I run a SaaS company with $6M in revenue. A PE firm has offered to take majority stake at a $30m valuation, with some founder liquidity. Considering the pitfalls of a PE deal (board control etc.), under what terms should I consider the offer?

From little detail seems like you need the cash. Staying small doesn't seem like an option otherwise you wouldn't be entertaining this idea. So, there are only a few options and all of them are you giving up some control and dealing w pe people or better IPO public shareholders.

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That is a delicate situation to be in, it doesn't sound like you are ready to quit yet; my advice to you will be based on that assumption. Remember that VC's are looking for growth opportunities just like yourself, however they are looking for an asset with capital appreciation similar to that found in real estate (I.e., buy low and sell high).  This company is your baby, you've created it and set it in motion with a growth goal.  That effort implies a value in your mind, your reaction may be to take the deal but what does your instincts tell you? Will the VC committ to future rounds?  What are they asking in return for the series A round?  There are rules in the VC funding Merry go round....I hope you consider not just the money but the conditions that go with it.