If you can get past step 2, you can almost always find a way to monetize your business. Now, is that going to be enough for an investor to invest? No. You'll have to show that you will be able to grow and create something that someone will be willing to pay a large amount of money to own. Many companies end up being lifestyle companies and don't have a lot of upside for serious investors to really consider investing. M&A is definitely a valid exit strategy and make sure you have a list of possible exit targets but don't make 'chasing suitors' your business strategy! IPO market has been anemic lately so M&A is definitely the way to present your case to investors.