How Inventory and Working Capital Affect the Value of a Distribution Business
When a distribution business owner starts thinking about a sale, the conversation usually begins with EBITDA.
How Buyers Value a Distribution Business: What Really Drives the Multiple?
A distribution business can generate $30 million in annual revenue and be worth considerably less than another distributor generating $20 million.
How Customer Concentration Can Affect the Value of a Manufacturing Business
For many manufacturing owners, landing a major customer is a significant achievement.
Why Similar Manufacturing Businesses Can Sell for Very Different Prices
Two manufacturing companies can each generate $3 million in EBITDA and still receive dramatically different offers from buyers.
Why 1 in 3 Lower Middle Market LOIs Never Close
Signing a Letter of Intent can feel like the hardest part of selling a business. In reality, it is the point where the transaction moves into a much more consequential phase: exclusivity, diligence, financing, documentation and closing.
Q3 2026 Lower Middle Market M&A Trends Across Northern California
Q3 2026 is not a market where every Northern California business is receiving the same valuation. The broader lower middle market is active, but buyers are increasingly selective about the quality of the companies they pursue.
What Is My HVAC Business Worth? 2026 Valuation Multiples and Buyer Demand
Every HVAC owner who has spent years building routes, training technicians, winning service contracts, and answering emergency calls eventually asks the same question: what is this business actually worth?
Selling an IT Managed Services Provider (MSP): Multiples, Buyers, and Deal Structures in 2026
MSP owners tend to enter a sale conversation with a stronger understanding of recurring revenue and operating metrics than many other business owners.
Which Earnout Structures Actually Get Paid?
In earnout M&A, the structures most likely to pay the seller are based on revenue milestones, last 12 to 24 months, include precise accounting definitions, and allow the seller to retain meaningful operational control after closing.
How Is a Net Working Capital Peg Set? What It Means for Your Final Sale Price
A net working capital peg is the agreed target level of normalized operating working capital that a business is expected to deliver at closing. It is typically based on the trailing 12-month average of normalized working capital, adjusted for seasonality, growth trends, and one-time items. The closing working capital is then compared against this target, and any shortfall or excess results in a purchase price adjustment through the closing statement or post-closing true-up.