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.