# Selling to a 40-year buyer that never flips · Worth Owning · Horizon

Canonical: https://withhorizon.co/worth-owning/narbe-alexandrian

[All episodes](/worth-owning)

![](/images/guests/narbe-alexandrian.jpg)Worth OwningEp. 06Narbe Alexandrian

[Selling](/worth-owning?topic=Selling)[Private equity](/worth-owning?topic=Private%20equity)[Software](/worth-owning?topic=Software)

Worth Owning · Episode 06

# Selling to a 40-year buyer that never flips

Hosted by **Krystyn Harrison** · With **Narbe Alexandrian**, Founder and CEO, Define CapitalOct 2025 · 47 min

0:0047:00

Watch or listen on[Apple Podcasts](https://podcasts.apple.com/us/podcast/narbe-alexandrian-building-a-40-year-private-equity/id1830558138)[Spotify](https://open.spotify.com/show/5hOpLGuAecUP1KyJerEMwC)[YouTube](https://www.youtube.com/watch?v=qO9sB7e0uEU)

## He wants 90% retention and a business that runs without you

Overview

Narbe Alexandrian moved from Deloitte’s M&A group into venture capital, made partner in four years, and then ran RIV Capital, a public cannabis investment company that raised over $150 million and went through three changes of control in 16 months. He left to start Define Capital, a permanent capital firm with a 40-year fund that buys vertical SaaS businesses to hold and build, never to flip.

Narbe shares the three things he checks before an offer: gross retention of at least 90% and net retention over 100%, no heavy customer concentration, and a business that runs without its founder. He walks away when the owner is doing every job, or when the culture does not match what the founder says it is. After closing, he changes nothing for 90 to 180 days and asks why a business with great economics has stayed at $3 million.

The turn came at a conference, where a founder told him his buyer had tripled prices, cut half the R&D team and sunk his earnout. Narbe stopped leading with the spreadsheet. He now walks sellers through every term and does deals on trust. His advice to owners: take the inbound buyer calls, ask what they know about your business, and spend a year or two hiring someone to run the day to day before you sell.

Chapters

What you’ll learn

01Which retention and concentration numbers a long-term buyer wants

02Why founder dependence makes a business unready to sell

03How to test whether an inbound buyer knows your business

04What to ask before trusting a buyer with your team

Where does your business stand today?

[Get your Optionality Score →](/optionality-score)

## More on the episode

Episode 06Oct 2025 · 47 min

Note: Krystyn, Matt and their guests may hold interests in companies discussed in this episode. Worth Owning is not financial, legal, tax or investment advice, and is for informational purposes only. Do your own research and speak with your own professionals before making any financial decision.

[Where this shows up in your businessCould your business run without you?The Exit Partnership helps you build the team and proof points that make a business ready for a buyer.See the Exit Partnership →](/exit-partnership)

![Narbe Alexandrian](/images/guests/narbe-alexandrian.jpg)

Guest

Narbe Alexandrian

Founder and CEO, Define Capital

Narbe Alexandrian is the founder and CEO of Define Capital, a permanent capital firm with a 40-year fund that buys and holds vertical SaaS businesses. He was previously president and CEO of RIV Capital and a partner in venture capital, and he teaches at Schulich.

For Owners Only

The takeaways from every episode, and one move to make your business worth more.

By subscribing, you agree to get For Owners Only emails from Horizon. Unsubscribe anytime. [Privacy Policy](/privacy-policy)

Every Thursday. Free.

You may also enjoy

[All episodes →](/worth-owning)

[Susan Richards · Apr 2026Is your CFO just a controller?](/worth-owning/susan-richards)[Peter Hwang · Dec 2025From a pulled IPO in 2008 to a $263M sale](/worth-owning/peter-hwang)[Jacqueline Dinsmore · Sep 20253 exits in 10 years, and why buyers smell desperation](/worth-owning/jacqueline-dinsmore)