Markets shift, expectations change and companies that looked perfectly positioned a few years ago now face a different set of conditions and a new set of questions around growth and value.

Most founders think about exit at some point. What often gets overlooked is how much of that outcome is shaped long before any process begins.

Optionality doesn’t show up when a buyer calls. It’s built much earlier through how a company is financed, how it grows and the decisions made long before any transaction is on the table.

If you're building toward an exit, it’s easy to focus on growth, revenue, and headline numbers. But when buyers step in, they’re not just evaluating what you’ve built, they’re evaluating risk, durability and what could go wrong after they take over.

There’s a point in every company’s growth where the job fundamentally changes. At TechExit.io, moderator Mark Longo (Osler) sat down with Jack Newton (Clio) and Jeff Shiner (1Password) to talk about what it really looks like to lead through that transition, from early traction to global scale.

Canadian tech used to be known for getting acquired. At TechExit.io Vancouver, Globe and Mail reporter Sean Silcoff pointed out how quickly that narrative has shifted. Fourteen years ago, limited capital and lower valuations left many startups vulnerable to foreign buyers.

In March 2026, founders are thinking carefully about liquidity. Strategic buyers remain active, IPO windows are selective and deal structures require patience. Exit conversations are happening earlier and more often inside boardrooms. At TechExit.io Toronto, Allen Lau offered a perspective that feels increasingly relevant.

When founders think about valuation, they often picture a number tied to revenue or market comps but the number on the term sheet is only the surface. What actually influences valuation runs deeper and often starts long before a company enters a formal process.

Every founder wants optionality, whether it's more paths, more leverage or better outcomes. But here’s the reality: most companies don’t get options. They get boxed in by early decisions, rushed fundraising or market myopia.