push for a higher valuation later, the founders rationally chose to sell. This decision optimizes their personal, undiversified financial outcome by de-risking against future competition and market shifts.

Selling 100% of a company isn't the only exit. Founders can take "multiple bites of the apple" by selling a majority stake but retaining significant shares. This allows them to benefit from future sales or an IPO under new ownership.

A significant shift has occurred: private equity firms are no longer actively pursuing acquisitions of solid SaaS companies that fall short of IPO scale. This disappearance of a reliable exit path forces VCs and founders to find new strategies for liquidity and growth.

A successful exit is a highly choreographed dance, not an abrupt decision. Founders should spend years building relationships with line-of-business leaders—not just Corp Dev—at potential acquiring companies. The goal is to 'incept' the idea of an acquisition long before it's needed.

Founders who try to perfectly time an exit with market conditions are twice as likely to have second thoughts and report less satisfaction. The most fulfilled founders are those who sell when they are personally ready, regardless of market timing.

Many founders focus on generating personal income, inadvertently creating a job they can't leave or sell. To build a true business asset, you must define an end goal (like a sale) from the beginning and structure operations, processes, and financials accordingly.

Standout-CV's founder notes that his significant, ongoing involvement in the business makes potential acquirers reluctant to pay a simple multiple of MRR. Buyers discount the valuation because they must factor in the cost of hiring a replacement to handle the founder's tasks, a key consideration for solo founders planning an exit.

Founders who wait until they need to sell have already failed. A successful exit requires a multi-year 'background process' of building relationships. The key is to engage with SVPs and business unit leaders at potential acquirers—the people who will champion the deal internally—not just the Corp Dev team who merely execute transactions.

Even with strong revenue growth, founders should seriously consider M&A offers if their Total Addressable Market (TAM) isn't expanding at a faster rate. A stagnant TAM indicates a future ceiling on value creation, and selling may be the optimal outcome before hitting that wall.