How to Sell a SaaS When Growth Has Stopped and the Cap Table Is Broken | Michał Suski, Surfer SEO

The co-founder of Surfer SEO just gave his first public interview about the company's acquisition. Surfer SEO grew from a side project in 2017 into one of the world's best-known SEO and content optimization software companies, reaching $13M ARR, 12,000 paying customers, and 150,000 active users — all while staying fully bootstrapped. But by the time Surfer SEO was acquired by Positive Group in 2025, the company had spent nearly two years at zero growth, was carrying debt from a co-founder buyout, and was operating in one of the most competitive SaaS markets in recent history. In this episode, Michał Suski breaks down exactly what happened behind the scenes of the Surfer SEO acquisition: 🟣 Why Surfer SEO decided to sell 🟣 How a co-founder split changed the company's future 🟣 What it takes to prepare a SaaS company for acquisition 🟣 The challenges of selling a business in a down market 🟣 Why the acquisition process took almost two years 🟣 How SaaS valuation multiples changed after 2021 🟣 What founders should do today if they plan to exit in the next 2–3 years 🟣 The biggest mistakes bootstrapped founders make before a sale Michał also shares rare insights into running a profitable bootstrapped SaaS company, navigating AI disruption, surviving a red-ocean market, and building long-term enterprise value. Chapters 00:00:00 Intro 00:01:07 First Public Interview About the Acquisition, Surfer Numbers: ARR 00:01:24 Surfer SEO's Numbers: ARR, Customers & Team Size 00:04:24 The Real Reason the Founders Decided to Sell 00:06:16 AI, Competition & the SaaS Down Market 00:09:31 How a Multi-Founder Team Agrees on an Exit 00:10:59 Preparing a SaaS Company for Acquisition 00:16:13 What Determines SaaS Valuation Multiples? 00:17:13 Why Selling in 2021 Would Have Been Worth Much More 00:19:29 Finding the Right Acquirer: Positive Group 00:21:23 The 2-Year Acquisition Process Explained 00:22:32 Telling the Team & Managing the Transition 00:26:06 The Biggest Mistake Founders Make 00:29:54 How to Prepare a Bootstrapped SaaS for Sale 00:33:41 AI, In-House Tools & the Future of SEO Software 00:38:25 Final Advice for SaaS Founders 🟣 The Guest Michał Suski is the co-founder and CPO of Surfer SEO (now Positive Surfer), one of the leading SEO content optimization platforms. Built without VC funding, Surfer grew from a small team in south-eastern Poland into a global SaaS company used by marketers worldwide. This is the first time Michał has publicly discussed the acquisition in detail. 🎙 Odys Podcast: The High Stakes Growth Show We host conversations with the founders, operators, and investors building, buying, and scaling digital businesses across competitive industries — from SEO and affiliate ecosystems to iGaming, crypto, and emerging markets. Expect real playbooks, candid insights, and lessons from people operating where the stakes are high. 🔔 Subscribe for more conversations on: • scaling digital businesses • SEO and growth strategies • acquisitions and exits • investing in digital assets • high-competition industries • blue ocean strategies 🟣 Odys Global is your most reliable blue-ocean growth partner, empowering entrepreneurs and brands to scale faster and build profit-driven online businesses. By connecting a global community of like-minded experts and decision-makers, Odys Global creates unrefusable partnership opportunities that drive long-term, mutual success. #saas #acquisition #startupexit #founder #exitstrategy #saasfounders #bootstrapped #sellingbusiness #businesspodcast #businessstrategy #surferseo #odyspodcast