Now, with acquisition offers on the table, the next chapter looms: cash out now, hold out for a bigger multiple, or keep some skin in the game?

The exit landscape is a maze of deal structures and trade-offs. Let’s break down your options so you negotiate with clarity.

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Today's Note

1. Not all exits are created equal: your payout, risk, and future involvement hinge on the deal structure you choose.

2. All cash up front usually means a clean break, but less upside; deferring some payout or rolling equity keeps you in the game for a bigger win - if the business delivers.

3. Know your priorities - liquidity, valuation, or partnership - and negotiate from a position of clarity, not confusion.

Before we dive in, let’s set the guardrails. This isn’t a “what’s my SaaS worth?” playbook - there are entire industries (and plenty of other great resources) dedicated to that. I’m happy to sign an NDA if you want to discuss specifics. 

I’m also not mapping out the full A-to-Z of selling your business, nor are we dissecting every nuanced financing structure. 

Instead, we’re zeroing in on the most common SaaS deal structures and the practical trade-offs founders actually face, so you’re equipped to make sharper, more confident decisions when the time is right to exit.

Play around with the model I whipped up for this letter

Download Financial Model

The Exit Options

Let’s get to the point. For bootstrapped SaaS founders, valuation boils down to one core equation: ARR × Purchase Multiple = Valuation.

ARR represents predictable subscription income, while purchase multiples typically range from 3x to 5x for lower middle market SaaS businesses. This multiple hinges on growth rate, customer churn, profitability, market trends, and more.

When it comes to deal structures, buyers use a few key building blocks:

• Buyer Equity¹: The buyer’s own cash or investment in the deal.

• Senior Debt: A loan the buyer takes out to help pay you at closing.

• Seller Note: A chunk of the purchase price you collect over time, with interest. Often, it’s interest-only payments for a few years, then a lump-sum (balloon) payout of the remaining principal at the end.

• Rolled Equity¹: You keep a minority ownership stake and share in future upside.

• Earnout: Extra payments you get if the business hits certain growth targets after the sale.

Here are the three common deal structures we’ll break down next:

Option 1: Full Exit – All Cash Now, Clean Break

Structure: Senior debt + buyer equity.

• Pros: Immediate liquidity (100% cash at close), no post-sale involvement.

• Trade-offs: Buyers often discount valuations (lower multiples) due to the perceived risk of losing revenue after acquiring the business. Ideal if you’re ready to sever ties and prioritize certainty over upside.

Option 2: Structured Exit – Higher Multiple, Some Risk

Structure: Mix of cash, seller note, senior debt, and earnouts.

• Pros: Buyers stretch valuations (higher headline multiples) by tying payouts to future performance.

• Trade-offs: Less upfront cash; you’re incentivized to ensure the business thrives post-sale.

Option 3: Hybrid – Cash + Skin in the Game

Structure: Partial cash + senior debt + rolled equity/seller note.

• Pros: Balances upfront cash with participation in future upside (e.g., acquisition resale, recap, or IPO).

• Trade-offs: Requires trusting the buyer’s long-term vision and staying involved in the business (extent is negotiable). Maximizes total potential but ties your wealth to their leadership.

Each option comes with its own trade-offs: Do you want cash now, a bigger payout later, or a mix of both? Full exits are best if you want a clean break. Structured deals can mean more money if you’re willing to wait. Hybrids let you cash out while still sharing in future growth.

Up next, we’ll exemplify how each works - and what your payoff would be under different scenarios

¹A quick note on equity mechanics: Both buyer equity and rolled equity in these examples are modeled as participating preferred stock with an 8% preferred return, paid in kind (PIK). Translation: that 8% compounds as more equity, not cash in your pocket each year. Additionally, for simplicity, we’re showing gross returns only—no management fees, GP carry, or incentive equity in the mix. If you want to dig deeper, we’re happy to sign an NDA and walk you through how GP carry pools, management fees, and equity vesting schedules can shape real-world returns. Just reach out if you want to see how these details play out in practice.

Play around with the model we whipped up for this letter

Download Financial Model

Option #1: Full Exit - All Cash, All Done

Let’s walk through a (very made up) example. Imagine a SaaS founder running a platform that helps zookeepers manage animal feeding schedules.

The business is humming along at $1.5M in ARR, growing steadily at 10–30% each year, with healthy 30% EBITDA margins.

The founder - a software engineer by trade - wants to step back and spend more time with his kids as they get older and college bills loom.

He chooses a structure that maximizes cash at close: Option #1. Here’s how it plays out:

• The buyer offers a 3x ARR multiple, so the purchase price is $4.5M.

• On closing day, the seller gets $4.5M wired to his account-no earnouts, no notes, no future upside or risk.

• The buyer funds the deal with 60% equity and 40% senior debt, and now owns all future upside (and risk).

Summary: This path is for founders who want immediate liquidity and a clean break. You get all your cash up front, walk away from the business, and can focus on your next chapter-no strings attached.

Play around with the model we whipped up for this letter

Download Financial Model

Option #2: Structured Exit – Maximize Valuation

Let’s run it back with our zookeeper SaaS, but this time the founder’s facing a curveball: a health issue that demands his focus and sidelines him from the day-to-day. Still, he’s bullish on the business’s staying power and wants to lock in a bigger valuation - even if it means deferring part of his payout and sticking around as an advisor.

Here’s how the deal shakes out:

The buyer steps up with a 3.25x ARR multiple, landing the purchase price at $4.9M. At closing, the seller pockets $3.8M in cash, with another $1.1M structured as a seller note (an 8% loan to the buyer, with annual interest payments and a balloon payment of the remaining principal due at the end of year five or upon recapitalization).

To sweeten the pot, there’s a two-year earnout tied to EBITDA growth:

• Hit the base case (15% annual EBITDA growth), and he pulls in $116K.

• If the business crushes it (30% annual EBITDA growth), the earnout jumps to $250K.

• If things underwhelm (5% annual EBITDA growth), the earnout drops to $35K.

Over the next five years, the seller collects steady interest payments from the note - roughly $86K per year. When the buyer recaps in year five, the seller gets the principal (about $1.1M).

Stack that with the earnout, and his total payout could surpass the headline price if the business delivers.

Summary: This setup lets the founder take real cash off the table now, swing for a bigger total payout if growth materializes, and still keep a seat at the table - all while stepping back from the grind.

Option 3: Hybrid – Cash + Skin in the Game

Let’s revisit our zookeeper SaaS, but this time the founder’s eyeing retirement. Most of his net worth is locked in the business, his wife’s dreaming of that Aspen ski house, and he’s looking to diversify. Still, with 5–10 strong years left in the tank, he wants to keep some skin in the game and is genuinely excited to partner up as CTO with a buyer he believes in.

Here’s how the hybrid structure shakes out:

• The headline number: 3.1x ARR, putting the purchase price at $4.65M.

• At close, he takes home $3.9M in cash and rolls $770K back into the business as equity - giving him a real stake in the next chapter.

• With that reinvested equity, he’s all-in on the upside (and the downside):

  • If the business grows at a base case (15% CAGR EBITDA over five years), his equity pays out $2.4M when they recap the business at year 5

  • If the business outperforms (30% CAGR EBITDA growth), he’s looking at $4.6M payout.

  • If it underperforms (5% CAGR EBITDA growth), the payout drops to $1.5M.

Summary: This structure lets the founder diversify, grab meaningful cash now, and still swing for a second big win alongside the new team - sharing in the upside (or downside) as the business evolves.

Navigating your SaaS exit isn’t just about chasing the highest number - it’s about structuring a deal that honors the years you’ve invested and sets you (and your team) up for what’s next.

Every decision at the table - cash, risk, and future upside - reflects the legacy you’ve built and the vision you hold for tomorrow.

Thanks for reading. As mentioned in my recent letter, it will take me some time to get this letter right. Please bear with me as I get my writing, rhythm, and cadence in order. Your feedback helps me get better with every issue.

Cheers to thoughtful exits and bold new chapters,
—Sanket

Economies of scale aren’t kicking in. The bigger you get, the cheaper it should become to run your business per customer, and profits should go up.

And while you were promised infinite elasticity and efficiency, somehow performance is spiky, backups are duplicating across regions, and you just racked up $4K in egress fees.

Sound familiar? You’re not alone. 73% of SaaS businesses spend at least 6% of their revenue on cloud costs, and 31% spend 11% or more—much of which is waste.¹

But to me, managing cloud costs isn’t just about saving money. It’s about regaining leverage to compete and win in a competitive market.

¹CloudZero

Today's Note

We’ll cover three things:

1. Breaking down cloud costs and how to identify hidden cloud charges.

2. How we’re balancing performance and redundancy efficiently.

3. An approach to smarter scaling decisions that is working for us.

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The Problem

Cloud scalability is often praised for its flexibility and performance, although 50% of tech founders cite unexpected cloud costs as a major barrier to effective scaling.² Even more concerning is 74% of SaaS businesses overspend due to premature scaling.³

Scalability isn’t just stacking servers. It’s managing what you don’t see: waste, inefficiency, and surprises. Growth without discipline is just expensive chaos.

Here’s how it’s playing out in the arena:

• Forecasts are wobbling: unpredictable usage spikes are turning quarterly budgets into moving targets. Cloud spend can swing 10–15%, forcing CEOs to adjust plans mid-cycle to protect margins and hit profitability targets.

• Margins are eroding: with infrastructure spend climbing ~20% year-over-year⁴ and gross margins slipping by 3–6%⁵, CEOs are diverting cash from new feature development and go-to-market to cover infrastructure overruns.

• Roadmap velocity is decelerating: engineering teams spend more cycles on cost-optimization (rightsizing, instance tuning), slowing feature rollouts and lengthening time-to-market.

We’ve prioritized three areas to get our leverage back:

1. Embracing FinOps as a growth strategy.

2. Optimize what we already pay for.

3. Architecting cloud stacks for cost, not just scale.

²Hashicorp ³Duet Partners ⁴Gartner ⁵Spring Street Capital

Embracing FinOps as a Growth Strategy

This starts with treating cloud costs like a strategic lever.

• Tag everything and allocate by team: implement tagging systems that assign every cloud resource to a product, team, or customer unit. Then build dashboards that break spend down by owner and how it’s being used.

  • Why it matters: It shifts accountability from “someone in DevOps” to actual product and revenue owners. Teams can’t improve what they can’t see—and this visibility lets you tie spend to business value.

• Forecast and track like CAC: integrate tools to monitor key signals—logins, feature usage, and support trends. Create dashboards highlighting early warnings and automate alerts for your customer success team.

  • Why it matters: When cloud is our second-largest line item, guessing is expensive. Treating cloud like CAC makes it measurable, adjustable, and reportable to the board—just like every other growth metric.

Key takeaway: FinOps isn’t just about saving money but building operational leverage. When embedding cost-awareness into our team’s culture and systems, we turn cloud from a liability into a growth advantage and a more attractive business. SaaS businesses can achieve ~30% reduction in cloud costs after implementing FinOps⁶ processes, which gives us three things:

1. Cash flow freedom: high margins mean more cash per sale, giving us flexibility to invest in growth, product, and our team.

2. Resilience and optionality: we’re less exposed to economic downturns or VC dependence. We can scale sustainably or stay bootstrapped by choice.

3. Attractive for investment or exit: high-margin, capital-efficient SaaS businesses are gold for the bank and investors.

⁶FinOps Foundation

Play around with the model we whipped up for this letter

Download Financial Model

Optimize What We Already Pay For

We’re squeezing more value from our existing infrastructure before negotiating discounts or adding more resources.

• Right-sizing everything: regularly auditing cloud usage (VMs, databases, storage) and scale down what’s oversized or underused. We’re shifting workloads to cost-effective configurations without sacrificing performance.

  • Why it matters: Oversized resources quietly drain our profits. Right-sizing aligns cloud spend with real demand, turning waste into margin and guesswork into discipline.

• Automate tiering and use smarter instances: moving cold data to cheaper storage and using spot or reserved instances for predictable workloads.

  • Why it matters: These changes can cut costs by ~45%⁷ with zero impact on performance. It’s the SaaS version of compound interest—tiny infra tweaks that add up to a massive margin over time.

Key takeaway: Cloud doesn’t get cheaper with scale, it gets smarter with thoughtful allocation. Before we build more, we fix the bloat. The fastest way to protect margins isn’t to grow revenue—it’s to stop wasting what we’ve already paid for.

⁷Intel

Play around with the model we whipped up for this letter

Download Financial Model

Architecting Cloud for Cost, Not Just Scale

We’re spending more time making thoughtful architecture decisions early, so scale doesn’t come at the expense of our margins.

• Choose the right services for the job: we’re not defaulting to expensive virtual machines. We use managed services, serverless, or containers where they fit—especially for workloads with variable traffic.

  • Why it matters: We only pay for what we use. Serverless and PaaS options eliminate idle capacity, reduce operational overhead, and give us clean alignment between usage and spend, while delivering ~35%⁸ cost reductions.

• Minimize data transfer and wasteful patterns: we’re architecting our systems to reduce unnecessary cross-region or cross-zone data movement. We keep chatty services close to each other. Cache smartly.

  • Why it matters: Egress and transfer fees can quietly eat ~15% of our budgets⁹. We can’t cut what we can’t see—and bad design shows up as bloat in our cloud bills.

Key takeaway: Good architecture isn’t just scalable—it’s sustainable. When cost-efficiency is baked into the system from day one, you don’t just grow—you compound. Below are the GB vs. Sortage vs. RAM comparisons that helped us choose our vendors. Sharing to get your juices flowing, please do your own research as always.

Takeaways from the comparison above:

• Budget-friendly options: Digital Ocean’s Basic Droplet (1GB RAM, 1 vCPU, 25GB storage, 1TB data transfer) offers an affordable entry point at ~$4/month. Similarly, Hetzner’s CX11 plan (~$4.09 USD/month) provides competitive pricing for small-scale applications.

• Performance-oriented plans: OVHcloud’s Compute Optimized instance (~$0.0489/hour) and AWS T3 Micro (~$0.0104/hour) cater to workloads requiring higher compute efficiency. These plans include scalable infrastructure suitable for dynamic use cases.

• Scalable storage: Providers like Azure (B1s) and GCP (f1-micro) leverage SSD-based storage to support applications needing faster read/write operations, though they come at higher hourly costs than traditional HDD storage.

• Cost-sensitive projects: Digital Ocean and Hetzner are ideal for cost-sensitive projects such as startups or personal projects that need basic computing and storage at minimal costs.

• Compute-intensive workloads: OVHcloud’s Compute Optimized instances and AWS T3 instances stand out for their balance of performance and price.

• Speed and reliability: Azure and GCP offer robust SSD options for scalable and reliable storage for applications that demand speed and reliability.

⁸Sphinx Solutions ⁹Redress Compliance

True craftsmanship means sweating the details no one sees. Managing cloud costs is our way of refining every corner of the business so we can move faster, build better, and lead the market.

Every dollar we save on waste is a dollar we invest in what matters most: our mission, our customers, and our future.

As mentioned in my recent letter, it will take me some time to get this letter right. Please bear with me as I get my writing, rhythm, and cadence in order.

Cheers to building together,
—Sanket

If you’re feeling the same whiplash, you’re not alone. The new wave of tariffs is causing abrupt uncertainty for many SaaS operators.

I’ll go over what I shared with the founder in this letter. It might help you steady your ship and keep growth on track.

TLDR

We’ll cover three things today:

1. The impact of new tariffs on your SaaS business.

2. How to tackle churn, long sales cycles, and rising OpEx in turbulent markets.

3. Illustrating the value your business gains by reducing churn, speeding up sales, and optimizing OpEx.

The Problem

The latest tariff volley has SaaS founders bracing for impact. If you serve manufacturing, distribution, or energy, you may feel the tremors—pipeline jitters, CFOs freezing budgets, and questions about every dollar spent.

End Market Exposure to Tariffs (as of 4/23/2025)¹

Here’s how it’s playing out in the arena:

• Churn is climbing: nearing the 2022 downturn level, when they peaked at 20.5% over the prior average, as customers cut “non-essential” tools due to market changes and uncertainty².

• Sales cycles are stalling: deals are now taking 30-45 days longer to close³, with buyers demanding sharper ROI and more CFO sign-off.

• OpEx is creeping up: Hardware tariffs are pushing AWS and Azure infrastructure costs higher—some experts project a 7-12% increase by 2026 as cloud providers pass those costs downstream⁴.

¹Data provided by tax foundation, Yale budget lab, & carnegieendowment.org ²Churn study conducted by Paddle, ³Sales cycle data by Rev Ops Scoop, ⁴IT cost data by Computer Weekly

Actions We're Taking

We’ve prioritized three focus areas to mitigate risk and sustain growth in the choppy market:

1. Combat churn.

2. Keep new deals moving.

3. Control operating expenses (OpEx).

Combating Customer Churn

This starts with getting ahead of the problem, not reacting after the fact.

• Proactive Customer Health Scoring: integrate tools to monitor key signals—logins, feature usage, and support trends. Create dashboards that highlight early warnings and automate alerts for your customer success team.

  • Why it matters: lets you spot at-risk accounts before they’re out the door, so Customer Success can intervene with targeted retention plays, personalized check-ins, or tailored offers.

• Flexible Contract Structures: offer multi-year agreements with fixed pricing, or tiered discounts—like 5% off for two years, 10% off for three.

  • Why it matters: It gives customers a reason to stay. These “cost predictability guarantees” are especially compelling in uncertain markets. Equip your sales team to position these as a win-win: customers get budget certainty, and you lock in retention while protecting your margins.

Key takeaway: churn is inevitable, but with the right systems and incentives, you can turn it from a threat into a manageable metric.

Two identical businesses, Company A and Company Z, face customer churn during turbulent times in 2025. Company A adopts proactive customer health scoring and flexible contract structures; Company Z does nothing. By year-end, Company A secures $300,000 more in ARR and achieves a ~$1M higher enterprise value.

Play around with the model I whipped up for this letter

Download Excel Model

Keeping Deals Moving

To keep deals from stalling in a market where every purchase is under the microscope, lean into two proven tactics:

• Structured Expansion Playbooks: Don’t leave cross-sell and upsell to chance. Use your product analytics to map each account’s unique ROI levers—like automation-driven cost savings or workflow efficiencies. Equip your customer success team with playbooks that tie every expansion conversation to a concrete customer outcome.

  • Example: if a manufacturing client is sweating supply chain costs, show how your inventory optimization module directly offsets tariff pain. This approach keeps your solution top-of-mind and essential, not optional.

• Flexible Pricing Pilots for New Features: Lower the barrier for hesitant buyers with short-term pilots or success-based pricing.

  • Example: launch a 90-day premium feature trial at a reduced rate, or structure renewals around proven results. This lets prospects experience value firsthand, reduces perceived risk, and gives your sales team a powerful lever to accelerate stalled deals.

Key takeaway: In a market where every purchase is scrutinized, SaaS businesses that win are the ones that make it easy for customers to say “yes”—by leading with ROI and flexibility.

Let’s stick with the same two businesses. In this scenario, Company A adds structured customer expansion tactics and flexible pricing pilots in addition to the retention tactics previously implemented. Company Z still does nothing. By year-end, Company A secures $600k more in ARR and achieves a ~$2M higher enterprise value.

Controlling Our OPEX

Rising infrastructure costs don’t have to eat into your margins if you get proactive about optimization and automation.

• Infrastructure Optimization: Integrate tools to audit cloud usage and identify underutilized resources or unexpected spend. Create dashboards to highlight cost-saving opportunities and set up alerts for budget anomalies. Shift non-critical workloads to spot or reserved instances, and renegotiate vendor contracts for long-term discounts.

  • Why it matters: this helps you proactively control infrastructure costs, freeing up budget and preventing overruns before they become a problem.

• Automate Customer Success: Next, let AI do the heavy lifting. Deploy chatbots powered by platforms like Intercom to handle tier-1 support questions and routine onboarding. Build out self-service portals packed with guides and ROI calculators.

  • Why it matters: automation reduces customer support costs and allows your team to focus on high-impact work, maintaining quality service while scaling efficiently.

The result? You keep your support quality high, your infrastructure lean, and your margins intact—no matter how hard tariffs push from the outside.

Same two businesses as before. This time, Company A implements infrastructure optimization and automates customer service requests, building on its existing retention and expansion tactics. Company Z still does nothing. By year-end, Company A’s EBITDA is about $300k higher than Company Z’s, and its enterprise value is ~$3M greater.

Navigating tariff turbulence isn’t easy. But if you stay disciplined—prioritize where you focus, where you adapt, and where you invest your resources—you won’t just survive it; you’ll come out stronger than ever.

As mentioned in my last letter, it will take me some time to get this letter right. Please bear with me as I get my writing, rhythm, and cadence in order.

Cheers to building together,
—Sanket

1. We’re facing a fog of uncertainty like never before.

2. Economic headwinds, political, regulatory changes reshape how we operate.

3. Most ‘playbooks’ that worked last year don’t work today.

4. We need leaner structures and powerful mental models to respond.

We need to move with the urgency of a war room, but with the clarity and precision of thought of a boardroom. This letter will share stealth strategies that are working for us today, written in real-time by an exited founder, back in the trenches.

What you can expect in every letter

1. A challenge we’re facing right now.

2. A solution that’s working for us.

3. A tactical way to execute.

4. And the expected upside—strategic, financial, or both, if executed well.

All data used in analyses will be sourced. Scrappy tools we build to solve the challenge for ourselves will be shared.

Who is this letter for

You’re a CEO, CTO, COO, or CFO leading a SaaS company with $1M to $20M ARR—or aspire to be—and looking to build, scale, or sleep better at night, you’re in the right place.

Who's behind this letter?

I’m Sanket 👋🏼 — I’ve spent 18 years building and scaling software businesses.

I founded and sold two software businesses, then became an adviser to Fortune 500 executives. I recently founded Spring Street Capital, a software investment firm based in New York. Entrepreneur.com recently wrote about it.

In my spare time, I serve as a Coach for Entrepreneurship at the University of Chicago, helping students, faculty, and alumni build and scale software.

I’m also a big fan of boxing, snowboarding, and riding motorbikes.

Why do I think this is a good idea?

Operating a SaaS company has never been more challenging.

Economic headwinds, shifting buyer behavior, and a wave of political and regulatory changes are reshaping how SaaS businesses operate.

On top of that, AI is reshaping product roadmaps. Capital is tighter. Growth is harder. And the playbooks that worked last year don’t work today. The stakes are higher, competition fiercer, and the margin for error narrower than ever.

This letter will help you navigate this turbulence, scale your SaaS business, and combat uncertainty. My goal is to share real-time data, leaner structures, and powerful mental models my crew and I are using right now so we can all lead with confidence — even when the market (and the rules) keep shifting.

Challenges I'll cover

The ones I find myself best at solving, and others rely on me to help cluster across the four core areas of the business:

1. Leading

2. Growing

3. Optimizing

4. Deleveraging

These are the areas I spend most of my time when operating.

Uncertainty has increased the severity of impact when faced with these challenges. Mastering them isn’t optional anymore; it’s the foundation of building a SaaS company that will endure tough times.

I’ll share what was working, and equally important, what is not. I hope that over time, we can make this small group into something far greater: a force multiplier.

We will move faster, make better decisions, and build with greater confidence. Solving challenges together will unlock the leverage we never had alone.

Why spend time on this?

I have always tried to be useful to builders; after all, you are my people. But I have three reasons why I’m consciously dedicating my time to this right now:

1. Rise in requests for advice: Operators I’m close to are burning out—texting, calling, reaching out in quiet moments of chaos. And I know they’re not alone. I feel a sense of duty to prioritize time for this.

2. Being useful is a discipline. I founded my firm, Spring Street Capital, to help operators—not for credit, not for ‘deals’, but because it’s the right thing to do. Showing up for operators is how we’ve earned your trust. Trust has built everything else. Being useful isn’t extra; it’s the job.

3. Giving back, after receiving so much. It’s not easy to will something into existence, and I hope whatever I can share from my own experiences can be helpful to you on your journey.

I spend my days speaking with top investors from Silicon Valley to Wall Street, and work closely with some of the best software operators in the world. This letter started because many have asked for it.

Some comments from builders and investors:

From a $10M ARR SaaS Founder & CEO

“You’re on a completely different level of thinking:

• You get to the root cause of my problems very quickly.

• Your solutions to my problems have literally saved my company.

• Raw, straightforward, no sugar coat bs, which I like, and founders need.

You need to share this with more founders so they can have a better time building.”

From a $7M ARR SaaS Founder & COO

“You’re one of the best operators I’ve met:

• Your speed and clarity of communication are incredible.

• I appreciate how you support and push simultaneously.

• You have a contingency for every possible risk before I know it exists.

I wish I had more access to you; I could really use it right now.”

From a VC of a Top-Tier Fund

“You’re one of the few operators I trust running my portfolio company.

• The founder called me right after our call and asked to get you on a retainer.

• Whatever you’re doing in convos gets founders fired up about building. I need you on more of my calls; keep doing that.”

It will take me some time to get this right, so please bear with me as I get my writing, rhythm, and cadence in order.

Cheers to building together,
—Sanket

P.S. If you’re facing a critical challenge, reply to this email with the summary of the problem. I read everything that comes through and aim to reply within 48 hours.