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Software multiples run anywhere from 1x to 30x revenue, and no model answers the valuation question perfectly. Your numbers decide which buyers can compete, and the list decides your price.
The aphorism flatters every founder: build something exceptional and the right buyer arrives at the right price. An inbound offer is one buyer’s view, at one moment, expressed as one number.
Every buyer band assumes the numbers survive diligence. When the data won’t come on demand, buyers assume risks they can’t yet see, and the multiple contracts.
Most founders treat the LOI as the finish line. For the buyer, it’s the starting line. Once exclusivity begins, the market goes quiet, and the leverage shifts.
The balance-sheet math redistributes fifteen to twenty-five percent of enterprise value, quietly, in a schedule the founder rarely reads. The peg is where it happens.
Most sellers run their exit out of the inbox. The asking price drifts down month by month until it meets a bid set the day the founder picked up the call.
A mid-market sponsor has 4,500 conversations a year to close three deals. The call is not about your business. It is about their fund.
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