Valuation

Valuation drives every negotiation that follows it. These guides cover how multiples vary by industry, the difference between SDE and EBITDA-based valuation, and where buyers and sellers commonly disagree on price.

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9 articles in this category.

Contingent Value Rights (CVR) in Pharmaceutical M&A

A detailed legal analysis of contingent value rights in pharma M&A: regulatory and sales milestone triggers, commercially reasonable efforts obligations, tax treatment, SEC registration, CVR trustee duties, and litigation risk under Delaware law.

Apr 18, 2026

Business Valuation Multiples by Industry: What Ranges Mean

Business valuation multiples vary significantly by industry. This guide explains how HVAC, cleaning, landscaping, plumbing, electrical, restaurant, and professional services businesses are priced, and what drives multiple expansion or compression.

Apr 17, 2026

ESOP Valuation and Adequate Consideration: DOL Standards

ERISA Section 408(e) requires that an ESOP pay no more than adequate consideration for employer securities. This guide covers the DOL 1988 Proposed Regulation, the 2022 Proposed Valuation Rule, income and market valuation approaches, control premium analysis, normalized earnings, marketability discounts, valuation firm independence, fairness opinions, and annual repurchase obligation sustainability.

Apr 17, 2026

SaaS Valuation Multiples: How ARR and NRR Shape Price

SaaS companies are valued on revenue multiples, not EBITDA. This guide explains the metrics that drive those multiples: ARR, NRR, Rule of 40, CAC payback, gross margin, customer concentration, contract length, churn, and deferred revenue mechanics at close.

Apr 17, 2026

Fair Market Value in ILPA Continuation Fund Deals

A detailed legal analysis of fair market value determination, price-setting mechanisms, and ILPA guidance for GP-led continuation fund transactions: competitive auction process, independent valuation, fairness opinions, LPAC consent, SEC conflicts disclosure, discount and premium to NAV analysis, fee allocation, and record-keeping for conflicts defense.

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