Most seed-stage enterprise software founders obsess over topline growth. But the smartest ones? They dig deeper.

In this episode of The Drafting Table, Jessica Lin sits down with Michaela Lehr, seasoned CFO and startup finance leader, for a tactical breakdown of the non-obvious SaaS metrics that actually matter.

Whether you’re building your first model, navigating messy margins, or just trying to understand what your numbers are really telling you—this is the financial playbook every founder needs.

We cover:

✅ Why termination-for-convenience clauses can quietly kill your valuation

✅ The difference between product vs. services revenue (and why M&A buyers treat them differently)

✅ How to think about gross margin, CAC payback, and unit economics—the right way

✅ Why collections (yes, just getting paid) is one of the most overlooked issues in early-stage startups

✅ How to use funnel conversion and sales cycle data to underwrite your own top line

✅ What “great” looks like in retention—and how it ties into upsell, pricing, and packaging

Michaela doesn’t just explain the numbers—she explains the strategy behind them. This is SaaS finance demystified.

🎧 Perfect for:

• Seed & Series A enterprise software founders
• First-time CEOs
• Anyone building (or breaking) a financial model

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