An expert-level guide for lower middle market business owners on optimizing their exit strategy based on age and life stage, covering retirement planning, tax considerations, health factors, market timing, and succession options.
For many lower middle market business owners, the decision to sell their enterprise represents the culmination of decades of dedication, risk-taking, and personal sacrifice. This pivotal moment is often intertwined with personal life stages, particularly as owners approach or enter their retirement years. While the allure of a lucrative exit is universal, the optimal strategy for achieving it is far from one-size-to-all. It is a complex interplay of personal readiness, business health, prevailing market conditions, and a nuanced understanding of how these factors evolve with the owner's age.
This comprehensive guide delves into the distinct considerations and strategic imperatives for business owners contemplating a sale in their 50s, 60s, and 70s. We will dissect how motivations shift, financial planning priorities reorient, tax implications become more acute, and succession dynamics gain urgency across these life stages. Our aim is to provide a disciplined, operator-focused framework for navigating these critical decisions, ensuring that the timing of your exit maximizes both financial return and personal fulfillment. We will move beyond generic advice to offer actionable insights, grounded in market realities and the strategic foresight required to build a lasting legacy and secure your financial future.
The conventional wisdom often suggests a 'best age' to sell a business, typically aligning with traditional retirement ages. However, sophisticated operators understand that chronological age is merely one variable in a complex equation. A successful exit is less about the number on your birth certificate and more about the strategic alignment of three critical pillars: personal readiness, business health, and market conditions [1].
Personal Readiness: This encompasses an owner's psychological and emotional preparedness to transition away from their life's work. Are you still driven to innovate and grow, or are you experiencing 'founder fatigue'? Do you envision a full retirement, a partial step back into advisory roles, or a new entrepreneurial venture? Your personal aspirations and energy levels significantly dictate the optimal timing and structure of a sale. For instance, an owner in their late 50s with renewed vigor for growth might delay a sale, while a 60-year-old facing burnout might accelerate it.
Business Health: A business that is performing robustly, with consistent revenue, strong profit margins, a diversified customer base, and a capable management team, will always command a higher valuation. Conversely, a business heavily reliant on the owner, with declining financials or unresolved operational issues, will struggle to attract premium buyers, regardless of the owner's age. Proactive measures to de-risk and optimize the business—such as documenting key processes, strengthening financial reporting, and broadening the customer base—can take years to implement but are crucial for maximizing sale value [1].
Market Conditions: The broader economic and industry landscape plays an undeniable role. Favorable market conditions, characterized by high buyer demand, accessible financing, and supportive industry trends, can significantly enhance valuation multiples and ease the sale process. Conversely, a downturn can depress valuations and make finding a suitable buyer challenging. While owners cannot control market cycles, they can strategically position their business to capitalize on opportune windows and demonstrate resilience during less favorable periods.
When these three elements converge positively, the stage is set for a smoother transition and a more rewarding outcome. Disregarding any one of them in favor of a rigid age-based timeline often leads to suboptimal results, leaving significant value on the table or forcing a sale under duress.
For business owners in their 50s, the conversation around selling often shifts from immediate necessity to strategic optimization. This decade is frequently characterized by a desire to diversify wealth, plan for future succession, and potentially capitalize on the business's peak growth phase. The focus is less on immediate retirement and more on creating options and maximizing long-term enterprise value.
The motivations for selling in one's 50s are typically proactive rather than reactive. Owners at this stage often recognize that a significant portion of their net worth is tied up in a single, illiquid asset—their business. A primary driver for a sale, or a partial sale, is the desire to diversify wealth and mitigate risk. By liquidating a portion of their equity, they can secure their financial foundation while potentially retaining a stake to participate in future upside.
Furthermore, the 50s are a critical time for early succession planning. Owners begin to think seriously about the leadership pipeline and the long-term sustainability of the business without their day-to-day involvement. This foresight is crucial for building a defensible moat; a business that operates independently of its founder is inherently more valuable to sophisticated buyers, such as private equity firms, who seek scalable platforms rather than owner-dependent operations.
Finally, some owners in their 50s may seek an exit to free up capital and energy for new ventures. Having successfully built one enterprise, they may be eager to apply their operational expertise to a different industry or a new challenge, leveraging the proceeds from their initial success.
When contemplating a sale in your 50s, the strategic playbook must be rigorous and forward-looking. The objective is to position the business not just as a profitable entity, but as an attractive acquisition target capable of sustained growth under new ownership.
Business Health & Growth: The emphasis must be on maximizing enterprise value through strategic initiatives. This involves rigorous financial discipline, optimizing operational efficiencies, and demonstrating a clear path for market expansion. Buyers will scrutinize the quality of earnings, customer concentration, and the defensibility of your market position. A business in its 50s-owner phase should be demonstrating scalability and a robust infrastructure that can support future growth without proportional increases in overhead.
Succession Planning: Proactive development of a strong second-tier management team is non-negotiable. Buyers need confidence that the business will not falter upon the founder's departure. This requires investing in leadership development, delegating critical responsibilities, and ensuring that key relationships (with clients, suppliers, and employees) are institutionalized rather than personal. A deep bench of talent significantly reduces perceived risk and enhances the attractiveness of the asset.
Financial Planning: The proceeds from a sale in your 50s must be carefully managed to ensure long-term financial security, as retirement may still be a decade or more away. This necessitates sophisticated wealth management strategies, focusing on reinvestment, asset allocation, and tax-efficient growth. The goal is to transform illiquid business equity into a diversified portfolio that generates sustainable income and preserves capital for future generations.
Tax Implications: Tax planning at this stage is paramount. Owners must navigate the complexities of long-term capital gains and explore structures that minimize tax liabilities. Understanding the nuances between asset sales and stock sales is critical. For instance, while buyers often prefer asset sales for the step-up in basis and depreciation benefits, sellers of C Corporations may face double taxation in such scenarios, making a stock sale significantly more advantageous [2]. Engaging tax professionals early in the process can yield substantial savings and influence the deal structure.
The primary tradeoff for owners in their 50s is balancing the desire for early liquidity against the potential for higher valuations in the future. Selling now provides immediate financial security and the freedom to pursue other interests, but it may mean leaving future growth on the table. Conversely, holding the business requires continued operational commitment and exposes the owner to ongoing market and execution risks.
However, this stage also presents significant opportunities. Owners have the runway to implement substantial value-add strategies before a sale. By investing in technology, expanding into new markets, or executing strategic add-on acquisitions, they can significantly enhance the business's profile and command a premium multiple when they eventually decide to exit. The 50s are the prime decade for building a highly defensible, institutional-grade asset.
As business owners enter their 60s, the motivations for selling often shift more decisively towards retirement, lifestyle considerations, and the preservation of their legacy. While financial maximization remains a critical objective, it is frequently balanced with a desire for a smooth transition, reduced personal burden, and ensuring the continued success of the business and its employees.
The most prominent motivation for owners in their 60s is often the desire to fund their retirement and transition into a new lifestyle. After decades of demanding entrepreneurial life, the prospect of more personal time, travel, or engagement in hobbies becomes increasingly appealing. The business sale becomes the primary vehicle for converting illiquid wealth into the financial resources needed to support these post-business aspirations.
Health considerations also become a more significant factor. The physical and mental demands of running a business can be substantial, and as owners age, they may experience a natural reduction in energy or face unexpected health challenges. Selling the business can alleviate this operational burden, allowing for a focus on personal well-being and family. This can also be a proactive measure to avoid a forced sale under duress due, for example, to sudden illness, which can significantly depress valuation [3].
Finally, many owners in their 60s are deeply concerned with preserving their business legacy and ensuring the future of their employees. They often seek a buyer who will uphold the company culture, continue its mission, and provide opportunities for their long-serving team members. This emotional attachment to the business and its people can influence the choice of buyer and the terms of the sale.
For owners in their 60s, the strategic focus is on securing a comfortable retirement, managing health-related risks, and orchestrating a seamless transition that honors their legacy.
Retirement Funding: A meticulous assessment of personal financial needs in retirement is paramount. This involves projecting living expenses, healthcare costs, and desired lifestyle activities. The sale proceeds must be sufficient to meet these needs, often requiring a clear understanding of the net-after-tax proceeds. Financial advisors play a crucial role in modeling various scenarios and ensuring the sale aligns with long-term financial independence.
Health & Energy: Owners should candidly evaluate their current health and energy levels, as well as anticipate potential future changes. This might involve structuring the sale to include a transitional period that gradually reduces their involvement, or, conversely, accelerating the sale if health concerns are pressing. Contingency plans for unexpected health events, such as a robust succession plan and key person insurance, become even more critical at this stage.
Succession & Transition: Implementing a clear and well-communicated handover plan is essential. This could involve selling to a strategic buyer, a private equity firm, an Employee Stock Ownership Plan (ESOP), or even a management buyout (MBO). The chosen path should facilitate smooth operational continuity and minimize disruption. For owners prioritizing legacy, finding a buyer who shares their vision and values is often as important as the financial terms.
Tax Implications: Estate planning becomes increasingly intertwined with the business sale. Strategies to minimize capital gains tax, such as installment sales, charitable remainder trusts, or qualified opportunity funds, should be explored with tax professionals. Understanding state-specific income and estate tax laws is also vital, as relocating to a tax-friendly state before receiving deferred payments can significantly impact net proceeds [2].
The primary tradeoff in the 60s often lies between the urgency driven by personal factors (retirement, health) and the desire to optimize for market conditions. Waiting for a perfect market might yield a higher valuation but could also introduce health risks or delay retirement plans. Conversely, an expedited sale might sacrifice some valuation upside for immediate peace of mind.
However, this decade also presents unique opportunities. Owners may have the flexibility to structure a sale that allows for ongoing involvement or mentorship, if desired. This could take the form of a board seat, a consulting role, or a phased exit, providing continued engagement without the full operational burden. Such arrangements can also be attractive to buyers, ensuring continuity and leveraging the founder's institutional knowledge during the transition.
For business owners in their 70s, the decision to sell is often characterized by a heightened sense of urgency, a deep commitment to legacy, and a critical focus on maximizing the final value to secure their estate. At this stage, the balance shifts significantly towards personal well-being and ensuring a smooth, definitive exit from business responsibilities.
The most compelling motivation for owners in their 70s is typically a desire for a complete exit from business responsibilities. The physical and mental demands of running an enterprise, even with a strong management team, can become increasingly taxing. Owners often seek to fully disengage to enjoy their retirement, spend more time with family, or address personal health needs without the constant pressure of business operations.
Health and family considerations are paramount. Unexpected health events can force an immediate sale, often at a suboptimal valuation. Proactive selling in the 70s allows owners to control the narrative and timing, ensuring a more orderly transition. Furthermore, many owners wish to simplify their financial affairs for their heirs and ensure their legacy is protected and passed on effectively.
Finally, there is a strong drive to ensure business continuity and maximize final value for their estate. Owners want to see their life's work continue to thrive and to ensure that the financial fruits of their labor are preserved for future generations, often through sophisticated estate planning.
Strategic planning for a sale in your 70s emphasizes risk mitigation, robust succession, and comprehensive estate integration.
Health & Capacity: A realistic assessment of current and projected health is crucial. While a strong management team can mitigate day-to-day operational reliance on the owner, the ability to engage actively in the sale process, due diligence, and transition period is vital. If health is a concern, an expedited sale process might be necessary, underscoring the importance of prior preparation. The business should ideally be structured to run independently, minimizing the owner's operational involvement long before a sale is contemplated.
Succession & Continuity: At this stage, ensuring the business survives and thrives post-sale is often a primary concern, sometimes even outweighing pure financial gain. This involves a clear transfer of leadership and ownership, whether to a strategic buyer, a private equity firm, or an internal team. Employee welfare and the preservation of company culture often become significant considerations, leading owners to seek buyers who align with these values. A well-documented operational framework and a seasoned leadership team are critical to demonstrating continuity to potential acquirers.
Estate Planning: The business sale must be meticulously integrated into a comprehensive estate plan. This is not merely about minimizing inheritance taxes but also about ensuring a smooth transfer of wealth to beneficiaries and fulfilling philanthropic goals. Strategies may include gifting shares prior to sale, establishing various trusts (e.g., Charitable Remainder Trusts, Grantor Retained Annuity Trusts), or utilizing installment sales to spread capital gains over multiple tax years, thereby potentially reducing the overall tax burden [2]. Early engagement with estate planning attorneys and tax specialists is indispensable.
Tax Implications: Advanced estate and capital gains tax planning are critical. Owners in their 70s often have substantial accumulated wealth, making the tax efficiency of the sale paramount. Beyond federal and state capital gains, estate taxes can significantly erode the value transferred to heirs. Utilizing strategies like Qualified Personal Residence Trusts (QPRTs) or Family Limited Partnerships (FLPs) can help reduce the taxable estate. The choice between an asset sale and a stock sale, particularly for C Corporations, will have profound tax consequences that must be carefully modeled and negotiated [2].
The primary tradeoff for owners in their 70s is often the potential for an expedited sale due to personal urgency, which can sometimes impact valuation. While a quick exit might be necessary for health or personal reasons, it can limit negotiation leverage. However, a well-prepared business, even if sold quickly, can still command a respectable price.
Despite the potential for urgency, this stage also offers unique opportunities. Owners can often secure a legacy buyer who aligns with their values and vision for the business, ensuring its continued success and the well-being of its employees. Furthermore, the sale can provide the ultimate financial security, allowing owners to fully enjoy their remaining years without the burdens of business ownership, while also establishing a lasting financial legacy for their families and chosen causes.
Understanding the distinct drivers and strategic imperatives across different life stages is crucial for any business owner contemplating an exit. The following table provides a high-level comparison of key aspects when selling a business in your 50s, 60s, and 70s.
| Feature | Selling in Your 50s | Selling in Your 60s | Selling in Your 70s |
|---|---|---|---|
| Primary Motivations | Wealth diversification, future growth, new ventures, early succession. | Retirement funding, lifestyle transition, health management, legacy preservation. | Complete exit from responsibilities, health & family, estate planning, final value maximization. |
| Planning Horizon | 5-10+ years (proactive, value-building) | 2-5 years (strategic, transition-focused) | 0-2 years (urgent, legacy-driven) |
| Key Financial Focus | Reinvestment, long-term wealth growth, risk mitigation. | Retirement income, capital preservation, tax-efficient distribution. | Estate preservation, inheritance tax minimization, liquidity for heirs. |
| Risk Tolerance | Moderate to high (opportunity for strategic risks) | Moderate (balancing risk with security) | Low (prioritizing certainty and simplicity) |
| Succession Approach | Proactive management development, institutionalization of roles. | Phased transition, MBO, ESOP, strategic buyer. | Clear handover, often external strategic buyer, family succession. |
| Tax Planning Emphasis | Long-term capital gains, future tax efficiency. | Capital gains minimization, estate planning integration. | Advanced estate & inheritance tax, wealth transfer. |
| Urgency vs. Patience | High patience, focus on value creation. | Balanced, often driven by retirement timeline. | High urgency, focus on smooth, definitive exit. |
| Business Condition | Optimizing for peak performance, scalability. | Sustaining performance, de-risking. | Maintaining stability, minimizing owner dependency. |
Understanding the prevailing market dynamics and how businesses are valued is fundamental to any successful exit strategy, regardless of the owner's age. The lower middle market (typically businesses with EBITDA between $2 million and $20 million) operates with its own unique set of drivers and valuation benchmarks.
The M&A landscape in the lower middle market is a dynamic environment, influenced by broader economic trends, interest rates, and buyer appetite. As of early 2026, global M&A activity has shown a significant rebound, with deal values increasing by 31-43% in 2025 compared to the previous year, making it one of the strongest years on record [4] [5] [6]. This momentum is expected to continue, albeit with some anticipated volatility.
Key trends influencing the lower middle market include:
Owners must be acutely aware of these trends. Selling into a seller's market, characterized by high demand and favorable financing, can significantly enhance valuation and negotiation leverage. Conversely, attempting to sell during a downturn may necessitate greater patience or a willingness to accept a lower multiple.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) multiples are a widely used valuation metric in the lower middle market. They provide a standardized way to compare the value of similar businesses by expressing the purchase price as a multiple of the company's annual EBITDA. While often simplified, a business's true value is a function of its specific characteristics and future earnings potential.
For most lower middle market businesses, a general rule of thumb suggests valuations typically fall within the range of 4x to 8x adjusted EBITDA [7]. However, this range is highly variable and influenced by numerous factors:
Owners should focus on optimizing these value drivers well in advance of a sale. A business that can demonstrate consistent growth, strong profitability, and a robust operational structure will always be more appealing to sophisticated buyers and command a higher multiple, irrespective of the owner's age.
Theory provides a framework, but real-world examples illuminate the practical application of these timing strategies. The following case studies, while fictionalized, draw upon common scenarios observed in the lower middle market, illustrating how different life stages and strategic choices impact exit outcomes.
Situation Assessment: Sarah, 54, was the founder and CEO of a specialized B2B software company with $8 million in annual recurring revenue (ARR) and $2 million in EBITDA. Her company had a strong product, but growth had plateaued in recent years due to her focus on day-to-day operations rather than strategic expansion. Sarah was financially comfortable but recognized that a significant portion of her wealth was illiquid and tied to the business. She envisioned a future where she could diversify her assets and potentially pursue other entrepreneurial ventures, but she wasn't ready to fully retire.
Strategic Options & Recommended Path: Sarah engaged an M&A advisor who identified several areas for value enhancement. Instead of an immediate sale, the recommended path was a 3-year value creation plan focused on:
Outcome: Over three years, the COO successfully streamlined operations, reducing customer churn by 15%. The new product module generated an additional $2 million in ARR, and customer diversification efforts reduced top-client concentration to 25%. EBITDA grew to $3.5 million. At 57, Sarah sold 70% of her company to a private equity firm at a 7x EBITDA multiple, valuing the business at $24.5 million. She retained a 30% equity stake, rolled over a significant portion of her proceeds, and joined the new board of directors, providing strategic guidance while pursuing new investment opportunities. This strategy allowed her to de-risk, gain liquidity, and participate in future upside, leveraging her expertise without the operational burden.
Situation Assessment: David, 63, owned a successful regional manufacturing business with $15 million in revenue and $2.5 million in EBITDA. He had built the company from the ground up over 35 years, and many of his employees had been with him for decades. David was approaching retirement age and wanted to ensure his employees were taken care of and that the business, which was a pillar of the local community, would continue to operate under new ownership. His personal financial planning indicated he needed a certain level of liquidity for a comfortable retirement, but preserving his legacy was equally important.
Strategic Options & Recommended Path: David explored several options, including selling to a larger strategic competitor, a private equity firm, or an internal management buyout. The strategic competitor offered the highest valuation but indicated significant operational changes and potential layoffs. A private equity firm offered a competitive valuation with a commitment to growth, but David was concerned about the cultural fit. The recommended path involved a hybrid approach:
Outcome: David sold his business for a 6x EBITDA multiple, totaling $15 million. While a slightly higher multiple might have been achievable with a less values-aligned buyer, David prioritized the continuity of his legacy and the well-being of his employees. The phased transition ensured stability, and the buyer, a larger family-owned business, integrated David's company while preserving its core identity. David achieved his financial retirement goals and found immense satisfaction in knowing his life's work would continue to thrive, leaving a positive impact on his community and former employees.
Situation Assessment: Maria, 72, was the owner of a thriving boutique marketing agency with $5 million in revenue and $1 million in EBITDA. She had a loyal client base and a talented team, but the business was highly dependent on her personal relationships and strategic vision. Maria had always planned to work indefinitely, but a sudden, unexpected health diagnosis necessitated an expedited exit. She needed to sell quickly to focus on her health, but also wanted to ensure her team and clients were in good hands, and that her financial security was preserved.
Strategic Options & Recommended Path: Given the urgency, a lengthy value-enhancement process was not feasible. The priority was to find a buyer capable of a swift transaction while offering a fair price. The recommended path focused on:
Outcome: Within six months, Maria successfully sold her agency to a larger national marketing firm for a 5x EBITDA multiple, totaling $5 million. While the multiple was on the lower end of the market range, the speed of the transaction and the buyer's commitment to retaining her entire team were critical factors. The buyer valued her client relationships and the expertise of her staff. Maria secured the necessary liquidity to manage her health needs and ensure her financial well-being, knowing her team had a new home and her clients would continue to receive excellent service. This case highlights that even under urgent circumstances, a well-prepared business and a focused strategy can lead to a favorable, albeit expedited, outcome.
Regardless of your age or the specific motivations driving your decision to sell, the complexity of a business transaction necessitates a robust and experienced advisory team. Attempting to navigate the intricate landscape of M&A without expert guidance is a common pitfall that can lead to suboptimal outcomes, significant delays, or even deal failure. For lower middle market owners, assembling the right team is not merely a recommendation; it is a strategic imperative.
A successful business sale is a symphony of specialized expertise, each instrument playing a critical role:
Bringing these advisors in early allows them to proactively shape the process, identify potential challenges, and position your business for the most successful outcome. Their collective expertise transforms a daunting, complex process into a managed, strategic endeavor.
At DealFlow.ai, we understand that proprietary access to motivated sellers and qualified buyers is the most broken constraint in lower middle-market M&A. Our platform is purpose-built to address this challenge, leveraging modern digital acquisition systems and automation to create a predictable, data-driven deal sourcing advantage.
We are not an agency; we are a marketing-first advisory platform that empowers lower middle market business owners to sell their businesses efficiently and effectively. Our extensive network of over 200 qualified buyers, including private equity firms, family offices, and strategic acquirers, ensures that your business is presented to the right audience.
By controlling ad accounts, owning pixels, and managing CRM data, we generate high-quality, inbound deal flow. This allows us to connect motivated sellers like you with buyers who are actively seeking opportunities, bypassing traditional broker-led auctions and enabling acquisitions at rational valuations. Our internal agentic platforms and processes streamline the entire journey, building defensibility against old-school advisory firms and winning on the sheer volume of high-quality deal flow we can deliver.
When you partner with DealFlow.ai, you gain a strategic advantage, ensuring your business is seen by serious buyers, and your exit strategy is executed with precision and optimal leverage. We align incentives with everyone onboard, focusing on increasing predictability and stability for our clients, much like a strong Debt Service Coverage Ratio (DSCR) provides confidence to lenders.
The decision to sell a business is one of the most significant an entrepreneur will ever make, profoundly impacting their financial future, personal legacy, and post-business life. As we have explored, the optimal timing and strategy for this exit are deeply intertwined with the owner's life stage—whether in their 50s, 60s, or 70s. Each decade presents a unique set of motivations, strategic considerations, tradeoffs, and opportunities that demand a tailored approach.
For owners in their 50s, the focus is often on strategic value creation, wealth diversification, and proactive succession planning, leveraging a longer runway to build a highly defensible and scalable asset. The 60s typically bring a shift towards balancing legacy with lifestyle, prioritizing retirement funding, health management, and a smooth transition that honors the business's history and employees. By the 70s, the imperative often becomes a complete exit from operational responsibilities, meticulous estate planning, and maximizing final value to secure a lasting legacy.
Regardless of your current age or immediate plans, the consistent thread across all successful exits is proactive planning and the assembly of an indispensable advisory team. From M&A advisors and legal counsel to tax specialists and wealth managers, these experts provide the strategic guidance and execution capabilities necessary to navigate the complexities of a sale. Platforms like DealFlow.ai further amplify this advantage by connecting motivated sellers with a curated network of qualified buyers, ensuring that your business finds the right home at the right valuation.
Ultimately, there is no single 'right' age to sell a business; there is only the right strategy for you. By understanding the interplay of personal goals, business readiness, and market dynamics, and by engaging with expert partners, you can engineer an exit that not only maximizes financial returns but also secures your legacy and provides the freedom to embrace your next chapter with confidence.
Ready to explore your exit options and understand how your life stage impacts your business sale strategy? Learn more about how to navigate the complexities of selling your business and connect with qualified buyers.
[1] MASECO Private Wealth. (2025, October 15). Is There Really a Best Age to Sell Your Business? https://masecoprivatewealth.com/is-there-really-a-best-age-to-sell-your-business/ [2] U.S. Bank. (n.d.). Tax Implications of Selling a Business. https://www.usbank.com/wealth-management/financial-perspectives/financial-planning/business-owners/sell-your-business-taxes.html [3] Transact Capital. (n.d.). When to Sell: Considerations for Elderly Business Owners. https://transactcapital.com/transact-newsletter/sell-considerations-elderly-business-owners/ [4] Morrison Foerster. (2026, January 15). M&A in 2025 and Trends for 2026. https://www.mofo.com/resources/insights/260115-m-a-in-2025-and-trends-for-2026 [5] PwC. (2026, January 27). Global M&A industry trends: 2026 outlook. https://www.pwc.com/gx/en/services/deals/trends.html [6] BCG. (2026, January 15). M&A Outlook 2026: Expectations Are High—Again. https://www.bcg.com/publications/2026/m-and-a-outlook-expectations-are-high-again [7] Raincatcher. (2024, January 21). EBITDA Valuation Multiples (By Industry & Size). https://raincatcher.com/ebitda-valuation-multiples-by-industry-size/ [8] Equidam. (n.d.). EBITDA Multiples by Industry in 2026. https://www.equidam.com/ebitda-multiples-trbc-industries/