What happens next?

I work at a SaaS portfolio company, which was acquired by a LMM PE firm in 2021. After peaking at $8M in 2024, our ARR has steadily declined to just below $7M today. In the last 24 months, our CEO and leadership team turned over twice and our U.S.-based headcount reduced from 50 to ~10 business-critical employees.

The state of the business today is miserable. Our interim CEO is the Head of North American Investments at our financial sponsor and works our strong yet lean, exhausted team into the ground. At any given time, there are more PE operators in our HQ than portco employees. And a critical employee seemingly leaves without being replaced every month.

What happens next?