Grow Your B2B SaaS · 2025-12-04 · 19 min
Key moments - from our scoring
Substance score
53 / 100
Five dimensions, 20 points each
Recorded live at SaaS Summit Benelux, this episode features exit strategy expert René de Jong breaking down what separates high-performing SaaS companies from those that struggle. The core message centers on the rule of 40 - combining growth rate and profitability to hit 40 or higher - and how buyers evaluate companies through metrics like net revenue retention (NRR), revenue per employee, and AI-driven scalability. De Jong emphasizes that most founders misunderstand exit valuations: while ARR multiples might appear as 10x in headlines, the actual cash at closing typically lands around 3-3.5x ARR, with the remainder paid through earnouts and reinvestment commitments. He distinguishes between AI-native venture-backed companies (where valuations are highly speculative) and established SaaS businesses seeking strategic buyers, who pay premium multiples when they see 1:1=3 synergies. For founders scaling 0-10K MRR, De Jong recommends building advisory networks and seeking smart capital beyond just funding; for those targeting 10M ARR, he advocates walking your own path, considering buy-and-build strategies over pure autonomous growth, and always thinking long-term about who your potential acquirers might be.
Established SaaS companies typically receive 3-3.5x ARR in cash at closing, with additional value (another 3x or more) paid through earnouts and reinvestment commitments over time; strategic buyers pay higher multiples than financial buyers.
The rule of 40 means your growth rate plus profitability should equal at least 40; hitting this benchmark significantly improves your company's valuation and makes selling much easier, as it demonstrates balanced, sustainable scaling.
While above 100% is ideal, there's no single target - it depends on your customer base, churn rate, dependency on top clients, and market benchmarks; the key is understanding your position relative to peers in your specific SaaS category.
AI-native companies are venture-capital driven with speculative valuations, while established SaaS companies benefit from integrating AI for scalability and revenue-per-employee growth; buyers increasingly ask about AI capabilities as a requirement for premium valuations.
At 0-10K MRR, build a community of mentors and secure smart capital with experienced advisors; at 10K-10M ARR, define your strategic path (autonomous growth vs. buy-and-build), identify potential acquirers, and think long-term rather than chasing near-term metrics.
Our reviewer’s read on each dimension, with quotes from the episode.
The episode covers several established SaaS frameworks (Rule of 40, NRR, ARR multiples) and provides some useful structure around exit preparation, but relies heavily on conventional wisdom without densely packed novel insights. The advice on earnouts vs. cash, strategic buyers, and AI scalability is practical but largely reiterates industry standards. Filler includes extended throat-clearing, soft transitions, and general encouragement that doesn't advance understanding.
Well, if we look at it from a buyer's perspective, it's really important to show growth. And um, if you can show, uh, that your company is growing in a steady pace. And when SaaS companies sell the company, we always talk about the rule of 40
So I think if you're capable to automate the land part with getting those new clients on board and the expand part where you uh, you're able to, yeah. Through also product led growth, have your clients use more of your software
The episode recycles well-known SaaS concepts (Rule of 40, NRR benchmarks, earnout structures, land-and-expand) without substantial reframing or counterintuitive perspective. The AI-scalability angle is topical but lacks original thinking - treating it as a generic 'working smarter not harder' principle rather than challenging underlying assumptions. The buy-and-build mention is somewhat fresh but underdeveloped.
Well, the go to market strategy is of course really important. If I look at the companies that really create growth fast, then they have their whole marketing and sales
embedding AI within the land and expand funnel as I just mentioned, is going to be really important. Uh, what buyers are looking for is scalability
René de Jong is an M&A/exit specialist with demonstrated experience (he references selling multiple companies and working with founders), positioning him as a relevant practitioner. However, he is not a founder/operator who has scaled to 10M+ ARR himself, and the transcript doesn't establish deep operating credibility. He functions as an exit advisor rather than someone who has built and grown SaaS at scale, limiting the caliber for broader founder relevance.
My, uh, name is Rene De Jong. I help entrepreneurs and specific, specifically SaaS entrepreneurs with the sale of their company.
But what happened there is part of it was uh, being paid in an earn out, part of it was being done via a reinvest and part was being done through cash at closing.
The episode provides some concrete numbers (3-3.5x ARR at cash close, Rule of 40, mentions of double-digit multiples) but lacks deep specificity on real examples, customer segments, churn benchmarks by vertical, or actual case studies. Most claims remain abstract: NRR "varies by customer base," AI scalability is vague, and strategic buyer examples are not named or detailed. The mention of 'two companies sold with double digit multiples' lacks crucial context.
Well if I talk about the second group, so that's the group of uh, companies that are here already for a couple of years, five years or longer, then we talk about let's say three and a half times uh, ARR, which is the average that we see.
But we recently sold two companies with a double digit ARR multiple. But what happened there is part of it was uh, being paid in an earn out, part of it was being done via a reinvest
The host asks straightforward, structured questions (e.g., 'what separates winners from losers,' 'what multiples should founders expect') but rarely probes deeper or challenges claims. Follow-ups are largely confirmatory rather than exploratory - when René makes broad assertions (e.g., 'AI agents are not being used widely yet'), the host doesn't press for evidence or examples. The conversation remains surface-level and avoids productive tension or disagreement.
Yeah. And what do you see that, uh, the companies who are growing, doing well versus the ones which aren't hitting the uh, 40 mark.
So treating it like a bonus?
Computed from the transcript - who did the talking, and the words that came up most.
How can you effectively prepare your SaaS for an exit? And what should you know about the valuation drivers, buyer types, and metrics that matter most? In a live episode of the Grow Your B2B SaaS podcast recorded at SaaS Summit Benelux, host Joran sat down with René de Jong to unpack what it takes for SaaS companies to scale and prepare for a successful exit in 2026. René helps entrepreneurs - specifically SaaS founders - design effective exit strategies and navigate the full process of selling their businesses to third parties. Across the conversation, he offered clear and pragmatic insights on what separates the SaaS businesses that grow and sell well from those that struggle, how buyers evaluate companies in the current market, and why topics like the rule of 40, net revenue retention, AI-driven scalability , and deal structure matter now more than ever. From early-stage focus at 0 to 10K MRR to strategies for moving toward 10 million ARR, René shared guidance grounded in what he sees every day in the market. This episode turns the full discussion into a clear, actionable narrative that stays true to the original conversation and is easier to follow and revisit.
Transcribed and scored by The B2B Podcast Index.
Speaker A: Welcome back to the Grow youw B2B SaaS podcast. In this live episode from SaaS Summit, Benedux, Rene De Jong and I break down how SaaS companies can scale and prepare an exit for 2026. We discuss what separates the SaaS businesses that hit the rule of 40 from those that don't, how buyers evaluate companies in the current market, and why net revenue retention, efficient growth and AI driven scalability matter more than ever. Rene also shares practical insights into ARR multiples, earnouts, strategic buyers and what founders should focus on, both in the early stages from 0 to 10K. Mr. Um, all the way towards 10 million AR. So if you're planning your go to market for 2026 or planning an exit, this episode will give you clear, no nonsense guidance from Rene. So let's just dive right in.
Speaker B: Welcome to the Grow youw B2B SaaS podcast. Could you quickly introduce yourself? Who are you? What do you do?
Speaker C: My, uh, name is Rene De Jong. I help entrepreneurs and specific, specifically SaaS entrepreneurs with the sale of their company. So in the end, uh, SaaS entrepreneurs want, uh, an exit strategy. I help them to think about their exit strategy and then I also help them with the whole process of selling the company to, uh, a third party.
Speaker B: Nice. Well, before you can sell, you need to scale. So we're going to talk about scaling your, your SaaS in 2026.
Speaker C: Correct.
Speaker B: What do you think will separate the SaaS companies which are scaling in 2026 and um, the ones that don't?
Speaker C: Well, if we look at it from a buyer's perspective, it's really important to show growth. And um, if you can show, uh, that your company is growing in a steady pace. And when SaaS companies sell the company, we always talk about the rule of 40, which means that you need to grow at least with 40% each year. If you hit those marks, then selling your company will be a lot easier. If you uh, are not able to hit those marks and you, you're not able to hit the rule of 40, so to say, uh, then you'll experience that, uh, in terms of valuation, uh, things will turn out differently for you. Because if I look at valuation and then specifically with the ARR multiples, then you really need to show growth, uh, as part of your whole strategy.
Speaker B: Yeah. And what do you see that, uh, the companies who are growing, doing well versus the ones which aren't hitting the uh, 40 mark.
Speaker C: Well, the go to market strategy is of course really important. If I look at the companies that really create growth fast, then they have their whole marketing and sales, um, and I typically like to call that new business team up and running. But what they're also really capable of is growing their existing client base. So I always talk about landing new clients, which is really important of course, and show growth there in that area, but also being able to grow within your customer base and show. It's a metric that I'm always talking about the net revenue retention, which is really important if we talk about the expense side of your business. So I think uh, if you want to do things properly, you want to check both the go to market and the uh, expense side of your business.
Speaker B: Yeah. And when we talk about uh, nrr, what should be the number a company should aim for?
Speaker C: Honestly, of course you prefer to go above 100, but you, if it varies specifically based on your um, customer base, for instance, there are companies who have a lot more churn, which of course also has impact on your valuation. Yeah, it's a combination. So there's not one typical number to tell you, but it's more about a combination of things like, uh, how dependent are you of 10% of your clients, a top 10 clients, uh, what's your churn? Uh, how are you able to grow within your uh, existing, uh, customer field? So it's more a combination. And what I prefer to do is if I talk to SaaS entrepreneurs, look at their situation and see, okay, what do we see in your market? And are you hitting standards that are specific for your market? Because one SaaS company is not the same as the other SaaS.
Speaker B: A lot of founders now, uh, are looking at, I guess, efficient growth. So looking at efficiency. And then of course they want to still keep on growing. So you still need to spend. Like how do you see that balance changing in 2026?
Speaker C: Well, of course, uh, AI is a, uh, buzzword right now. I hear it all the time. And then it's also something that potential buyers always ask to, uh, potential uh, entrepreneurs that they want to join the family. So to say they always ask, what's your goal with AI? How can we scale? Because you asked Rene, what is it in terms of scale that's important for buyers? It's more and more important that you're capable of scaling also through the use of AI or other smart, um, solutions. So I see that it's getting more and more important for SaaS entrepreneurs to look at their business and think about scalability, um, and also increasing the revenue per employee because that's another metric that's getting more and more important to, to look at especially with uh, everything that's going on with AI.
Speaker B: Yeah, yeah. Because in the end you can enable people to do more, uh, more efficiently their work. But when we even look at uh, nowadays you have a lot of AI native companies, right. And by default they often have higher cost because of the AI. Uh, to, to run. Like how do you see, I guess that impacting the valuation or even selling of an AI native company?
Speaker C: Um, there are two phases um, that are really important to look at. The first phase, uh, is when you're looking for capital or investors. We talk about venture capital and typically the AI agents, uh, sorry, AI companies that you're talking about, those are typically venture capital driven right now because they're still really early stage. Um, I talk to a lot of great uh, SaaS entrepreneurs who have the next big thing and then valuations are totally different than when you look at uh, uh, uh, I say um, maybe old school SaaS company which is already there for 5 or 10 years. So valuation wise there's a big difference within venture Capital and the SaaS companies that are now upcoming and the native SaaS companies and the companies that are now, they already have a customer base, they already have ARR, they already have EBITDA profit, so to say. And uh, for them, the last group, it's really important to innovating to check how can I use AI, um, and that will help their valuation. But yeah, those are two different worlds so to say.
Speaker B: Yeah, yeah. Because is it then that AI native companies need to be VC back to be able to cover the cost, I guess to grow fast? Like.
Speaker C: Yeah, in many cases it is, yeah.
Speaker B: How do you see the freemium model taking place in 2026? Will that still exist with AI native companies?
Speaker C: Hard to say. Uh, again there are so many different SaaS companies and so many different SaaS solutions. The only thing that I see is if I look back like five years ago, the market really changed in terms of valuation. We were all talking about the uh, ARR multiples, we were all talking about double digit ARR multiples that were being paid. But what you saw five years ago when the financial markets uh, they were under pressure, you saw that the valuations for the ARR multiples were decreasing because of the fact that investors also wanted to have profitability, they also wanted to have ebitda. And so now we're again in a situation where everybody is valuating those AI native companies really high. But the question is, uh, how will it be in 5 years when also AI is getting more custom and um, and that you see more companies using AI. So right now those founders, they, they need to be on that hype and they need to go for those high valuations. But once you get in the scale phase, scaling up phase, phase, then uh, the multiples will change eventually.
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Speaker B: Check out getreadytiz.com you talk about multiples, right? Like what is, is there a benchmark? If people are listening right now and they think like, well for how much can I sell my company, what should they be taking into a range?
Speaker C: Well if I talk about the second group, so that's the group of uh, companies that are here already for a couple of years, five years or longer, then we talk about let's say three and a half times uh, ARR, which is the average that we see. But honestly um, that's in my opinion the path that should be cash at closing. And then we recently sold two companies with a double digit ARR multiple. But what happened there is part of it was uh, being paid in an earn out, part of it was being done via a reinvest and part was being done through cash at closing. And I think um, it's really important for SaaS entrepreneurs to keep that in mind because people always think okay, I get a 10 times arrow. But in the end it almost never is being paid at full uh, at the start. So what you get is for instance what I just said, around three, three and a half times ARR, uh, in cash, then another three in earnout and then maybe another three in you reinvesting in the larger uh, platform that you're going to be part of. So um, yeah, I think that's giving you hopefully the insights. If we talk about the startups, the newly AI driven companies, then sky is the limit as you can also see in um, foreign uh, countries. But that has all to do with venture capital versus private equity.
Speaker B: Yeah. So in that sense it's almost a Dutch saying, it's what the crazy person Gets for it.
Speaker C: Yeah, absolutely. But that's always the case in my opinion. Also, if it's not AI driven. For instance, um, I always say if you want to sell your company, your SaaS company, look at the 1/1s3 situation. So strategic buyers pay more for your company when they see a one on one, uh, equals three, uh, situation. So as part of your exit strategy, it's always smart to think ahead and see, okay, where in what kind of buyers can I be present so that in the end they're gonna pay more for me than just a financial buyer? Who's. Who's gonna pay a lower multiple.
Speaker B: Yeah, yeah. So that's, I guess, like one thing people can already, or founders can already prepare themselves. Like figure out who could be your strategic buyers.
Speaker C: Yeah. Really important. Also with your scaling up strategy, think about, okay, who could be the next person to buy my company? Yeah.
Speaker B: And then, uh, the second thing I got out of it is that don't look too much at the LinkedIn headlines, like, hey, we sold our company for 20 million or 10 million. Because in the end there's always going to be a part which, uh, is purchase price earnouts. Other.
Speaker C: Correct. Yeah. Yeah. So, uh, that's always something that's bugging me because a SaaS entrepreneur comes to me and say, hey, uh, I want to sell my company and I have this number in my mind. And then I always have to downgrade it and say, you know, maybe the number is feasible, but honestly it will not be cash at closing. It will not be paid right at the moment that you put your signature on the paper. And that's something that you really need to take in consideration. And I always say that the earn out, um, needs to be the cherry on the pie or the. How you call it in English. But you know what I want to say, so be happy with the cash at closing, work for the earnout and go for it. But be sure that it's that. That bit of extra that you're not, uh, m. You don't need it, but that it would be really nice to of course, receive it.
Speaker B: Yeah. So kind of treat it like a bonus. If you can get it, it's fine. But you should be happy with the purchase price.
Speaker C: Yeah. Otherwise an earnout can be a burnout. Because if you really need to hit the marks, if you really need to, to take those next steps, then in many cases you'll see that it will lead to a burnout. Because, yeah, you have to have that money and things can always go differently than you expected. It to be.
Speaker B: Yeah. Nice. If we look at 20, 26, what do you think is going to be one growth loop which is going to be super powerful for SaaS companies to leverage?
Speaker C: Well, um, embedding AI within the land and expand funnel as I just mentioned, is going to be really important. Uh, what buyers are looking for is scalability as I mentioned earlier, and not through extra employees but through working smarter, not, not harder. So I think if you're capable to automate the land part with getting those new clients on board and the expand part where you uh, you're able to, yeah. Through also product led growth, have your clients use more of your software, use more of your solutions. Um, that it's going to be highly important. So using agents, I don't see that in too many cases yet, which I'm a bit surprised of honestly. And I see that a lot of uh, entrepreneurs are still struggling to find, okay, where should I use it and how can I use it? But I think the use of those agents in the land and expand, uh, funnel management is going to be highly important.
Speaker B: Nice. Final two questions. So we're going to talk about revenue stages. So for a SaaS founder who's just starting out, going from 0 to 10k monthly recurring revenue, what kind of advice would you give him? Can be anything.
Speaker C: Wow, what a question. Well, first of all, I think if you're in that uh, field then uh, enjoy the ride, uh, and keep learning from every step that you take. Uh, because if I look back at when I started my company, my first company, I was 25 years old, uh, everything was possible. Of course then I think, um, what's really important is to constantly look at what are you doing and learn from the things that you do. Also gather some people around you who have already done it in the past. I've had many people who helped me within the whole journey of my entrepreneurship. Um, so have people on board, uh, who can um, show you the mehrach and show you, hey, this is what I see that you're doing but also give you tips and tricks. That's why I love also this conference. I mean I've been a fan of the SaaS base when it was still called SaaS base. Now it's, we love SaaS, but I think um, it will help those entrepreneurs to uh, not make the mistakes as many others, uh, did. Yeah.
Speaker B: So find a community. Find people who can help you. Either it's being in the Netherlands or there's many communities out there.
Speaker C: Yeah, you know, it's a whole new world if you start a company, if you're building it up for up until 10, uh, K, uh, MRR and find, uh, people who can help you and are willing to invest in you, is in my opinion, really important in that phase. A lot of, uh, entrepreneurs think about, oh, we need money and we need to grow through money. But for me, smart capital is not about money only. Of course you need money to take steps. But, uh, smart capital means for me that you have people around you who already have done this in the past and who are able to help you take that next step.
Speaker B: Final question. M. So assume we pass 10k. Mr. We're going to make a huge step towards 10 million. ARR. What kind of advice would you give SaaS founders here?
Speaker C: Well, the funny thing is, as we always talk about those numbers, but honestly, if I look at the number of SaaS entrepreneurs that make that number, it's, yeah, it's really a limited group because somehow, um, it feels as if when they hit 1 or 2 or 3 million that they're already thinking about an exit. So if you really want to go for the 10 million, then I would suggest, uh, first of all, walk your own path. There are so many venture capitalists and so many people who want something from you. But yeah, keep your focus and then decide how you want to achieve that path. Because there are of course entrepreneurs who call me and say, hey, Rene, I want to hit the 10 million mark. I don't want to do it through autonomous growth. I want to do it through a buy and build. And that's something that I see more and more buy and build scenarios are, uh, helpful in hitting that mark and in achieving those goals. And maybe you then have to sell part of your shares. But that's not too bad in my opinion because you're then part of a larger group and in many cases it will help you also boost your growth. So doing it through autonomous growth, I see that less and less. In the Netherlands, I see it through buy and build. But, um, yeah, um, creating your own path. And, uh, think ahead. Constantly think ahead. Not about how we're going to hit marks tomorrow, but about a bigger goal, so to say three or five years. I think that's really important because the world is changing really fast. We see it all. And um, think about how you want to achieve that.
Speaker B: Nice. If people want to get in contact with you, Rene, how can they do.
Speaker C: So they want to contact me. That can be done through LinkedIn, maybe, maybe that's the easiest way, uh, you can find me on LinkedIn. Or go to my website, uh, Arno9082NL and there we have a lot more information about everything you asked and you can also hear uh, other podcasts and info. So yeah, nice.
Speaker B: Thanks for coming on.
Speaker C: Thanks for your time.
Speaker B: Thank you for watching this show of
Speaker A: the Grow your B2B SaaS podcast.
Speaker B: You made it till the end so
Speaker A: I think we can assume you like this content.
Speaker B: If you did, uh, give us a thumbs up. Subscribe to the channel if you like this content. Feel free to reach out if you want to sponsor the show. If you have a specific guest in
Speaker A: mind, if you have a specific topic
Speaker B: you want us to cover, reach out
Speaker A: to me on LinkedIn. More than happy to take a look at it. If you want to know more about Reddit, feel free to reach out as well. But for now, have a great day and good luck growing your B2B SaaS.
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