Practical Founders Podcast | Podcast Summaries

Business

Technology

by Greg Head

Tune into the Practical Founders Podcast with host Greg Head for weekly in-depth interviews with founders who have built valuable software companies--without big funding.

14 episodes summarized

Episodes

#189: How Lighter Capital Finances Bootstrapped SaaS Growth - Tanner Kovacevich

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Tanner Kovacevich of <a href= "https://www.lightercapital.com/">Lighter Capital</a> joins Greg Head to explain how non-dilutive financing works for practical SaaS founders. Since 2010, Lighter Capital has funded hundreds of recurring-revenue SaaS companies that want growth capital without giving up ownership or board control. Tanner shares discuss how non-dilutive financing fits companies with $1M–$5M ARR that are growing steadily but don't want venture capital. He explains typical loan structures, underwriting factors like churn and revenue trends, and why capital-efficient SaaS companies are often better candidates than "grow-at-all-costs" startups. We discuss several examples of practical SaaS founders who used debt instead of equity to retain ownership and build long-term value. The conversation focuses on how certain practical founders can use capital strategically—accelerating growth while preserving control and optionality. Key Takeaways <ul> <li dir="ltr" role="presentation">Non-Dilutive Capital – SaaS-specific debt financing allows SaaS founders to fund growth without giving up equity, board control, or long-term ownership upside.</li> <li dir="ltr" role="presentation">Capital Sequencing – Smart founders combine funding types over time, using non-dilutive capital early before considering equity later.</li> <li dir="ltr" role="presentation">Retention Matters – High churn or declining revenue trends are the biggest red flags when underwriting recurring-revenue SaaS businesses.</li> <li dir="ltr" role="presentation">Ownership Economics – Avoiding early dilution can preserve tens of millions of dollars in founder equity in successful outcomes.</li> <li>Capital Efficiency Wins – Many profitable SaaS companies grow steadily and still attract buyers without needing big VC funding.</li> </ul> Quote from Tanner Kovacevich, VP of Sales at Lighter Capital "Often we fund founders that just want to have a little more cash on hand and not have to manage cash so closely. What does that open up for the founder's mindset alone? To just have some extra cash on hand, to go out and hire whoever they want, an account executive, SDR. Because a lot of it can be psychological. "It's not only the grand initiatives; it can just be the ability to breathe, extend your runway to look ahead. Maybe you want to offload a couple of things you're working on as the CEO, like acting as an accountant when you're the strategic CEO and trying to manage sales day to day. "Lighter Capital provides non-dilutive debt financing for B2B SaaS companies, but we also work with other recurring revenue types of model technology companies. With Lighter, there are no warrants on our loan, no personal guarantees that the founder has to place, and minimal financial covenants on it." Links <ul> <li dir="ltr"><a href= "https://www.linkedin.com/in/tannerkovacevich/" target="_blank" rel="noopener">Tanner Kovacevich on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/lighter-capital/" target="_blank" rel="noopener">Lighter Capital on LinkedIn</a></li> <li dir="ltr"><a href="https://www.lightercapital.com/" target= "_blank" rel="noopener">Lighter Capital website</a></li> <li><a href="https://www.lightercapital.com/podcast" target= "_blank" rel="noopener">Bootstrapped Podcast</a></li> </ul> <h2>Podcast Sponsor – Lighter Capital</h2> This podcast is sponsored by <a href= "http://lightercapital.com/" target="_blank" rel="noopener">Lighter Capital</a>. In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors. Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period. Go to <a href="http://lightercapital.com/" target="_blank" rel="noopener" data-link-card="true">LighterCapital.com</a> to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

March 27, 2026•58:11

#188: The Practical Long Game: 25 Years Scaling QuestionPro - Vivek Bhaskaran

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Vivek Bhaskaran is the founder and CEO of <a href= "https://www.questionpro.com/us/" target="_blank" rel= "noopener">QuestionPro</a>, a bootstrapped survey and customer-experience research software platform they have been building for more than 25 years. Based in the Bay Area, Vivek has grown the company globally without venture capital, staying deeply involved in product and running the business as both CEO and de-facto chief product officer. As QuestionPro crossed $10M then $30M in revenue years ago, private equity firms and acquirers started calling. Vivek chose not to sell and instead kept building. Over the years he has completed about ten small acquisitions and expanded the platform while staying nimble as an independent company. In this conversation, Vivek explains why having fun, liking your team, and taking some profits along the way makes it possible for founders to play the long game. He also shares how AI is changing market research and why most AI use cases still need experimentation. Key Takeaways <ul> <li dir="ltr" role="presentation">Founder Product Ownership – Vivek still acts as chief product officer, believing founders should stay close to the product and customer problems.</li> <li dir="ltr" role="presentation">Small Acquisitions Strategy – Rather than selling, QuestionPro grew through about ten small acquisitions that expanded capabilities and distribution.</li> <li dir="ltr" role="presentation">Practical AI Adoption – Most AI experimentation fails early, so the team tests many use cases and keeps the ones customers actually adopt.</li> <li dir="ltr" role="presentation">Sales Efficiency Gains – AI dramatically improves painful processes like RFP responses and compliance questionnaires that previously took hours.</li> <li dir="ltr" role="presentation">Synthetic Research Data – Vivek believes AI-generated personas and synthetic respondents will transform early-stage market research within a few years.</li> </ul> Quote from Vivek Bhaskaran, founder and CEO of QuestionPro "Two things matter to me that have allowed me to be the founder and CEO for 25 years. Number one, can I wake up every day and have the same level of energy, enthusiasm, and fun? Work and fun, and everything has to be correlated at this point. There is just one life. "Number two is the people around me. I love the team that works with me and hopefully they like working with me too. These are the two things that matter to me: Am I having fun? Am I having fun with the people around me? You got one life, so can you mesh those two things together? "Ask yourself, am I personally in the game? Do I really want to do this? If those two things are true, then I'd say keep going. How you feel, what you're doing in the morning, how you show up all day, and then who you work with. These are not external. You control both these variables reasonably well." Links <ul> <li dir="ltr" role="presentation"><a href= "https://www.linkedin.com/in/vivekbhaskaran/" target="_blank" rel= "noopener">Vivek Bhaskaran on LinkedIn</a></li> <li dir="ltr" role="presentation"><a href= "https://www.linkedin.com/company/questionpro/" target="_blank" rel="noopener">QuestionPro on LinkedIn</a></li> <li dir="ltr" role="presentation"><a href= "https://www.questionpro.com/" target="_blank" rel= "noopener">QuestionPro website</a></li> </ul> <h2>Podcast Sponsor – Full Scale</h2> This podcast is sponsored by <a href="https://fullscale.io/" target="_blank" rel="noopener">Full Scale</a>, one of the fastest-growing software development companies in any region. Full Scale vets, employs, and supports over 300 professional developers, designers, and testers in the Philippines who can augment and extend your core dev team. Learn more at <a href= "https://fullscale.io/" target="_blank" rel= "noopener">fullscale.io.</a> The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

March 20, 2026•1:10:12

#187: Practical Rule of 40 Growth+Profits Still Works for SaaS Acquirers - Juan Ignacio Garcia Braschi

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Juan Ignacio Garcia Braschi is a partner at <a href= "https://www.l40.com/" target="_blank" rel="noopener">L40</a>, a boutique SaaS M&A advisory firm with offices in Madrid, Lisbon, and Miami. After two decades in banking, private equity, and operating roles, including serving as CFO of ride-hailing company Cabify, he now helps SaaS founders sell companies typically valued between $20M and $200M. L40 works primarily with B2B SaaS companies doing $5M–$50M ARR, most of them bootstrapped or lightly funded, including companies in Europe and Latin America. Juan explains how today's buyers evaluate SaaS companies, why Rule-of-40 performance still matters even with AI, and how growth rate, retention, and profitability determine valuation ranges of roughly 4–8x ARR. Key Takeaways <ul> <li dir="ltr" role="presentation">Growth Drives Valuation: Growth rate correlates most strongly with SaaS multiples. Companies growing 50% command much higher valuations than those growing 20%.</li> <li dir="ltr" role="presentation">Rule Of 40 Still Matters: Buyers increasingly expect SaaS companies to combine strong growth with some profitability.</li> <li dir="ltr" role="presentation">Financial Buyers Dominant: Private-equity-backed platforms acquiring add-ons are the most active buyers for $50M–$100M SaaS companies today.</li> <li>Sell During Momentum: Smaller companies growing 20–40% annually can be an ideal window for acquisition before growth naturally slows.</li> </ul> Quote from Juan Ignacio Garcia Braschi, Managing Director and Partner at L40 "If you think that you're going to sell your SaaS company, you should think of that two years ahead of when you want to sell. So don't wait until you're burned out. "Keep in mind that you will have to make a profit at some point to sell to serious financial buyers. So when your company is growing at decent 20, 30, 40% year over year rates, that's probably the sweet spot for selling. "Significant funds have been raised in the past 24 months and that has to be deployed. Traditional private equity firms are more more interested in tech. These days you see more and more traditional private equity firms going into tech and that's increasing competition and driving multiples up." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/jigarciab/" target="_blank" rel="noopener">Juan Ignacio Garcia Braschi on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/l40-partners/" target="_blank" rel="noopener">L40 on LinkedIn</a></li> <li><a href="https://www.l40.com/" target="_blank" rel= "noopener">L40 website</a></li> </ul> <h2>Podcast Sponsor – Lighter Capital</h2> This podcast is sponsored by <a href= "http://lightercapital.com/" target="_blank" rel="noopener">Lighter Capital</a>. In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors. Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period. Go to <a href="http://lightercapital.com/" target="_blank" rel="noopener" data-link-card="true">LighterCapital.com</a> to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

March 13, 2026•56:41

#186: The Grind Behind a Stellar SaaS Exit in the UK - Simon Swords

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Simon Swords founded Fundipedia after starting in a backyard shed building bespoke software. Originally a custom development shop, his firm built a data governance platform for major buy-side asset managers including HSBC, Barclays, and Legal & General. Over time, Fundipedia evolved into a high-retention enterprise SaaS platform with strong net revenue retention and Rule of 40 performance. Simon navigated long consultative sales cycles, regulatory tailwinds, and a tightly networked financial services market to build a durable recurring revenue engine. After turning down an initial offer, Simon grew ARR further and ultimately sold in 2024 at approximately 10x ARR. He exited fully, used ChatGPT extensively in diligence, and now reflects on endurance, discipline, and surviving long enough for luck to compound. Key Takeaways <ul> <li dir="ltr" role="presentation">Survive First — Don't make a mistake that kills you or the business. Staying alive creates the opportunity for luck to compound.</li> <li dir="ltr" role="presentation">Enterprise Patience — Two-year sales cycles are normal at the top end. Persistence and reputation matter more than speed.</li> <li dir="ltr" role="presentation">Rule Of 40 Discipline — Strong growth plus profitability gives founders leverage in exit timing and valuation.</li> <li dir="ltr" role="presentation">Problems Over Product — Founders obsess over product; buyers care about solving painful, expensive problems.</li> <li>Build To Exit Cleanly — Structure the company so it runs without you before you start acquisition conversations.</li> </ul> Quote from Simon Swords, Founder of Fundipedia "I think the most important thing is not to make a mistake that kills you or the business. While you're in the arena and you've not been taken out yet, dragged off by the hyenas or lions, whatever they used back in the Roman days, you've still got a chance to make something magical happen. "You do something stupid, kill the business, kill your reputation, you're done. Entrepreneurs hate the word luck. I do feel luck. I am lucky. Of course I'm lucky. I have to be lucky. You make your own luck. "But I'll tell you what I didn't do. I didn't make a mistake that killed me or the business and the entire way through. Even when I was going through hell, never, no matter how neurotic or anxious or all the negative kind of traits you can imagine would have flown through me. I never made a mistake that killed the business." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/simonswords/" target="_blank" rel="noopener">Simon Swords on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/fundipedia/" target="_blank" rel= "noopener">Fundipedia on LinkedIn</a></li> <li dir="ltr"><a href="https://www.fundipedia.com/" target="_blank" rel="noopener">Fundipedia website</a></li> <li><a href="https://www.fefundinfo.com/" target="_blank" rel= "noopener">FE fundinfo website</a></li> </ul> <h2>Podcast Sponsor – LaunchBay</h2> LaunchBay helps B2B software companies automate client onboarding and implementation so customers activate faster and everyone stays aligned. If your onboarding includes data collection, setup steps, approvals, training, or any level of customization, LaunchBay replaces the messy mix of emails, spreadsheets, and meetings with a clear, all-in-one onboarding system. Teams use LaunchBay to onboard clients faster, stay on top of follow-ups automatically, and deliver a smoother experience, without hiring more people or adding more tools. Visit <a href="https://start.launchbay.com/practical-founders/" target="_blank" rel="noopener">launchbay.com/practical</a> and get 25% off your first 3 months on any LaunchBay plan. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

March 6, 2026•1:12:41

#185: Survived COVID and a PE Exit —A Travel Tech Founder's Journey - Steve Reynolds

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Steve Reynolds didn't start <a href= "https://www.emburse.com/products/tripbam-is-emburse?q=" target= "_blank" rel="noopener">TripBam</a> to disrupt the global hotel industry—he simply noticed that corporations weren't getting the discounts they negotiated, and no one was checking. After 30 years in travel technology, he saw a broken system hiding in plain sight. What began in 2013 as a consumer hotel re-shopping tool quickly revealed a much bigger enterprise opportunity. When a corporate client offered to pay a subscription fee, Steve pivoted from B2C to B2B—and never looked back. TripBam went on to serve 250 of the world's largest companies, saving clients 5–10% on existing hotel bookings and up to 30% when switching properties. TripBam grew to $8–10M in revenue, with 50 employees across the U.S. and Europe, and operated as a Rule-of-60 SaaS business. Then COVID hit, transactions dropped 95% in two weeks, and the company had to prove its resilience before ultimately selling in 2023 to Emburse. In this episode, Steve shares why pricing for 8x ROI made sales easy, how profitability and subscription revenue protected the business during crisis, what it's like selling into private equity, and why founders should think carefully before raising multiple VC rounds. Key Takeaways <ul> <li dir="ltr" role="presentation">Disrupt Carefully – TripBam aligned with corporate buyers while disrupting hotels and agencies.</li> <li dir="ltr" role="presentation">Price for Stickiness – Targeting ~8x ROI made approvals simple and customers loyal.</li> <li dir="ltr" role="presentation">Profit Is Protection – Strong margins helped survive a 95% revenue collapse during COVID.</li> <li dir="ltr" role="presentation">Avoid Over-Dilution – Limited funding preserved founder ownership at exit.</li> <li>Deep Expertise Wins – 30 years in travel tech created a defensible moat.</li> </ul> Quote from Steve Reynolds, CEO and Founder of TripBam "Fortunately for me, since I didn't take additional funding, I wasn't diluted multiple times. I've met so many founders and they go through rounds A, B, C, D, E, F, and next thing you know, they end up with 5%, 10 % of the company. And it just doesn't work. "You might actually get to a rare big exit, but it's really not going to be all that meaningful for the founders, at the end of the day. I've never kind of fallen into that trap of just getting out in front of your skis. I tend to follow the cashflow and look guys, you know, we got to make it happen on the revenue that we're generating. "We're not going to go out and bet the farm and borrow a bunch of money and create these crazy expectations, right? Once you start taking outside money, you get someone else starting to make those decisions for you, whether you like them or not." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/corptraveltech/" target="_blank" rel="noopener">Steve Raynolds on LinkedIn</a></li> <li dir="ltr"><a href="https://www.linkedin.com/company/emburse/" target="_blank" rel="noopener">TripBam (now Emburse) on LinkedIn</a></li> <li><a href= "https://www.emburse.com/products/tripbam-is-emburse?q=" target= "_blank" rel="noopener">TripBam (now Emburse) website</a> </li> </ul> <h2>Podcast Sponsor – Designli</h2> This podcast is sponsored by <a href= "https://designli.co/practical" target="_blank" rel= "noopener">Designli</a>, a digital product studio that helps entrepreneurs and startups turn their software ideas into reality. From strategy and design to full-scale development, Designli guides you through every step of building custom web and mobile apps. Learn more at <a href="https://designli.co/practical" target= "_blank" rel="noopener">designli.co/practical</a>. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

February 27, 2026•1:00:16

#184: Fixing The Software Development Mess For Non-Technical Founders - Keith Shields

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Keith Shields is co-founder and CEO of <a href= "https://designli.co/practical?utm_source=pfpodcast&utm_medium=webmention" target="_blank" rel="noopener">Designli</a>, a custom software development company that's helped non-technical founders build over 200 digital products in 13 years. After struggling to build apps through unreliable agencies in his own early startup, Keith focused on fixing the many painful experiences most founders have when hiring software development teams. Designli operates as a complete outsourced engineering department for practical software founders building SaaS and AI products, mobile apps, and web applications. Their SolutionLab program means founders invest $13,800 in a 2-week design sprint of prototyping and product planning before committing to full development, reducing the risk of expensive failures that plague most custom dev projects. The company focuses primarily on vertical SaaS founders who understand their industry problems intimately but lack technical expertise. Keith recommends velocity to first revenue over perfect features, outside audits for struggling teams, and getting gut checks on your development situation, which is far less risky than making huge changes blindly when you feel stuck. Key Takeaways <ul> <li>Black Box Risk: Most agencies operate in the dark, leaving founders guessing what's being built, why it's late, and whether progress matches expectations.</li> <li>Dedicated Teams Win: Full-time focused developers outperform fractional freelancers because context, ownership, and velocity compound over long projects.</li> <li dir="ltr" role="presentation">Get Clarity Fast: Structured upfront design sprints align founders and teams on scope, timelines, and priorities before heavy coding begins.</li> <li dir="ltr" role="presentation">Audit Early: A quick external code and process audit can reveal hidden problems before they turn into year-long setbacks.</li> <li>Trust Your Gut: If a development relationship feels wrong, get an outside perspective and fix it before making risky, large changes.</li> </ul> Quote from Keith Shields, CEO and Co-Founder of Designli "My advice for non-technical founders that already have a product is to trust your gut when you ask, Are we getting the value out of our development team in this situation? "If you already have a product and your dev team isn't working, get an outside perspective. It's not that hard to go and get what you're doing audited by people, sometimes for free, like us, or you pay for it. You send off a copy of your code in a zip file. It doesn't even have to be the living, breathing version and say, Can you audit this and give me a gut check? "Getting an outside review of your code doesn't happen that often, surprisingly. People feel stuck in their frustrating situation until they make a huge change, and then it's a risky, huge change. So get some outside perspective early and often." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/keithdshields/" target="_blank" rel="noopener">Keith Shields on LinkedIn</a></li> <li dir="ltr"><a href="https://www.linkedin.com/company/designli/" target="_blank" rel="noopener">Designli on LinkedIn</a></li> <li><a href="https://designli.co/" target="_blank" rel= "noopener">Designli website</a></li> </ul> <h2>Podcast Sponsor – Designli</h2> This podcast is sponsored by <a href= "https://designli.co/practical" target="_blank" rel= "noopener">Designli</a>, a digital product studio that helps entrepreneurs and startups turn their software ideas into reality. From strategy and design to full-scale development, Designli guides you through every step of building custom web and mobile apps. Learn more at <a href="https://designli.co/practical" target= "_blank" rel="noopener">designli.co/practical</a>. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

February 20, 2026•1:03:53

#183: Selling to the Gorilla: Snap's Strategic Exit to ICE Mortgage Tech - Will Caldwell

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Will Caldwell started <a href= "https://www.snapcorp.com/" target="_blank" rel="noopener">Snap</a> after his first real estate software startup fizzled, pivoting from agent tools to regulated compliance data. He discovered lenders were required to buy hazard and flood certifications, and realized this was a "painkiller" product. He built Snap as a data and analytics platform for real estate and mortgage underwriting. Snap grew from a single California compliance product into a national flood data business, reaching $5M in revenue and 30 employees. The company charged per-loan transaction fees and embedded via API into mortgage software systems. With double-digit market share, Snap focused on customer experience, automation, and expanding wallet share inside lenders' workflows. In October 2024, Snap sold 51% of the company to Intercontinental Exchange, parent of ICE Mortgage Technology, at a double-digit revenue multiple. Will stayed on to scale the platform inside a much larger ecosystem. His key lesson: dominate a narrow niche, build a required product, and let strategic buyers find you. Key Takeaways <ul> <li dir="ltr" role="presentation">Required Beats Optional – Legal compliance products create urgency and retention because customers must buy to complete revenue-generating transactions.</li> <li dir="ltr" role="presentation">Micro-Niche Entry – Starting in a narrow regulated segment let Snap win trust, then expand into much larger adjacent markets.</li> <li dir="ltr" role="presentation">API = Distribution – Embedding inside legacy systems turned Snap into a one-click button that scaled through partners' existing sales teams.</li> <li>Customer Experience Wins – In commodity data markets, faster, cheaper, simpler delivery became Snap's main competitive weapon.</li> </ul> Quote from Will Caldwell, CEO and Co-Founder of Snap "You don't need to build a huge business to get a huge, life-changing exit. Just stay laser-focused. Don't chase shiny objects. I see many founders trying to boil the ocean. It is about staying focused on a single niche. "I think vertical SaaS has many great niches, and horizontal software is challenging. You need a lot of money to go after horizontal solutions across industries. However, with vertical SaaS products and niches, there is a lot of overlooked opportunity; the real estate vertical is one prime example." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/caldwellw/" target="_blank" rel="noopener">Will Caldwell on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/snapcorp/about/" target="_blank" rel="noopener">Snap on LinkedIn</a></li> <li><a href="https://www.snapcorp.com/" target="_blank" rel= "noopener">Snap website</a></li> </ul> <h2>Podcast Sponsor – LaunchBay</h2> LaunchBay helps B2B software companies automate client onboarding and implementation so customers activate faster and everyone stays aligned. If your onboarding includes data collection, setup steps, approvals, training, or any level of customization, LaunchBay replaces the messy mix of emails, spreadsheets, and meetings with a clear, all-in-one onboarding system. Teams use LaunchBay to onboard clients faster, stay on top of follow-ups automatically, and deliver a smoother experience, without hiring more people or adding more tools. Visit <a href="https://start.launchbay.com/practical-founders/" target="_blank" rel="noopener">launchbay.com/practical</a> and get 25% off your first 3 months on any LaunchBay plan. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

February 13, 2026•52:22

#182: Why Focus Beats Funding in Crowded SaaS Markets - Luigi Mallardo

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Luigi Mallardo joined Woffu as an early angel investor and later became CRO, helping founder Miguel Fresneda shape a practical SaaS growth path. Based in Barcelona, Spain, Woffu has built a modern cloud-based time and attendance platform for SMEs and mid-market companies, replacing legacy tools and spreadsheets with a focused, mobile-first workforce solution. Starting from just €2K MRR, Luigi led growth first through inbound, then outbound, and partner channels, increasing average revenue per account five to seven times. By 2025, the company reached nearly €500K in monthly recurring revenue, or about €6M ARR, with more than 50 employees and profitable, efficient growth across Spain. Woffu sold to Visma in 2022 following a multi-year, proactive exit strategy, with a total reported value of €20–30M including the 3-year earnout. Luigi shares how early focus, diversified revenue, and optionality shaped every decision. His biggest lesson: clarity about your endgame determines your strategy early on, including your growth model and many other important decisions. Key Takeaways <ul> <li dir="ltr" role="presentation">Strategic Focus - Choosing one clear use case and market unlocked faster growth than chasing horizontal HR suite ambitions across Europe.</li> <li dir="ltr" role="presentation">Optionality First - Designing for multiple future paths gave founders leverage rather than forcing a sale based solely on valuation.</li> <li dir="ltr" role="presentation">Revenue - Layers Inbound, outbound, and partners created resilience while steadily raising average contract value and predictability.</li> <li dir="ltr" role="presentation">Exit Readiness - Warming buyers years early turned selling into a strategic process rather than a rushed financial event.</li> <li dir="ltr" role="presentation">Customer Success - Investing deeply in retention created low churn and made Woffu more attractive to long-term acquirers.</li> <li>Builder Mindset - Great CROs zoom in and out, connecting go-to-market execution with strategy, culture, and long-term outcomes.</li> </ul> Quote from Luigi Mallardo, Chief Revenue Officer at Woffu "We chose our focus of ICP and focus of use case, to reduce the space of market optionality to get more business optionality. You see what I mean? "The advice I give most often is to focus, which doesn't mean to close off the option of having more verticals forever, but you need 75% or 80 % of your pipeline on where you are already monetizing and building traction. And then you leave that 20 % of pipeline to do experimentations in a new vertical. "It's one of the historical challenges, especially with young founders: the feeling of losing opportunities if they decide and don't do everything. But you are losing opportunities if you go too wide and you don't focus. Just be patient, postpone, and focus on what works." Links <ul> <li dir="ltr"><a href= "https://www.linkedin.com/in/luigimallardo/?originalSubdomain=es" target="_blank" rel="noopener">Luigi Mallardo on LinkedIn</a></li> <li dir="ltr"><a href="https://www.linkedin.com/company/woffu/" target="_blank" rel="noopener">Woffu on LinkedIn</a></li> <li><a href="https://woffu.com/en/" target="_blank" rel= "noopener">Woffu website</a></li> </ul> <h2>Podcast Sponsor – Lighter Capital</h2> This podcast is sponsored by <a href= "http://lightercapital.com/" target="_blank" rel="noopener">Lighter Capital</a>. In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors. Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period. Go to <a href="http://lightercapital.com/" target="_blank" rel="noopener" data-link-card="true">LighterCapital.com</a> to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

February 6, 2026•1:02:54

#181: Why Systems (with AI) Scale Better Than People in SaaS - Jordon Comstock

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Jordon Comstock is founder and CEO of BoomCloud, a vertical SaaS company serving dental practices with patient membership software. He started the company scrappy and bootstrapped, with no outside funding, after years in the dental industry managing his family's dental lab business. BoomCloud now does about $3M in ARR with roughly 600 dental practices and an 11-person team. The company helps dentists replace insurance-driven revenue with subscription-based patient memberships, creating higher margins and more predictable cash flow. BoomCloud has been profitable since 2016 and continues to grow steadily. Jordon shares hard-earned lessons about hiring too fast, why systems scale better than people, and how he uses AI to increase output without adding headcount. He also shares how narrowing ICP transformed sales and marketing and why he's committed to building a durable, profitable business instead of chasing a fast exit. Key Takeaways <ul> <li dir="ltr" role="presentation">Bootstrap Talent Gap — VC-funded talent often struggles in capital-efficient environments that require ownership, speed, and scrappy execution.</li> <li dir="ltr" role="presentation">AI Is Leverage — AI tools helped BoomCloud increase marketing and product output without rebuilding a large team.</li> <li dir="ltr" role="presentation">Profit Creates Buffer — Staying profitable provided margin for mistakes and reduced stress during periods of experimentation.</li> <li dir="ltr" role="presentation">Slow Markets Matter — Vertical SaaS wins by matching the pace of conservative industries instead of forcing VC-style growth.</li> <li dir="ltr" role="presentation">Exit Isn't Required — Steady profits allow founders to "exit slowly" through distributions without selling the business.</li> </ul> Quote from Jordon Comstock, Founder and CEO of BoomCloud "We say systems scale, people don't. And we're learning that now. Let's implement the systems first. It doesn't mean people aren't important. People are important. But they have to have a system or a process first. "We've got to build it as a company and build that foundation first. When we hired a director of marketing and said, okay, you got to generate, you know, a thousand leads a month is what we were trying to do. And he couldn't do it because he didn't have systems. Fast forward a year, we implemented SEO systems to drive consistent traffic. And we convert that traffic into leads and now a thousand leads in a month is automatic. Because we have systems. We don't have a director of marketing anymore. I guess it's me, me with systems and AI. Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/jordoncomstock/" target="_blank" rel="noopener">Jordon Comstock on LinkedIn</a></li> <li dir="ltr"><a href="https://www.linkedin.com/company/boomcloud/" target="_blank" rel="noopener">Boomcloud on LinkedIn</a></li> <li><a href="https://boomcloudapps.com/" target="_blank" rel= "noopener">Boomcloud website</a> </li> </ul> <h2>Podcast Sponsor – Designli</h2> This podcast is sponsored by <a href= "https://designli.co/practical" target="_blank" rel= "noopener">Designli</a>, a digital product studio that helps entrepreneurs and startups turn their software ideas into reality. From strategy and design to full-scale development, Designli guides you through every step of building custom web and mobile apps. Learn more at <a href="https://designli.co/practical" target= "_blank" rel="noopener">designli.co/practical</a>. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

January 30, 2026•59:25

#180: AI Is Not Killing Vertical SaaS - It's Practical Leverage - Deepak Sindwani

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Deepak Sindwani is Managing Partner at <a href= "https://www.wavecrestgrowth.com/" target="_blank" rel= "noopener">Wavecrest Growth Partners</a>, an active growth equity firm backing bootstrapped and lightly funded SaaS founders. They work with practical founders who've built profitable businesses to $5–$20M ARR and want help growing without VC pressure or losing control. Wavecrest invests in vertical SaaS companies growing 30–60% annually, typically profitable or breakeven. They help founders scale sales, pricing, analytics, and leadership teams while staying capital efficient. Investments are usually $10–$30M total, with founders often taking some liquidity while continuing to lead. Even with the excitement around AI-first companies from VCs, Deepak sees efficient growth equity in practical vertical SaaS as a great investment and a big opportunity for founders. AI is helping serious practical founders, not making them irrelevant. Key Takeaways <ul> <li dir="ltr" role="presentation">Capital Efficiency Matters — Wavecrest only backs profitable or breakeven SaaS companies that already respect the business model fundamentals.</li> <li dir="ltr" role="presentation">Founder Liquidity Helps — Taking some money off the table reduces stress and helps founders make better long-term decisions.</li> <li dir="ltr" role="presentation">Vertical SaaS Wins — Deep industry knowledge and data create defensibility AI-first competitors struggle to replicate.</li> <li dir="ltr" role="presentation">AI Is Additive — Software plus AI and data creates more value than AI replacing SaaS systems of record.</li> <li>No One-Size Playbook — Growth equity works best when strategies are customized, not forced by rigid PE-style playbooks.</li> </ul> Quote from Deepak Sindwani, Managing Partner at Wavecrest Growth Partners "We don't think B2B SaaS is dead. It may create great headlines to say, AI eats software. We think software plus AI is the right approach. Software, AI plus data. So they're harvesting and creating that data moat that is going to help make them defensible. "Then, using the AI tools, why not use the AI tools to provide more automation for customers? That's what we really think AI does: increase the ability to automate the use of their product and to get value. "Every company that we're involved with has some AI initiative. How am I changing how I run my business? How am I changing marketing and sales and finance and customer success using AI? Every company is doing something in every function in terms of new tools and tests." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/dsindwani/" target="_blank" rel="noopener">Deepak Sindwani on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/wavecrest-growth-partners/" target="_blank" rel="noopener">Wavecrest Growth on LinkedIn</a></li> <li><a href="https://www.wavecrestgrowth.com/" target="_blank" rel= "noopener">Wavecrest Growth Partners website</a></li> </ul> <h2>Podcast Sponsor – Lighter Capital</h2> This podcast is sponsored by <a href= "http://lightercapital.com/" target="_blank" rel="noopener">Lighter Capital</a>. In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors. Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period. Go to <a href="http://lightercapital.com/" target="_blank" rel="noopener" data-link-card="true">LighterCapital.com</a> to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

January 23, 2026•49:23

#179: Don't Sell Your SaaS Yet: Hire a CEO and Get Your Life Back - Tighe Burke

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Tighe Burke is the founder of <a href= "https://www.srchpartners.com/" target="_blank" rel="noopener">SRCH Partners</a>, a boutique executive search firm that helps SaaS founders replace themselves as CEO without selling their companies. After years in large executive recruiting firms, Tighe built a practice focused on founders who want their business to keep growing while they step back from day-to-day leadership. Tighe works with profitable software companies typically in the $5M–$50M revenue range, helping founders hire experienced and scrappy operators who have already scaled businesses through the next phase. His team has completed more than 75 executive searches, often placing CEOs who take full P&L ownership while founders move into chairman, product, or portfolio roles. In this episode, we dig into when hiring a CEO makes sense, how compensation and incentives really work, and what founders must let go of for this transition to succeed. Tighe shares practical warning signs, real compensation structures, and why this "third door" can create more value and freedom than selling too early. Key Takeaways <ul> <li dir="ltr" role="presentation">Founder Readiness Matters — This only works when founders clearly know what they want their life and role to become next.</li> <li dir="ltr" role="presentation">$5M+ Reality Check — Most companies need real profitability to afford a strong CEO with authority and incentives.</li> <li dir="ltr" role="presentation">Operators Are Different — The best CEOs have already scaled similar businesses and don't need to learn on your dime.</li> <li dir="ltr" role="presentation">Let Go Or Don't Hire — Founders who keep control undermine the hire and drive away the right operators.</li> <li dir="ltr" role="presentation">Comp Isn't Just Equity — Profit sharing, bonuses, and transaction payouts often work better than stock alone.</li> <li dir="ltr" role="presentation">Shadow Period Is Normal — The first few months require intentional transition, not instant disappearance by founders.</li> <li>Value Can Multiply — Hiring the right CEO can grow valuation faster than selling too early ever would.</li> </ul> Quote from Tighe Burke, Founder of SRCH Partners "There are three doors as a founder entrepreneur. Door #1is keep running your business. Maybe you love your business. Door #2 is to exit the business and sell your company whenever you either get a good multiple, or the time is right, or a good buyer. " "Door #3 is where we come in. Hopefully, your business cash generating asset for you. There are a lot of founders who think of their business that way. Some particularly people who like start their own company, it's their baby, it defines who they are. That's great. But if for any reason you're feeling angst or like you think someone can get past 10 million when you've really struggled there, that's probably true. "Let's bring in somebody else, an operator, a big O operator to run the business, to own the P &L, to make strategic decisions, to hire, to fire, to do all the things that you probably don't really like anymore. "You don't have to sell the business. You can actually get a bigger multiple later on by having a strong management team in place if that is something you choose. And you get your life back. can be with your family. You can start another business. You can advise, invest, kind of do whatever you want." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/tighe-burke/" target="_blank" rel="noopener">Tighe Burke on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/srch-partners/" target="_blank" rel="noopener">SRCH on LinkedIn</a></li> <li dir="ltr"><a href="https://www.srchpartners.com/" target= "_blank" rel="noopener">SRCH website</a></li> </ul> <h2>Podcast Sponsor – Designli</h2> This podcast is sponsored by <a href= "https://designli.co/practical" target="_blank" rel= "noopener">Designli</a>, a digital product studio that helps entrepreneurs and startups turn their software ideas into reality. From strategy and design to full-scale development, Designli guides you through every step of building custom web and mobile apps. Learn more at <a href="https://designli.co/practical" target= "_blank" rel="noopener">designli.co/practical</a>. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

January 16, 2026•1:00:27

#173: From COVID Boom to Bootstrap Mode: Hubilo's Refounder Story - Shailesh Hegde

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Shailesh Hegde is the CEO of <a href= "https://www.hubilo.com/" target="_blank" rel= "noopener">Hubilo</a>, a Bangalore-based webinar software company that initially started during COVID as virtual events tech and raised $150M in VC funding before the market shifted. Originally joining as head of product, he stepped into the CEO role during a chaotic downturn and led the company through a full strategic reset after returning all the remaining capital to investors. When the virtual events boom collapsed, Shailesh and the team rebuilt Hubilo into a mid-market webinar platform serving B2B marketing teams. They shifted from large in-person event organizers to marketers running frequent webinars, emphasizing differentiated AI-driven content repurposing. Hubilo stabilized revenue, rebuilt its GTM motion, and reached a 50/50 split between new webinar revenue and legacy customers. Earlier this year, Hubilo was acquired by BrandLive, a U.S. enterprise video platform seeking a complementary webinar product. About 80% of Hubilo's team moved over, and Shailesh now leads product integration and customer continuity during the transition. He shares hard lessons on pivots, returning capital, leading through uncertainty, and executing a practical exit when the original VC-scale vision is no longer realistic. Key Takeaways <ul> <li dir="ltr" role="presentation">Refounder Mindset – Shailesh stepped into the CEO role and reframed the mission from hypergrowth to survival, focus, and a practical exit.</li> <li dir="ltr" role="presentation">New ICP Reality – Moving from event organizers to B2B marketers required a complete repositioning and GTM rebuild that took longer than expected.</li> <li dir="ltr" role="presentation">AI as Differentiator – Hubilo used AI-generated content and repurposing tools to stand out in a crowded webinar category with entrenched incumbents.</li> <li dir="ltr" role="presentation">Practical GTM – LinkedIn thought leadership, SEO content, and product-led demos outperformed outbound or expensive Google ads in this competitive space.</li> <li>Strategic Fit Wins – BrandLive acquired Hubilo for complementary capabilities, product acceleration, and access to a strong India-based engineering team.</li> </ul> Quote from Shailesh Hegde, CEO of Hubilo "Now that I just sold our company, I'm thinking about what's next for me. It comes down to, Will I be able to find a viable problem that people are willing to pay for and will I be able to use sort of all of this experience that I have in order to solve it really well and kick off a company off the ground? "Now is probably the best time to start a company where there's so much action, there's so much happening in AI, and it's super exciting to be in this space. It's also a great time to not have like revenue pressure on your shoulders and just think out loud, have open conversations and just be free, before you really dive in and choose a focus. "The same types of business pressures will come back as you start a company. But now is a great time to just help with transition, make sure the team is good, but at the same time, start thinking about the types of problems I want to solve in the future with a new startup." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/shaileshhegde/" target="_blank" rel="noopener">Shailesh Hegde on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/hubilo/?originalSubdomain=in" target="_blank" rel="noopener">Hubilo on LinkedIn</a></li> <li dir="ltr"><a href="https://www.hubilo.com/" target="_blank" rel="noopener">Hubilo website</a></li> <li><a href="https://www.brandlive.com/" target="_blank" rel= "noopener">Brandlive website</a></li> </ul> <h2>Podcast Sponsor – Fraction</h2> This podcast is sponsored by <a href= "https://www.hirefraction.com/?utm_source=practicalfounders" target="_blank" rel="noopener">Fraction</a>. Fraction gives you access to senior US-based engineers and CTOs — without full-time costs or hiring risks. Get 10 to 30 hours per week from vetted and experienced US-based talent. Find your next fractional senior engineer or CTO at <a href= "https://www.hirefraction.com/?utm_source=practicalfounders" target="_blank" rel="noopener">fraction.work.</a> You can start with a one-week, risk-free trial to test it out. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

December 5, 2025•1:08:37•S1 E173

#170: Why Most SaaS Acquirers Still Want Profitable Growth in 2025 - Gaurav Bhasin

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Gaurav Bhasin is the founder and managing director of <a href="https://www.alliedadvisers.com/" target="_blank" rel= "noopener">Allied Advisers</a>, an M&A advisory firm whose principals have completed over 100 sell-side transactions for software and tech founders. After two decades in investment banking and tech M&A, Gaurav is a sell-side advisor to B2B software founders who have built successful businesses and want to explore selling their companies. Allied Advisers typically works with founders selling their businesses for $20M–$200M, helping them prepare materials, run a competitive process, and negotiate terms. We discuss how today's M&A market looks very different from the 2021 bubble. Valuations have normalized, deal timelines have increased, and buyers are more disciplined. But the demand for profitable, steadily growing SaaS companies is stronger than ever. Gaurav breaks down strategic and private equity buyers, what metrics matter most, how AI influences valuations, and why most founders underestimate the emotional and operational effort required to sell. For practical founders thinking about an exit in the next few years, this episode provides clear expectations and tactical guidance. Key Takeaways <ul> <li dir="ltr">Profitable Growth Wins — Buyers prefer SaaS companies growing 20–50% with real profits over faster revenue growth fueled by burn.</li> <li dir="ltr">Metrics Drive Valuation — Net retention above 110%, gross retention above 90%, and >75% gross margins increase valuation and buyer interest.</li> <li dir="ltr">Run a Real Process — A single buyer gives you no leverage. Multiple qualified buyers improve pricing, terms, and closing certainty.</li> <li>AI Is Lipstick — But Real — You don't need to be AI-native. Practical AI that improves product, margin, or GTM still increases buyer interest.</li> </ul> <ul> <li data-start="1453" data-end="1525"> </li> </ul> Quote from Gaurav Bhasin, founder and managing director of Allied Advisers "The good news for SaaS founders is that the private equity community has raised about $1.5 trillion of capital, and more is being raised. And they also have access to debt. So there's $7 trillion of dry powder to do deals. Private equity is not paid to sit on the cash. And they love recurring revenue software. "Private equity investors will typically move much faster than strategic buyers. Strategics will take a while. You need a business unit sponsor to buy into the vision, and then they will push the corporate to do the deal. But with the private equity, they will look at your financial metrics and if you fit in, they can move pretty fast. "The one caveat with private equity compared to strategic is they generally pay a little bit less than the strategics because strategics have established distribution and GTM for higher growth, so private equity will index more on the financials." Links <ul> <li dir="ltr"><a href= "https://www.linkedin.com/in/gaurav-bhasin-ba75601/" target= "_blank" rel="noopener">Gaurav Bhasin on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/allied-advisers/" target="_blank" rel="noopener">Allied Advisers on LinkedIn</a></li> <li dir="ltr"><a href="https://www.alliedadvisers.com/" target= "_blank" rel="noopener">Allied Advisers website</a></li> <li><a href= "https://bb16eba0-3d94-42d1-abcb-976c9f7f05be.usrfiles.com/ugd/bb16eb_ced30256e0534565a67acdb8aef4747e.pdf" target="_blank" rel="noopener">2025 Vertical SaaS Report - Allied Advisers</a></li> </ul> <h2>Podcast Sponsor – Fraction</h2> This podcast is sponsored by <a href= "https://www.hirefraction.com/?utm_source=practicalfounders" target="_blank" rel="noopener">Fraction</a>. Fraction gives you access to senior US-based engineers and CTOs — without full-time costs or hiring risks. Get 10 to 30 hours per week from vetted and experienced US-based talent. Find your next fractional senior engineer or CTO at <a href= "https://www.hirefraction.com/?utm_source=practicalfounders" target="_blank" rel="noopener">fraction.work.</a> You can start with a one-week, risk-free trial to test it out. The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

November 14, 2025•1:05:00•S1 E170

#169: Practical Pivot and Relaunch Created Profitable 200% Growth - Natalie Barbu

FULL

Natalie Barbu is the founder and CEO of <a href= "https://getrella.com/" target="_blank" rel="noopener">Rella</a>, a SaaS platform built to streamline collaboration and workflows for social media teams and agencies. She began as a YouTube creator, grew a following of over 300,000, and then identified the fragmentation of the creator tools market — which led her to build Rella 1.0. With some small seed funding, the first Rella version focused on content creators and made no revenue with a freemium model. With $25K in the bank and no revenue, the four cofounders thought they would shut it down. But a viral video focused on social media teams immediately created paid users and revenue for a new Rella product. "Rella 2.0" now offers all-in-one content planning, scheduling, collaboration boards, billing & analytics, an AI content strategist, and all in one workspace — for social media teams. In just 12 months, they went from having no revenue, no funding, and a hard pivot relaunch to almost $3M in ARR run-rate revenue — with only four co-founder employees. Key Takeaways <ul> <li dir="ltr" role="presentation">Charge Early: They learned the hard way that free users don't convert — monetization early was non-negotiable.</li> <li dir="ltr" role="presentation">Lean Teams Win: A small, focused team aligned tightly with a mission beats trying to scale prematurely.</li> <li dir="ltr" role="presentation">Community Is Fuel: Natalie shared behind-the-scenes of the product with early users — built trust + word-of-mouth.</li> <li>Pivot Smart: They transitioned from creator workflow tools to a full SaaS platform after validating demand. </li> </ul> This Interview Is Perfect For <ul> <li>SaaS founders pivoting after a stalled product</li> <li>Founders learning how to find product-market fit </li> <li>Teams deciding when to hire or stay lean </li> <li>Builders designing tools for marketing and content teams</li> </ul> Quote from Natalie Barbu, founder and CEO of Rella "It was about two years before we decided to pay ourselves. I was still making money from my social media. So that's how I supported myself. And then my co-founders had to find side things, which I know a lot of people say, you have to be a hundred percent all in and invested in it. "But when you're not making money, you need to find a way to support yourself. So yeah, they had some side gigs that they were working on while still working full-time on Rella. "Once we started making more money with Rella 2.0, we all bumped ourselves up and got some raises since we could afford it, which has been such an accomplishment. It's money that we're actually making from our customers and our users and the income that we're generating." Links <ul> <li dir="ltr"><a href="https://www.linkedin.com/in/nataliebarbu/" target="_blank" rel="noopener">Natalie Barbu on LinkedIn</a></li> <li dir="ltr"><a href= "https://www.linkedin.com/company/rellasocial/" target="_blank" rel="noopener">Rella on LinkedIn</a></li> <li dir="ltr"><a href="https://getrella.com/" target="_blank" rel= "noopener">Rella website -</a> Use this 10% Discount Code for Rella - practical</li> </ul> <h2>Podcast Sponsor – Cypress Growth Capital</h2> This podcast is sponsored by <a href= "https://www.cypressgrowthcapital.com/" target="_blank" rel= "noopener">Cypress Growth Capital</a>, an alternative to equity, royalty-based growth capital provides funding in exchange for a fixed percentage of your company's future monthly revenues. Learn more at <a href="https://www.cypressgrowthcapital.com/" target= "_blank" rel= "noopener">https://www.cypressgrowthcapital.com/</a> The Practical Founders Podcast Tune into the <a href= "https://practicalfounders.com/podcast">Practical Founders Podcast</a> for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our <a href= "https://www.youtube.com/@PracticalFounders">YouTube channel</a>. Get the weekly Practical Founders newsletter and podcast updates at <a href= "https://practicalfounders.com/newsletter">practicalfounders.com.</a> Practical Founders CEO Peer Groups Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A <a href= "https://practicalfounders.com/peer-groups/">Practical Founders Peer Group</a> is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by <a href="https://practicalfounders.com/greg-head/">Greg Head</a>.

November 7, 2025•1:04:42•S1 E169