Guides & articles
Private markets, from the people who price them.
Value Alpha values private businesses for a living. What we publish comes out of that work.
Value
Grounded in the evidence.
Every piece starts from real transactions and traded comparables, not a rule-of-thumb multiple.
Alpha
Written to find the edge.
Alpha is the gap between what a business is worth and what someone pays for it. We write about where that gap opens, and how to close it.
Both sides
Useful across the table.
The same piece should help an owner hold their price and an investor avoid overpaying.
New here? Start with What is alpha in private business
01 · Everything we publish
Guides
7 publishedAll guides
01Sep 2, 202614 min
Business Valuation Multiples by Industry: The 2026 Reference
A complete reference table of SDE, EBITDA, and revenue multiples by industry for small and lower-middle-market businesses in 2026. Includes size bands, the premium and discount drivers that move your multiple inside the range, and the primary sources behind each number.
valuation multiplesEBITDA multiplesSDE multiples
02Jul 10, 202612 min
How to Value a Startup: Methods That Actually Work
A practical guide to valuing a startup at any stage: why earnings multiples and DCF break down, and how to use Scorecard, Berkus, the VC method, revenue multiples, comparable rounds, and scenario-weighted First Chicago to reach a defensible range.
startup valuationhow to value a startuppre-revenue valuation
03Jul 10, 202613 min
How to Value a Limited Company (LLC / Ltd): A Practical Guide
A step-by-step guide to valuing a private limited company: normalize the P&L with owner add-backs, bridge from enterprise to equity value with net debt, run DCF, comps, and the asset floor, then apply minority and marketability discounts and reconcile into a defensible range.
limited company valuationhow to value an LLChow to value a Ltd
04Jun 24, 202612 min
How to Value a Business: A Step-by-Step Guide
A practical, step-by-step guide to valuing a business: recast the financials, pick the right methods, run DCF, comps, and the asset floor, then reconcile into a defensible range.
business valuationhow to value a businessDCF
05Jun 1, 202613 min
SBA 7(a) Business Valuation Requirements: The Complete 2026 Guide
Everything ETA buyers and sellers need to know about SBA 7(a) business valuation requirements under SOP 50 10 8 - the $250,000 independent appraisal threshold, who qualifies to perform the valuation, accepted methods, costs, and timelines.
SBA 7(a)business valuationchange of ownership
06Apr 30, 20268 min
Free Business Valuation Calculator - How It Works and How to Use It
Free business valuation calculator powered by 11,000+ SMB comps. Get a VA Range in under a minute - bear, base, and bull estimates with a confidence score. No signup, no credit card.
calculatorvaluationEBITDA multiples
07Apr 27, 202612 min
What Is Alpha in Private Business? The Five Sources of Excess Returns
Alpha in private markets is excess return above a benchmark. Five sources: information asymmetry, operational improvements, multiple arbitrage, valuation gaps, and roll-ups.
private equityalphavaluation
Articles
28 publishedAll articles
01Sep 21, 20267 min
Is 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.
valuation multiplesSDErules of thumb
02Sep 18, 20269 min
How 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.
revenue multiplesSDEvaluation basics
03Sep 9, 20264 min
The 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.
The Briefproduct updatesM&A advisory
04Sep 4, 20268 min
Seller 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.
deal structureseller financingearnouts
05Aug 7, 20268 min
The 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.
net working capitalNWC pegM&A advisory
06Aug 5, 20268 min
How 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.
e-commerceSDE multiplesonline business
07Aug 3, 20269 min
Business 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.
valuation methodsDCFcomps
08Jul 31, 20267 min
Customer 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.
customer concentrationriskselling a business
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