Start With Defensible Earnings
Historical financials must be reconciled and explainable. We help identify potential normalization items, one-time expenses, owner-related adjustments, and operating changes so the earnings story can be reviewed with the company’s accounting and transaction professionals.
Multiples Reflect Quality and Risk
Two companies with the same EBITDA can receive different buyer interest because of customer concentration, revenue durability, leadership, cyclicality, capital expenditure, working capital, growth, and the level of effort required after closing.
Value Depends on the Buyer and Structure
Strategic buyers, private equity firms, family offices, and individual operators may underwrite the same company differently. Purchase price is only one part of value; working capital, debt, rollover equity, earnouts, seller financing, tax structure, and post-close obligations also matter.