How do you use a corporate partner to fund early M&A?
Patrick Butler built and sold his first major company, Talent Inc., by rejecting the traditional VC path, instead using parent-company-backed debt and a targeted M&A strategy to fuel growth before a successful exit to private equity. This episode details his playbook for using alternative capital to build a valuable, sellable business without relying on venture funding.
What 2026 exits actually pay for SaaS
Miro had $600M ARR and 250,000 enterprise customers. They sold for $1.79B — roughly 3x revenue. Their 2021 investors took a 90% haircut on their mark. This is the current market clearing price for quality horizontal SaaS. If you are building toward an exit, you need to know which multiple category your business belongs in — before your board does that math for you.
Highlights
- →Used a parent company to back $6-8M in debt for early M&A, skipping a traditional VC round.
- →Raised $6M from individuals after a VC passed because the model projected 'only' a 10x return in 5 years.
- →Completed 6-8 acquisitions, focusing on profitable businesses they could turbocharge with scale.
- →Grew Talent Inc. to millions in annual profit before a successful private equity exit in 2020.
- →Launched his latest startup via a venture studio to get a 'two year headstart' on the early-stage grind.
The full breakdown
Who's on this episode
Patrick Butler is the Founder and CEO of BizDefender, a fraud prevention platform for small businesses. He previously co-founded Talent Inc., a career services company that pioneered the free online resume critique. Over eight years, he scaled the company through a series of strategic acquisitions before leading it to a successful private equity exit in 2020. Following his exit, Patrick co-founded the Paris Musketeers, a professional American football team in the European League of Football. He launched his latest venture, BizDefender, through the Interplay venture studio.
Questions answered in this episode
References & resources
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- ·BizDefenderCompany
- ·UniversumCompany
- ·Monster.comCompany
- ·BB Investment PartnersCompany
- ·InterplayCompany
Hosted by

Podcast host, angel investor, and serial entrepreneur with 4× exits ranging from small businesses to VC-backed tech companies. Jason has been personally involved in over $100M in transactions and now helps founders close their next transaction at Thunder.vc, from pre-seed rounds to $100M exits. He coaches founders through their next major transaction and gets the deal done by introducing them to the right people in his network.
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