Multiples vary wildly by industry, deal structure, and add-backs. Here is what actually moves the number in a virtual-syndicate context.
Most owners hear "3x EBITDA" or "5x SDE" and assume that applies to them. It almost never does cleanly. This piece breaks down the levers that matter in a syndicate context: working-capital adjustments, normalized owner comp, transferability of customer relationships, and recurring revenue mix.
We also cover why your blended-syndicate multiple is usually higher than your standalone multiple.
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