Hey everyone, Andrew here! 

Glad so many of you caught the seller webinar on Wednesday – but no worries if you missed it. The video’s available above, or you can read the recap below. 

By now, you’ve heard how to buy and how to sell on Acquire.com. For this webinar, I wanted to cover one of the trickier aspects of acquisitions – valuations. 

So many founders (myself included) fall into the trap of pricing startups too high and icing out potential buyers. But how do you know the best multiple to use? How do buyers value businesses? What does a 10x (or higher) business really look like? 

You’ll find answers to these questions and more below. 

How Much Is Your Startup Worth?

Free Resources

• Webinar slides – Take notes on all the slides from the webinar, though we’ll cover the important ones below in the recap. 

• Ask our experts to help set your valuation – See if you qualify for free acquisition support from our in-house M&A team by submitting a completed listing or emailing us:

• How to Value Your Online Business – Learn seven ways to calculate your valuation and justify the number to buyers. 

• Free valuation articles – Browse dozens of expert blogs explaining how to increase your business’s value, when to sell, how to command the highest price, and more. 

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Recap and Learnings 

Acquire.com Champions Founders

I remember all the emotional turmoil I went through when I sold my first business. I always thought my valuation would mirror the big deals going down in the press – but I learned quickly those were the outliers, and that valuations are about more than headline numbers. 

It was difficult to juggle the stress, confusion, and doubts while still negotiating a fair deal. Luckily, I closed for a life-changing amount, making all the chaos worth it. 

But I kept wondering, how could I make this experience better for other founders? 

Acquire.com was born from that thought. We’re the world’s first founder-friendly startup acquisition marketplace, focused on helping you achieve your M&A goals. 

With our tools, resources, and incredible team, we’ve already facilitated over half a billion dollars in closed transactions this year. Over the last three years, we’ve serviced thousands of sellers and listed startups before 350,000+ buyers. 

And you could be next. 

Join thousands of global founders who’ve sold their startup on Acquire.com for an ideal price and terms.

Here’s how Acquire.com will help you maximize your exit in the shortest time possible – starting with a killer listing and accurate valuation. 

How We Perfect Your Listing

At Acquire, we’re all about making acquisitions as efficient and seamless as possible. Instead of waiting months for buyers to express interest, we’ll help you build an irresistible listing to attract offers immediately. 

Many buyers look through dozens of listings daily, so how can yours stand out? 

Start by highlighting the best parts of your business – its profitability, unique offering, and potential growth opportunities. Connect your metrics to give buyers an updated look at your data and inspire confidence in your business. Include handy documents like a confidential information memorandum (CIM) and profit and loss (P&L) statement to begin early diligence. 

And before you go live on the marketplace, let our customer success team review your listing to ensure it’s as perfect as possible. 

Our customer success managers (CSMs) will give you a scorecard full of tips to help you improve your listing. Talk through your seller profile, documentation, metrics, and more in a one-to-one call with one of our CSMs.

How We Market Your Startup to 350,000+ Buyers 

When evaluating buyers, I like to remind sellers of this saying: “If you’re talking to one buyer, you’re talking to no buyers.” 

You don’t have enough leverage with just one buyer to exit at the price and terms you want. That’s why we never recommend pricing high and negotiating down – it limits your buyer pool. The more conversations started, the more offers you receive, and the easier it is to drive your asking price higher. 

That’s why we market your startup to as many buyers as possible. How do we do that?

First, as soon as your startup hits the marketplace, we send personalized notifications to buyers looking for startups like yours. 

Buyers fill out acquisition criteria when they register on Acquire. If your startup matches their criteria, they get immediate, daily, or weekly notifications via email or on-platform messages about your listing. 

We also send targeted email features to our most qualified buyers. Your listing is the only one highlighted, and it reaches buyers’ inboxes within 14 days of your startup going live (if you qualify as a top pick).

Additionally, we feature most listings in our general newsletter. Over 350,000 buyers can view an anonymized breakdown of your startup, earning it a ton of interest – provided it’s priced well. 

The asking price is one of the first things buyers will look at in your listing or featured marketing push. So, how can you set a price that satisfies you and entices buyers? 

Drive Buyer Interest With Your Valuation 

Buyer interest on Acquire.com is almost directly proportional to your valuation. As tempting as it is to price your startup at 10x, that’s more likely to alienate buyers than attract them (unless your business truly commands a high multiple – we discuss this later).

Luckily, we provide a recommended range for your asking price that’s consistent with fair market value (FMV). Taking into consideration your startup type, trailing twelve-month (TTM) revenue, and TTM profit, we’ll provide you with an estimated price that leads to about 60 percent of interested buyers pursuing a deal.

When you value above that recommendation, you lose buyer interest and might struggle to get offers at all, let alone at your ideal price. Lower valuations create the opposite effect – more buyer interest that you can use to leverage a higher price during negotiations. 

If you want to exit quickly, have a shorter transition period, or gain all cash at closing, you’re more likely to achieve that with a realistic, market-driven price. But those aren’t the only reasons to set the right price. 

Why Is Setting the Right Asking Price Important? 

1. Increase Your Buyer Pool and Receive More Offers

With a realistic price, you bring more buyers to the table, leading to more offers. Buyers are more willing to pursue your startup if you start with a reasonable asking price. If the gap between your and their expectations is too wide, you won’t even get to a conversation.

2. Maximize the Cash Component of Your Deal

Buyers who see higher valuations could negotiate for more deal components like seller financing, earnouts, or holdbacks to offset risk. If you want more cash up front, set a reasonable asking price that buyers are comfortable paying.

3. Sell Faster and Reduce Macroeconomic Risk

A prolonged acquisition means less time and effort toward your reason for selling. Maybe you want to pursue a new venture, spend more time with family, or retire peacefully. All of that gets delayed the longer your deal drags out. 

Plus, with how the market is right now, taking too long to sell could mean your financials or business health tank right when buyers evaluate your startup. If buyers see a huge drop, they gain more leverage over you at the negotiating table. 

The easiest way to sell quickly? Set a lower, more enticing price to attract more buyers. Like I’ve been saying, more buyers leads to more offers you can use to negotiate up the price or terms. 

4. Increase Your Chances of Getting Acquire’d

Plain and simple – if your business is overpriced, buyers won’t want to pay for it. Getting the highest price won’t matter if you don’t get any offers. If you want to see any money on the table, value your startup well and close the gap between you and the buyer. Start productive conversations that lead to credible offers and successful acquisitions. 

5. Fewer Post-Closing Conditions (e.g. earnouts)

Yes, agreeing to an earnout can help you sell quicker and easier. But in a large deal, likely involving stock options, you might not see that money for years, if ever. Most founders want a clean break from the startup post-sale or want to use the cash right away. It’s hard to do that if you’re tied to the company’s success because of an earnout (especially if you no longer have the same control over the business’s performance). 

Setting a realistic asking price lessens the chances of a buyer asking for an earnout because they can more easily cover the purchase price in cash at closing. 

Why Cash at Closing Is the Best Outcome

When I sold my first business, I wanted a clean break from the company so I could start my next venture. No complex earnouts that tied me to the startup for years – I could leave the business’s future with the buyer and focus on my new entrepreneurial vision. And, with my paycheck from the sale, I invested in my next business with much less risk than when I bootstrapped. 

Negotiating for cash at closing helps you achieve all that and more. But valuing your startup high above market expectations usually results in less cash on the table and more post-closing conditions. Buyers want to de-risk your high asking price, causing you to sacrifice time, effort, and potentially the money from the sale if you never meet earnout milestones. 

Instead, get more cash upfront to make it easier to focus on your next money-making move. 

How to Value Your Startup Using a Multiple

Most multiple valuations involve applying a custom multiple (dependent on the characteristics of your business) to a financial metric. Below are three of the most common. 

1. Seller’s Discretionary Earnings (SDE)

Seller’s discretionary earnings (SDE) is a measure of a business’s earnings, often taking net profit and adding back expenses like your salary, interest, depreciation, amortization, and more. 

Startups that sell based on an SDE multiple are typically owner-operated businesses with $100k-$1M+ in profit. They showcase consistent growth and product market fit but aren’t at scale yet. 

Many bootstrapped businesses benefit from valuing via SDE because you take the expenses a buyer will deal with post-acquisition and add them back to the net profit. The result is a number that highlights the true profitability of the business. 

2. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

Earnings before interest, taxes, depreciation, and amortization (EBITDA) works similarly to SDE by adding these expenses back into the net profit. But larger businesses use EBITDA for valuation while smaller businesses use SDE. 

EBITDA works better for team-operated, capital efficient businesses with over a million dollars in profit and a high growth rate. Unlike SDE, it does NOT include the owner’s salary. 

3. Revenue

Revenue-based multiples work best for smaller businesses with little to no profit. These startups are growing quickly, at all costs, usually, thanks to investors. You’d use this valuation method if your business has recurring revenue with little churn and a novel product or market advantage over your competitors. 

How Will Buyers Value Your Business? 

We’ve seen a big shift on the Acquire.com marketplace with buyers prioritizing profitable, capital efficient businesses over low-revenue startups. This shows that EBITDA and SDE are the best metrics to apply your multiple to right now, though it also depends on the type of buyer you hope to entice. 

Financial buyers are the most common on Acquire and look for businesses that can produce a high return on investment in the next three to five years, often through another exit. They’ve got business-buying down to a science, often using all three financial multiples (SDE, EBITDA, and revenue) to value your startup. 

These buyers are your private equity (PE) firms and high net-worth individuals who collect businesses like coins until they reach peak profitability. 

Strategic buyers, on the other hand, look at how much value your company adds to their existing business. They use an internal valuation methodology to determine if your company can help them expand in a new market, offer a new product, etcetera. 

It’s a longer, more in-depth acquisition than with your financial buyer. Strategic buyers place bigger bets on higher valuations, typically with startups over $10 million in revenue. These are the deals you read about in the headlines, where competitors or public companies acquire businesses to boost themselves. Think Adobe acquiring Figma. 

The Data Speaks for Itself 

Right now, profitability is king. Buyers prioritize profitable over revenue-losing startups on the marketplace, and these are the multiples we typically see them acquired for (broken down by startup size). 

Unless your startup is growing rapidly, it’s hard to justify a high revenue multiple. But profit speaks for itself, and based on data we’ve compiled from thousands of previous acquisitions, this is how much you can expect to sell a profitable startup for. 

As you move outside those ranges, the likelihood of selling drops dramatically. In the graph below, you can see the dropoff when startups value at 14x and above. 

That’s not to say you can’t ever sell at those valuations, but it requires more in-depth discussion with the buyer first. They want to know how fast you’re growing, how happy your customers are, what growth opportunities exist, and so on.

Answering those questions will inspire more confidence in the buyer to agree your valuation. But you can’t start those conversations if you scare them off with an unrealistic asking price on the listing. 

How the Market Compares 

Aside from our own acquisition data, we also researched the market to see the typical profit multiples used on other marketplaces. The results show that our valuations are consistent with current market trends, but for a significantly lower fee. We ask for a 4 percent closing fee compared to 10-15 percent you’d pay for a broker, and we only collect it if you sell. 

Does Your Business Justify a 10x multiple?

Now that you’ve seen the data, it’s time to gauge if your startup is worth a 10x multiple. In our experience, these businesses typically feature the following: 

• Exemplary finances
  • High revenue
  • High profit margin
  • High net revenue retention
  • High cash flow
• Promising business metrics
  • High year-over-year growth 
  • Low churn 
  • Large total addressable market (TAM)
  • High net promoter score (NPS)
  • High product use
• Attractive attributes
  • Multiple years in business
  • Dominant brand 
  • Strategic partnerships 

It’s okay if your startup doesn’t fall into this bucket – you can still close a life-changing deal. But now you have a better idea of what buyers expect when they see a 10x multiple on your listing. If your startup doesn’t meet or exceed that expectation, you won’t get the interest or offers you want. 

And if your startup does fall into that bucket, our guided acquisition team is happy to help you navigate your deal and drum up even more interest in your business. 

How to Increase Your Valuation 

As you’ve seen, increasing your profit inspires more buyer trust and confidence in your business. Buyers want to acquire a profitable business they can grow, and your financials reflect that when you list. Do what you can to increase those numbers before going live on the marketplace. 

In the same vein, automating processes and increasing efficiency at your business also builds value. If a buyer can step into your business tomorrow and take the reins after a few quick tutorials, that’s ideal. They’ll pay more for that convenience and ease, so you can value higher. 

Preparation is also essential. You don’t want to scramble to answer buyer questions or prep for due diligence. Instead, prepare all of your acquisition materials ahead of time and include them in your listing. Buyers will be impressed by your forethought and more inclined to buy your startup if they see a product demo, CIM, P&L, and more from the get-go. 

Don’t forget to speak to multiple buyers during the acquisition process. Remember that one buyer equals no buyers, so foster that interest and leverage it for a higher valuation. Creating urgency and high demand for your startup is a simple way to negotiate a higher number. 

Lastly, count on us to help you close your dream deal. We’ve helped thousands of founders sell for a life-changing amount on terms they’re happy with. We’re here to help you drive up buyer interest, navigate negotiations, prepare for due diligence, and more. 

They Got Acquire’d: Founders Who Valued Their Business Correctly 

Kissmetrics

Kissmetrics CEO Jenn Steele closed one of the fastest multimillion-dollar deals in Acquire history. In just 30 days, she received 45 NDAs and negotiated an all-cash deal with her buyer at a 2x revenue multiple. Her valuation helped get her buyer on board and close quicker. 

GrowthBar

GrowthBar co-founders Mark Spera and Hailey Friedman didn’t need a 10x multiple to close a life-changing acquisition. After receiving 45 NDAs, they sold at 3.6x revenue in just two months – with all cash at closing. 

MyWorks

With a 2.5x revenue multiple, MyWorks founder Peter Leonard attracted 44 buyers. He eventually sold to PE firm SaaS Group, closing with a combination of cash, seller financing, and an earnout. Now that he’s sold his business, Peter can spend more time with his family. 

Konch

When you price your business as smartly as Konch co-founders Sean Shadmand and Anders Hasselstrøm, you get over 100 inquiries from buyers. Once the duo settled on an individual buyer, they sold for almost all cash at 2x revenue in just over three months. 

Flockler

Flockler founder Toni Hopponen managed to secure almost all cash at closing (with a short holdback period) by selling at 3x revenue. After 6 months of deal-making and 37 buyers to evaluate, Toni found the right fit with Relay Commerce, a PE firm. 

Complete Your Listing and Get Guidance for Your Acquisition Today 

Maximize your exit and minimize stress by letting us guide you through the acquisition process. We’ll answer your burning questions, prep you for buyer calls, offer our resources and more to help you sell. Trust in decades of M&A experience and thousands of deals closed at the right price. 

You can connect with one of our advisors now, once you submit your listing. Get guidance on your acquisition when you sign up today and enter the world’s most founder-friendly marketplace. 

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Webinar Q&A

Do industry trends and market demand play a role in valuations at all? What about TAM?

Yes, industry trends can play a role in valuations. Taking AI as a recent example, demand for these startups is crazy high, and many startups are entering the space. This can push prices up or down depending on what’s available on the market at the time and who’s looking to buy. 

But really, the startups in highest demand are simply healthy businesses. If you run a profitable startup, you’ve prepared for acquisition, connected your metrics, and set a realistic asking price, you’re going to attract a lot more attention – and better offers – than anyone without these things. 

How do I value the individual assets of my business that aren’t essential operations? For example, my businesses Instagram account has 300k+ followers.

You’d add the Instagram account as an intangible asset and include it in your overall valuation as a capital-efficient way of going to market. Not only does that help support your asking price, but it’s also a huge selling point to a buyer because you’ve got this separate market that costs nothing to run. 

Most buyers can see the advantage of owning a 300k+ Instagram account, and while they’ll only run their financial models on your financials, the Instagram account might be worth paying a slightly higher multiple for. 

I had three years of revenue before pausing my operations late last year, so I don’t have a full current year of revenue to report. How should I value my business in this scenario?

I would use the latest three years of revenue, including your truncated year, and then explain to buyers why revenue fell in the current year. 

Buyers want cold facts and numbers when you justify your valuation, and it’s important to be honest – that always reflects well on you. 

Your valuation might be a bit less than if you’d valued it with three full years, but if you can prove you’re on track to realize the same levels of revenue now you’ve resumed operations, you might persuade buyers to take a more optimistic look at your numbers.

I have a few large clients with annual contracts that account for a large part of our revenue. We’re in the middle of the renewal process with one of them and are pretty sure they’ll continue using our SaaS tool, but is this a factor that will impact my valuation during negotiations?

Yes, if you value your business assuming the client will renew (and you’ll retain that revenue), the buyer will likely add a holdback to offset the risk that the client doesn’t renew. 

A holdback is where the buyer reserves a percentage of the purchase price in escrow for a period of time to offset acquisition risk. Once the client renews, the buyer would release the holdback amount to you. But if the client churns, the buyer keeps the holdback amount and may use it to win new business to replace the revenue lost (or to cover the loss of value). You can read more about how buyers manage these risks in this blog article. 

Were any of the businesses shown in the case studies profitable?

Yes, all the businesses were profitable. Buyers are interested in profitable, capital-efficient businesses. It’s really difficult to sell businesses that make little to no money, have yet to prove product-market fit, or are generally struggling to prove their potential. In those cases, we recommend waiting to list until your business is in better shape or working with our partner, Cultivate Advisors, on a roadmap to being acquisition ready. Get in touch if you’d like to know more. 

How do you value patents and proprietary tech?

Patents and proprietary technology can be valued in different ways, but a financial buyer is always looking at the revenue and profit these assets generate. These numbers are then fed into their financial models to arrive at a valuation that predicts a return on investment. 

However, if you’re lucky enough to attract the interest of a strategic buyer interested in your tech only, they might value these assets on the time and resources saved in building or patenting them, or in efficiency gains, time to market, or some other strategic advantage. 

Does the current state of the economy impact valuations? Should I wait for interest rates to drop before considering selling?

You can’t predict the future, and I always say it’s a great time to sell when you already own a great business. The longer you wait, the greater the threat of something outside your control impacting your valuation. The world is always changing, and I’ve known too many founders to wait too long to sell thinking conditions will be better in the future only for them to regret it. If you’re thinking about selling, I’d recommend listing your business, going through the process, and seeing what you could get – you might be pleasantly surprised. 

Does EBITDA include the founder’s salary?

No, it doesn’t. Using EBITDA assumes the business has grown large enough to need an outside manager to run the business (as opposed to being owner-operated exclusively), so you wouldn’t add the founder’s compensation back into an EBITDA calculation. 

What one business or financial metric is the most important to determine valuation?

Capital efficiency is super important. How are you acquiring customers? Do you have a competitive advantage? When I ran Bizness Apps, one of our competitive advantages was our distribution model. We worked with resellers, public companies, and other web agencies to get our apps into as many hands as possible as cheaply as possible, so it was a really capital-efficient way of scaling the business. 

Low churn and a sticky product are also important factors in your valuation. No one wants to buy a business only for all the customers to cancel. And then finally, profitability is the metric that’s going to turn the most heads. The more profitable your startup, the higher your valuation (usually). 

Isn’t it a rule of thumb to just anchor towards a higher valuation expecting buyers to negotiate down?

In theory, that makes sense, but I’ve never seen it work in practice. If you price above fair market value, you attract fewer buyers, which gives them more leverage over you and generally drives your valuation down. 

The opposite is true when you set a realistic price – you attract more buyers, giving you more leverage, and may push your valuation higher. You’re then in a much better position to negotiate friendly (cash-dominant) terms that mean walking away from your acquisition happy. 

If I wanted to pay someone to value my business properly, what’s the usual cost?

You could pursue a 409A valuation that’ll give you an estimate of fair market value (FMV) for your business, and the cost varies from one provider to another. The easiest way to get a quote would be to search for 409A valuation providers and see which offers the best price. 

Can I increase my sale price if I make it known I’m open to an earnout AND seller financing? If so, how much do you think I can increase my valuation as a result?

Yes, that’s often what happens when you’re flexible and take on some of the acquisition risk from the buyer. Being open to different deal structures also increases your buyer pool, which can result in more offers that push your valuation closer to your goal. I couldn’t say how much more you might negotiate with seller financing and an earnout, as it really comes down to the buyer’s appetite for your business. 

What type of companies or individuals actually buy companies on Acquire? 

We’re proud to host a diverse range of buyers, from private equity to venture capitalists to high net-worth individuals to serial entrepreneurs. Over 350k buyers have been qualified and vetted to acquire businesses on our marketplace, so you’re exposing your business to a large, diverse buying pool. 

What is a good churn rate for SaaS companies?

If you’re selling to SMBs (small to medium businesses), around 3 percent is usually considered okay. Anything above that will probably cause buyers some concern. It’s the startups with negative churn rates that command the highest multiples. 

Does the type of buyer change along with the valuation and characteristics of the company listed?

Sometimes, yes. The larger businesses usually get Acquire’d by other companies or investor groups, for example, while smaller businesses might attract individuals or serial entrepreneurs. 

How much does it cost to be featured in your email blast?

Nothing! All marketing is included as part of your closing fee. 

What is the typical company that sells on Acquire?

Profitable, capital-efficient businesses with clean financials, sound technology, realistic asking prices, and founders who’ve prepared well for the acquisition process generally sell fastest. 

How do you define serious buyer interest? This is 60 percent of what?

We define serious buyer interest as buyers who’re interested in your business, have the funds to acquire it, and want to make you an offer. Not all buyers who reach out will move beyond that first contact, but if you price at fair market value, around 60 percent of total buyer interest will turn out to be serious. 

What is an earnout?

An earnout is a type of post-closing condition where you receive a portion of the purchase price when the business meets certain performance targets post-closing. You can read more about earnouts in our guide.  

In your opinion, what variables do you consider for valuing an AI SaaS product or startup?

This buyer’s guide to acquiring SaaS companies includes many of the variables buyers review when valuing SaaS companies. 

Do you recommend we list our businesses at a higher valuation and, with time, lower it if it doesn’t sell, or vice versa?

You should always list your business at a realistic asking price first. Never go higher or lower than what you think is fair and justifiable, or you risk a shrinking buyer pool. That said, if you’ve misjudged the market or if external factors have impacted your ability to sell, you might consider reducing your price. But speak to us first – our expert advisors might spot an issue with your listing you might’ve missed. 

We are involved in acquiring Shopify apps, and they typically have a valuation of 4x to 8x ARR, which is higher than what you mentioned for regular SaaS companies. Why do you think that is?

A number of factors could be at play here. Shopify may support and promote apps to help them grow faster. It’s a well-known ecosystem, with an app store offering instant exposure to a ready-made, growing, and engaged market. The operating model is well-understood. Any one or more of these reasons could mean buyers pay a higher multiple for Shopify apps.

What are the sizes that you can successfully deal with?

We’re equipped to deal with acquisitions of almost any size.

What’s the data you’re seeing for food and beverage marketplaces and B2C marketplaces in general?

Unfortunately, we don’t collect data on types of marketplaces. But B2C businesses do get Acquire’d frequently, and we hope to include more granular data in future multiple reports. 

Are pre-seed tech startups with no profit but with IP and valuable trade secrets able to sell at acquire.com?

Yes, if you’re making revenue but little to no profit, you can still sell on Acquire.com. Pre-revenue businesses are a tougher sell but can still happen. Like I wrote above, buyers generally want to acquire profitable businesses and measure the value of IP in the revenue and profit it makes the business.

I’ve heard the opinion that as a SaaS company’s total revenue increases, higher multiples may be applied to it. For example, different multiples may be applied to businesses with an ARR of $10 million and $1 million operating in the same market, favoring the former. What are your thoughts on this?

The multiple is calculated on numerous factors, not just the industry, business model, and financials, but on growth rate, churn, lifetime value, and countless other metrics. However, I would say that a company with $10 million in ARR is likely more established and potentially a safer bet now that it’s reached scale and could explain why the multiples are different. 

What is your opinion on selling newsletter businesses? And would they be valued well as they’re very profitable and very scalable? 

Like any other business, if it’s profitable, scalable and with a solid business model, I don’t see why it wouldn’t command a fair price on the market.

Are there multiples for “less attractive markets” such as Eastern Europe? 

The ability to operate or expand in a certain market will definitely come under consideration when calculating the multiple, but I’m not aware of any deductions for specific regions. 

I assume that when multiple businesses are interested in a company, a bidding war can start in a best case scenario. Does this happen often? How is that managed within Acquire? Does Acquire do any mediating?

Yes, this often happens with the best startups. We don’t do any mediating other than preventing you from engaging other buyers after signing a buyer’s letter of intent (LOI). At that point, you’ve already agreed to work with one buyer so can’t entertain other conversations or offers. Before accepting an LOI, you’re free to solicit as much interest in your business as you like – and we’ll help make it happen. 

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