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founderpath.com · newsletter
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Hey,
Founders are cashing out in unique ways.
I don't want you to miss the party:
>> 9 Ways Founders are Cashing Out and Still Building
Investors and buyers are writing checks at a pace we have not seen in five years. $89 billion in private SaaS M&A in 2025. Surged 100% year over year. Still accelerating into 2026.
But most software founders are sitting on the sidelines. They do not know how to get liquidity without losing control.
There is a very clear playbook you should copy.
That is why I am hosting this webinar.
Nine founders. Three playbooks. How to get the cash you want without losing control.
>> Click here to grab a free seat
(if link doesn't work, it means we filled up)
Most software founders are sitting on $5 million to $30 million in revenue with zero personal liquidity. They own a company worth millions and cannot buy a house without selling shares at a discount.
Here's a sneak peek of three founders who solved that problem three different ways:
$10M Secondary Inside a Series A
…by negotiating founder liquidity and growth capital in the same transaction.
Screenshot 2026-05-10 at 7.31.35 PM
$10M Secondary Inside a $27M Raise: Joey Gilkey structured the round so founder secondary was part of the deal, not a separate transaction. One negotiation. One close.
$200K to $100M Valuation in 21 Months: TitanX bought the underlying IP for $200K cash plus an $800K seller note in August 2023. By early 2026 the company was at $9.7M in revenue and a $100M valuation.
Bought a Competitor With Primary Capital: $7M of the $27M raise went to acquire Front Spin, a dialer business doing $2.1M in revenue. The acquisition added revenue and closed the loop on TitanX's product.
>> Learn how Joey turned a $200K IP buy into $10M of personal liquidity
Now, let's talk about doing this without raising any equity at all.
$37M Off the Table, Then Bought the Investors Back
…by selling 20% of the company in 2016, then using cash flow to buy every share back.
Screenshot 2026-05-10 at 7.33.04 PM
$37M Secondary at $13.3M Revenue: Ross Paquette sold $37M USD ($50M CAD) of secondary at a $163M valuation in 2016, when Maropost was doing $13.3M in revenue. The buyer took roughly 20% of the company. Ross and early employees both took chips off the table.
Bought the Partner Back: Ross decided he liked the bootstrap life better. He bought the investor out. Today Ross and his employees own 100% of the business.
$1.7B Re-Secondary at $60M Revenue: Maropost is now at $60M in revenue, 52% profit margin, 5,000+ customers, and 150% net revenue retention. The company's most recent valuation is $1.7B. About 28x revenue.
>> Learn how Ross took $37M off the table and ended up owning more of the company
Now, let's talk about exiting.
19 Draws, Rule of 40, 9 IOIs
…by stacking small non-dilutive draws over 5 years, staying profitable, and running a competitive process.
Screenshot 2026-05-10 at 7.34.44 PM
First Draw of $15,470 at ~$1M Revenue: Joel Ohman's first Founderpath draw landed September 25, 2020. $50K to $60K in monthly revenue at the time. He scaled the capital with the business, never ahead of it.
19 Total Draws, $3.5M Total: Joel took a mix of term loans and revenue-based financing across 19 separate draws. Each one funded a specific lever. He stayed Rule of 40 positive almost every year.
9 IOIs, 3 LOIs, PE-Backed Strategic Exit: Joel ran a full competitive process. 9 indications of interest, 3 letters of intent, ended with a PE-backed strategic. He says the personal liquidity from this deal was 10x what he would have hit otherwise. It was his 5th exit.
>> Learn how Joel turned $3.5M in debt into the biggest exit of his career
The exit window is open right now.
$89 billion in M&A last year. Record PE dry powder. Interest rates declining. But windows close. The founders who act in the next 12 months will get dramatically different outcomes than the ones who wait.
>> Request an invite here
Be sure to RSVP if you want the slide deck and replay.
Nathan Latka
CEO, Founderpath
PS: Register before 1pm EST today and I'll send you a preview of the slide deck (Google Slides Link).
>> Request an invite here
We're almost full (Zoom limits us to 250) so make sure you RSVP and get there early.
PPS: Last webinar, we had 1,157 founders registered. Save your seat to not miss the party.
nathan
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Founderpath, 815A Brazos Street, , Austin,TX,78701,USA,(210) 718-8920
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