Every SaaS founder dreams of predictable, compounding revenue.

But what happens when your entire business depends on a platform you don’t control?

In this episode of Indie Board Session, Pascal sits down with Jon Hainstock, M&A broker at Quiet Light and former bootstrap SaaS founder, to unpack how buyers actually think about risk when acquiring micro-SaaS businesses.

Jon shares real examples of profitable SaaS products going from $20–30k MRR to zero almost overnight, not because the product failed—but because the platform changed the rules.

In this episode, we cover:

✅ Why retention matters more than growth when it comes to valuation
✅ How platform risk quietly destroys otherwise sellable businesses
✅ The buyer red flags that can turn a 5x deal into a 2x—or kill it entirely
✅ When founders should sell, pause, or restructure before going to market

From platform dependency to buyer discipline, this conversation is a reality check for founders who want to build a SaaS that’s not just profitable—but actually exit-ready.

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