
Thomas Smale, FE International
Selling a SaaS Business - Lessons From 140 Closed Deals
Thomas Smale is the founder of FE International, an M&A firm that helps business owners sell their SaaS, e-commerce, and content businesses. FE International offers comprehensive exit planning services and direct access to an established network of pre-qualified international investors. Thomas has consulted with hundreds of internet entrepreneurs on exit strategy, growth, and business development. If you are thinking about selling a SaaS business in the next year or two but are not sure where to begin, this episode walks through exactly what you need to know. Thomas explains the full sales process from initial valuation through due diligence and closing. He reveals that FE International closed around 140 transactions in a single year, with deals ranging from five figures to eight figures, and that most deals at the $5 million level close within 30 to 60 days. The biggest insight for SaaS founders preparing for an exit is around pricing. Thomas says the vast majority of smaller SaaS businesses he evaluates have pricing that is too cheap, lack usage-based value metrics, and offer unlimited plans that leave money on the table. Fixing pricing alone can dramatically change your valuation. Beyond pricing, Thomas covers why clean financial records and SaaS metrics tracking through tools like ProfitWell and Baremetrics matter for buyers, why revenue churn is a more powerful metric than customer churn, and why selling a SaaS business requires strong onboarding - not just a good product. He also warns against building your business around a specific buyer, noting that optimizing for one hypothetical acquirer usually backfires.






















