The Bridge: Enterprise to Equity Value
One of the most common points of confusion in business sales is the difference between Enterprise and Equity value.
- Enterprise Value (EV): EBITDA × Multiple. This is what the business is worth on a "Debt-Free, Cash-Free" basis.
- Equity Value: EV + Cash - Debt. This is the actual check the buyer writes to the sellers at the closing table.
If a business is worth $10M (EV) but has $2M in debt, the owner only gets $8M. Conversely, if there is $1M in the bank account, the owner gets $11M.
Why EBITDA Matters
EBITDA is used because it "normalizes" earnings. It removes the impact of how a company is financed (Interest), its specific tax environment (Taxes), and its accounting choices (Depreciation/Amortization). This allows an investor to compare a small family business to a large corporation on a level playing field.
Factors Influencing the Multiple
Not all EBITDA is created equal. A company can increase its valuation multiple by:
- Recurring Revenue: Subscription models always command higher multiples than one-off project work.
- Customer Concentration: If one customer represents 50% of revenue, the multiple will drop due to high risk.
- Scalability: Can the business grow 10x without adding 10x the staff?
- Clean Financials: Audited or reviewed financials give buyers confidence and reduce "Risk Premium."
Industry Multiple Estimates (EBITDA):
- • Software / SaaS: 8x - 15x
- • Manufacturing: 4x - 7x
- • Professional Services: 3x - 5x
- • Retail / Restaurant: 2x - 4x
- • Healthcare Services: 5x - 9x
SDE vs. EBITDA
For very small businesses (revenue under $2M), we often use **SDE (Seller's Discretionary Earnings)**. This adds the owner's salary and personal perks back into the profit. For larger companies, EBITDA is the standard because it assumes a professional management team is in place.
How to Use This Tool
Enter your trailing 12-month (TTM) EBITDA and the Industry Multiple appropriate for your sector. Add any Cash on the balance sheet and subtract any interest-bearing Debt. The calculator will provide the Enterprise Value and the Equity Value, along with a Valuation Summary showing how debt and cash move the final needle.