In this clip, Noah Berkson makes a point every founder needs to hear: building a great business is not enough if you miss the right window. Markets change, multiples compress, industries get crowded, and a company that would have commanded a premium five years ago may be worth far less today.
He also highlights the trap many venture-backed founders don’t fully understand at the beginning. Once outside capital is in, the game changes. Investors may prefer a shot at an enormous outcome over a smaller but still meaningful exit, which can leave founders pushing forward in markets that are already shifting beneath them.
Noah’s advice is practical and hard-earned: know what a good outcome looks like for you, and build relationships with potential buyers before you need them. Most transactions are driven by trust and familiarity long before the deal process formally begins.
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