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In this episode of the SaaS Operators Podcast, Rishabh, Jeremiah, and Jack tackle an uncomfortable question: what happens to a traditional, well-run software business in the AI era?

If you're running a $200-800M company with solid margins and steady growth, who's actually buying you? They dig into EBITDA multiples, why PE's old playbook looks shakier after write-offs like Medallia, and whether incumbents can out-execute the disruption by changing fast enough.

They also get tactical, talking about how Claude is rewriting what it means to build a landing page or website.

Jack walks through recreating a high-converting Gymshark-style page in minutes inside Shopify, fully customizable, no developer needed.

They talk about what that means for tools like Replo, and why incumbents like Wix trade at sub-1x revenue multiples despite record revenue and their own AI products.

They close on the people side: building AI-first teams and compensation structures, drawing on Coinbase's comments about one-person teams running fleets of agents.

Rishabh shares how FERMÀT is restructuring comp around individual impact, and the group discusses the gap between San Francisco and everywhere else when it comes to AI adoption urgency.