自社の事業価値は実際いくらなのか
in B2B SaaS

簡潔な答え

事業価値の評価は、現在の所有権終了後にARRのうちどれだけが維持または拡大するかにかかっています。ARR総額自体ではありません。 B2B SaaS企業にはここで特有の制約があります。成長率が42%から32%に低下している一方で、収益の60%が最も経済性の悪いセグメントにあります。それが価格に反映されるまで、ネット・レベニュー・リテンションは誰も理由を特定できない理由で動き続け、正規化利益に関する議論は意見の域を出ません。

創業者らは往々にして現在のARRに市場係数を掛けます。買い手はむしろそのARRのうちどれだけが自らの支配下で残り、拡大するかを調べます。これが、ARRが一致する二社でも売却価格が異なる理由です。

マルチプルはネット・レベニュー・リテンション、ACV階層ごとのCAC回収期間、最も弱い単位経済性を持つセグメントに収益が移った後も粗利益率が維持されるかどうかに応じて動きます。

したがって業務上の課題は、これらの指標のうちどれがマルチプルを押し下げているかを特定し、売却プロセス開始前に改善できるかどうかを判断することになります。

これが実際に貴社の問題であるとわかる兆候

この3つが揃うと特徴的です。1つだけでは別のことを示すことが多いです。

✓ 取締役会資料に、経常と非経常または一時項目を分離するブリッジがなく、生のARR成長のみが表示されています。
✓ 上位十件の取引先は、創業者が更新商談に参加して初めて更新または拡大しています。
✓ 週次パイプライン会議で、新規ACVがすでにリテンションが低く回収が遅いと指摘されているセグメントに集中していることが明らかになります。

通常、事態を悪化させる対応です。 売却前の数カ月で報告ARRを押し上げる一方で、収益構成、リテンション率、回収期間はそのままにしておくことです。

Who this is for — and who it is not

It is for you if you run or finance a B2B SaaS company and you are within a few years of a transaction and have never had the earnings normalised. It is the situation where the numbers are available but nobody has put them in an order that produces a decision.

It is not for you if Percision is the wrong tool if you already know the answer and only need execution capacity, or if the business is pre-revenue — then the constraint is evidence about the market, not analysis of your own figures. Percision is not a lawyer, tax advisor, auditor, licensed appraiser, clinical or regulatory filer, or an AI implementation shop. It does not do HR casework, creative-only brand work, or impersonate a named consulting firm. It is a strategy analysis engine — not a template library. Also wrong if you need facilitation, politics, or someone to sit with a lender or buyer. Those are human jobs.

Percision is not a lawyer, tax advisor, auditor, licensed appraiser, clinical or regulatory filer, or an AI implementation shop. It does not do HR casework, creative-only brand work, or impersonate a named consulting firm. It is a strategy analysis engine — not a template library.

分析を実際に実行したときの様子

Below is an excerpt from a real run of this analysis on B2B SaaS企業. It is a sample profile rather than a customer, and it is engine output translated from English — this is the format you get, on your own numbers.

The subject is TechNova Solutions, a sample company profile used for testing rather than a customer — $45M ARR, 280 engineers.

This is one move out of a full analysis. Read a complete report — every page, no email required.

エンジンがこの質問に対して行うこと

This question routes to Growth Portfolio Framework, one of 29 engagements the platform runs. For B2B SaaS企業 it works through net revenue retention, CAC payback, ACV by segment and gross margin, then produces the sequence rather than a list of options — which move first, what it funds, and the observation that would say the sequence is wrong.

You watch the analysis get built before paying anything. 完全なレポートはこちらをご覧ください if you would rather see the depth first.

この件についてよくある質問

想定マルチプルはいくらですか

セクター別レンジは容易に見つかりますが、最も役に立たない部分です。レンジ内の位置は集中度、経常性、オーナー依存度、利益防衛力で決まります。

どの程度前から準備すべきですか

マルチプルを動かすことが目的であれば二から三年です。経常収益とオーナー依存度の低減が数値に現れるまでにそれだけの期間を要するからです。

成長と収益性のどちらが重要ですか

買い手によります。金融買い手は持続可能なキャッシュフローに支払い、戦略買い手は自社への寄与に支払います。どちらを想定するかで改善すべき点が変わります。

Is this different in b2b saas than in other industries?

Materially, yes. Growth has fallen from 42% to 32% while 60% of revenue sits in the segment with the worst economics — which changes both the diagnosis and the order of the fixes. The metrics that decide it here are net revenue retention, CAC payback, ACV by segment, and an answer built on industry-general benchmarks will usually point at the wrong one first.

What data do I need before this analysis is worth running for a B2B SaaS company?

Less than most people expect. Your last twelve months of revenue and cost split the way you already split it, plus whatever you hold on net revenue retention and CAC payback. The analysis is explicit about what it is assuming where your data stops, which is more useful than waiting for numbers you may never have.

When is Percision the wrong tool?

Percision is the wrong tool if you already know the answer and only need execution capacity, or if the business is pre-revenue — then the constraint is evidence about the market, not analysis of your own figures. Percision is not a lawyer, tax advisor, auditor, licensed appraiser, clinical or regulatory filer, or an AI implementation shop. It does not do HR casework, creative-only brand work, or impersonate a named consulting firm. It is a strategy analysis engine — not a template library. Also wrong if you need facilitation, politics, or someone to sit with a lender or buyer. Those are human jobs.

Does Percision replace a lawyer, tax advisor, auditor, or AI implementation team?

Percision is not a lawyer, tax advisor, auditor, licensed appraiser, clinical or regulatory filer, or an AI implementation shop. It does not do HR casework, creative-only brand work, or impersonate a named consulting firm. It is a strategy analysis engine — not a template library.