One can only imagine how many corners your friend had to cut to get to the product you call finished.
> must be some value
His SaaS solves a problem for a very specific industry that's quite small (his market research yielded about 6000 customers) so it's a small, niche industry where a lot of the small business proprietors know each other through a trade group and more or less have the same problem: the alternative solutions currently in the market are expensive, entrenched, legacy providers that operate through a POS while his solution is web-based and costs less.