SDE vs. EBITDA: What Buyers Are Actually Comparing
A plain-language guide to two common earnings measures and why their source and adjustments matter.
Read guideQuick references rather than essays — what earnings figures actually mean, what diligence looks for, how a seller note is structured, and how confidentiality is staged. Written to be read in the middle of a transaction, not saved for later.
Buyers do not just evaluate revenue. They look at financial clarity, owner dependence, transferability, customer concentration, and the strength of the growth story.
Read the guideA plain-language guide to two common earnings measures and why their source and adjustments matter.
Read guideWhere the multiple comes from, what moves it up and down, and why nobody can hand you a real local comparable.
Read guideWhat a buyer of a trades business is really pricing: the licence, the recurring work, the technicians, and the trucks.
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