The private &quot;small-cap&quot; market is way less liquid and companies are way less valuable according to the market. If you subscribe to FEI&#x27;s newsletter you&#x27;ll see that most young SAAS companies are actually finding buyers who are only offering about 2 years profit. It&#x27;s also a lemon market, which is unfortunate. I recently sold a SAAS and got 2 years profit.