“B2B SaaS you can consistently say 90% gross retention — people look for much higher rates. And CSS you look at, 70 is a really good first-year annual retention rate, so then mathematically you shouldn't take on that much debt because you don't have that much cash flow guarantee.”

CSS retention 70% vs SaaS 90% → cap leverage at 2-3x EBITDA

Crowley sets the M&A-grade retention benchmark for consumer subscription: 70% first-year gross retention is considered strong, materially below the 90%+ floor for B2B SaaS. That gap is why he caps recommended debt leverage at 2-3x EBITDA for CSS deals vs 4-5x for SaaS. Don't pitch acquirers against SaaS comps — position honestly inside CSS norms.