Multiples vary by sector, size, and risk rather than by geography. Larger and cleaner companies earn higher multiples, and the gap between a $1M EBITDA company and a $3M EBITDA company in the same sector is real and consistent.
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Three things move a multiple more than the industry does. Size is first: buyers pay more per dollar of earnings as earnings grow, because larger companies carry less key-person risk and attract more competing buyers, including funds that have a minimum check size. Quality of earnings is second: numbers that tie to tax returns and survive third-party review support the headline multiple, while numbers that do not get repriced mid-process. Risk profile is third, and it is mostly customer concentration, owner dependence, and certification. Published multiple ranges from national deal databases are a starting reference, not a quote, and any number stated without seeing the financials is a guess. A real range comes from an advisor who has read the statements and knows what has traded recently in the sector.