Valuation|
Valuation in the lower middle market: beyond the EBITDA multiple
Size, revenue quality, the working capital peg, earn-outs, seller notes and rollover equity often matter as much to sellers as the headline multiple.
Insights
Notes from live mandates on valuation, deal terms, sourcing and what buyers are asking for.
Sourcing|
Off-market sourcing: why the best acquisition targets are rarely for sale
Many of the best lower middle market acquisitions begin with an owner who was not selling. How direct, confidential outreach to owners works in practice.
Buy-Side|
What strategic buyers actually diligence in a B2B software business
Beyond the growth story, acquirers test net revenue retention, gross margin, cohort data, contract terms, technical debt and key-person risk.
Sell-Side|
Preparing a founder-owned B2B company for sale: the 18-month runway
The work that protects valuation happens well before launch: earnings quality, customer concentration, management depth and a data room built in advance.
Sell-Side|
The letter of intent: the terms that matter more than price
Price gets the attention, but exclusivity, the working capital peg, escrow and indemnity terms decide what a seller actually takes home.
Valuation|
Earn-outs that work: structuring contingent consideration both sides can live with
Earn-outs can bridge a valuation gap, but only if the metric, measurement and operating covenants are defined before anyone needs them.
Buy-Side|
Running an add-on program: how private equity sponsors build a sourcing engine
Platform investments rarely succeed on the add-ons that come through bankers. A repeatable sourcing program reaches owners before they decide to sell.
Sell-Side|
Family business succession: choosing between a sale, a recap and a management buyout
Owners planning succession have more than one exit. The right path depends on liquidity needs, family goals and the depth of the management team.
Guides for owners and acquirers
In-depth reference guides with tables, worked examples and checklists.
Selling
The Complete Guide to Selling a B2B Company
How a lower middle market B2B sale works end to end: timing, readiness, advisors, the CIM, buyers, IOIs, LOI, diligence, closing and why deals fail.
17 min read|7 reference tables
Valuation
Valuation Multiples in the Lower Middle Market: A Sector-by-Sector Guide
Indicative EV/EBITDA and ARR multiples by size band and sector, what moves a multiple, and how a headline price becomes cash at close.
17 min read|9 reference tables
Buyers
Who Buys Lower Middle Market Companies: Buyer Types Compared
Strategics, private equity, family offices, search funds, ESOPs and more: how each buyer type values, finances and structures a lower middle market deal.
23 min read|7 reference tables
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