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Articles & Guides
Practical knowledge about business valuation, financial analysis, and making informed decisions about your company's worth.
valuation multiplesSDErules of thumbsmall business ownerssellers
7 min readIs a Business Worth 3 Times Profit? When It Is 2x, When It Is 5x, and Which Profit Counts
Is a business worth 3 times profit? Often, if the profit is SDE. When 2x or 5x applies instead, which profit counts, and what diligence does to the price.
September 21, 2026
revenue multiplesSDEvaluation basicssmall business ownerssellers
9 min readHow Much Is a Business Worth With $500,000 in Sales? The Revenue Ladder From $100K to $3 Million
Revenue does not set a price, earnings do. See what businesses at $100K, $200K, $300K, $500K, $1M, $2M and $3M in sales are worth at 10%, 20% and 30% margins.
September 18, 2026
The Briefproduct updatesM&A advisorysmall business owners
4 min readThe Brief · Dispatch Nº2: Your Industry's Average Multiple Includes Money-Losing Companies
Industry-average EV/EBITDA includes loss-making firms - biotech goes from 15.8x on profitable companies to 51.5x on all of them. Plus what we shipped.
September 9, 2026
deal structureseller financingearnoutsM&A advisorysellersETA
8 min readSeller Financing, Earnouts, and Escrow: How Deal Structure Changes What You Actually Get Paid
The headline price is not the deal. How seller notes, earnouts, escrows, and holdbacks shift risk between buyer and seller, and how to compare two offers on a risk-adjusted basis.
September 4, 2026
net working capitalNWC pegM&A advisoryETAsearch fundssellers
8 min readThe Net Working Capital Peg: The Closing-Table Fight Nobody Warns First-Time Sellers About
The NWC peg explained: why 'cash-free, debt-free' deals still move six figures at closing, how the working capital target is set, and how buyers and sellers each protect themselves.
August 7, 2026
e-commerceSDE multiplesonline businesssmall business ownersbusiness buyerssellers
8 min readHow to Value an E-Commerce Business: SDE Multiples, Revenue Quality, and Platform Risk
E-commerce valuation explained: the SDE and EBITDA multiples online businesses sell for by model (FBA, DTC, dropship), why revenue quality and platform dependence move the price, and a worked example.
August 5, 2026
valuation methodsDCFcompsprecedent transactionssmall business ownersM&A advisory
9 min readBusiness Valuation Methods Explained: DCF vs. Comps vs. Precedent Transactions
The five business valuation methods professionals actually use (DCF, comparable companies, precedent transactions, SDE/EBITDA multiples, and asset-based), when each wins, and how they combine into one defensible number.
August 3, 2026
customer concentrationriskselling a businesssmall business ownersM&A advisorysellers
7 min readCustomer Concentration: The Silent Discount on Your Business's Value
When one customer is 20% or more of revenue, buyers cut the price, restructure the deal, or walk. Here's how concentration is measured, what it costs in practice, and the 18-month fix.
July 31, 2026
dental practicehealthcareEBITDA multiplessmall business ownersbusiness buyersETA
8 min readHow to Value a Dental Practice: Collections, EBITDA, and What DSOs Actually Pay
Dental practice valuation explained: the percentage-of-collections rule, when EBITDA multiples take over, what drives DSO offers, and a worked example for a $900K practice.
July 29, 2026
quality of earningsdue diligenceETAsearch fundsM&A advisory
8 min readQuality of Earnings vs. Valuation: What Changes Between the LOI and Closing
A valuation sets the multiple; a Quality of Earnings (QoE) report tests the earnings underneath it. Here's what QoE actually examines, the adjustments that re-price deals, and how both sides prepare.
July 27, 2026
restaurantsSDE multiplessmall business ownerssellersbusiness buyers
8 min readHow to Value a Restaurant: SDE Multiples, Prime Cost, and What Buyers Actually Pay
How restaurant valuation works in 2026: the SDE multiples buyers pay by restaurant type, why prime cost and your lease move the number, and a worked example.
July 24, 2026
SDEseller's discretionary earningsadd-backssmall business ownersbusiness valuationM&A advisory
9 min readThe SDE Formula: How to Calculate Seller's Discretionary Earnings (2026)
The SDE formula explained step by step: how to calculate Seller's Discretionary Earnings, exactly which add-backs to include, a worked example, and how SDE sets a business's value.
July 22, 2026
ETAsearch fundsM&A advisorybusiness buyersacquisitionLOI
11 min readHow to Value an Acquisition Target: A Search Funder's Framework for Setting Your LOI Range
How search fund and ETA buyers value an acquisition target: normalize SDE or EBITDA, anchor to lower-middle-market multiples, and set an LOI range a lender will underwrite.
July 20, 2026
LOIdeal structureETAsearch fundsbusiness buyersM&A advisory
8 min readHow to Set a Valuation Range in an LOI: A Searcher's Guide
How searchers and self-funded buyers set a defensible LOI valuation range before diligence: the multiple bands, the four discounts to price in, and how wide to leave the range.
July 15, 2026
SBA 7(a)business acquisitionvaluation requirementssearch fundsETAM&A advisorybusiness buyers
9 min readSBA 7(a) Business Valuation Requirements (2026): A Buyer's Guide
SBA 7(a) acquisitions need an independent business valuation once the financed amount tops $250,000. See the 2026 SOP 50 10 8 rules, who qualifies, and what to prepare.
June 19, 2026
HVAChome servicesindustry multiplesSDEEBITDAsmall business ownersETAbusiness buyers
8 min readHow to Value an HVAC Business in 2026: SDE and EBITDA Multiples
HVAC businesses sell for about 2x to 3.3x SDE for small shops and 5x to 9x EBITDA for larger firms. See 2026 multiples by size and what drives the number.
June 16, 2026
The Briefproduct updatessmall business ownersETA
4 min readThe Brief · Dispatch Nº1: Why Main Street Doesn't Trade Like SaaS
Profitable home-services businesses trade near 11× EBITDA while SaaS sits at 24× - the multiple you anchor to drives most of the valuation gap. Plus what we shipped.
June 10, 2026
add-backsEBITDAnormalizationquality of earningsM&Afinancial metrics
7 min readAdd-Backs Explained: Which Adjustments Survive Diligence
Add-backs adjust reported earnings to reflect true business profitability. Learn which add-backs buyers accept, which they reject, and how normalization affects the valuation.
May 29, 2026
valuation gapselling a businessbuyer psychologysmall business ownersETAM&A advisory
7 min readThe Valuation Gap: Why Owners and Buyers Price the Same Business Differently
The valuation gap is the difference between what you think your business is worth and what a buyer will pay. Here's why it happens - and how to close it before you go to market.
May 29, 2026
WACCDCFdiscount ratevaluation methodologyfinancial metrics
6 min readWACC Explained: Why Your Discount Rate Can Make or Break a Valuation
WACC is one of the most misunderstood terms in business valuation. Here's what it is, why it matters, and how it directly affects what your business is worth.
April 27, 2026
SaaSsoftwareARRvaluationindustry insights
6 min readHow SaaS Businesses Are Valued: Metrics That Matter
SaaS companies are valued differently than traditional businesses. Learn which metrics drive SaaS valuations, what multiples to expect, and how to prepare your business for a sale.
April 1, 2026
M&Abuyer perspectivevalue drivers
5 min readWhat Buyers Actually Look At in a Business Valuation
Forget vanity metrics. Here are the 5 factors that move the needle when a buyer evaluates your business - and how to strengthen each one.
March 24, 2026
preparationfinancial statementsdue diligence
6 min readHow to Prepare Your Business for a Valuation
The 7 documents and data points you need before running a business valuation - and how each one impacts your final number.
March 17, 2026
valuation methodologyrangesbuyer psychology
4 min readWhy Your Business Valuation Is a Range, Not a Number
A single valuation number is a red flag. Here's why serious buyers, investors, and advisors always think in ranges - and how to interpret yours.
March 10, 2026
valuation basicsSDEEBITDAsmall business
5 min readSDE vs EBITDA: Which Metric Matters for Your Business Valuation?
Understanding the difference between Seller's Discretionary Earnings and EBITDA - and why choosing the wrong one can cost you millions in a sale.
March 3, 2026
DCFvaluation methodologyfinance
6 min readDCF Analysis Explained for Private Companies
A clear, practical guide to discounted cash flow analysis for private companies. Learn the five key steps, how to estimate WACC without public market data, terminal value approaches, and common pitfalls to avoid.
February 16, 2026
valuationguidebusiness owners
11 min readHow Much Is My Business Worth? A Complete Guide
Learn exactly how to determine your business valuation using the three main approaches: income, market, and asset-based methods. Avoid common mistakes and understand why valuation ranges matter more than a single number.
February 16, 2026
EBITDAmultiplesindustry analysis
5 min readUnderstanding EBITDA Multiples by Industry
Learn what EBITDA multiples are, how they are used in business valuations, and what typical ranges look like across major industries including technology, healthcare, manufacturing, retail, and professional services.
February 16, 2026