Mid Multiple

Management Consulting Firm — Business Valuation Multiple

EBITDA Valuation Guide · Small & Mid-Sized Businesses

Actual EBITDA multiples can vary materially based on EBITDA size, growth, recurring revenue, margins, customer concentration, owner dependence, geography and other company-specific factors.

Min

3×

Typical

4.5×

Max

6×

Revenue Model

Project-based

Capital Intensity

Low

3×Typical EBITDA Range6×

A typical multiple of 4.5× EBITDA reflects mid-market transactions in the $1–$50M revenue range.

Overview

Management consulting businesses typically sell for 3×–6× EBITDA. Niche sector expertise, strong repeat engagement rates, and retainer-based income are key value drivers. Businesses with an experienced senior team that can sustain relationships beyond the founder and a demonstrable track record of client outcomes attract the upper end. Project-based revenue models with no recurring income create predictability risk that buyers discount heavily.

Key Value Drivers

  • Niche expertise in high-demand sector
  • Repeat engagements and retainer relationships
  • Low capital expenditure requirements
  • Strong utilisation rates and billing discipline
  • Experienced senior team beyond founder

Key Risks

  • Heavily dependent on founder relationships
  • Project-based revenue with limited predictability
  • Talent retention in competitive market
  • Client concentration
  • Scope creep and margin erosion

Real-World Transaction

Kvadrant Consulting → Elixirr International

2026 · Management Consulting

~5.4×
£12.4m Initial ConsiderationView Case Study

Hypothesis Group → Elixirr International

2024 · Management Consulting

7.3×
US$37.3m Initial ConsiderationView Case Study

E3 Advisory → Ricardo plc

2025 · Management Consulting

8.6×
A$119m Implied Enterprise ValueView Case Study

These transactions involved companies substantially larger than the $1–$50M SME benchmark and are shown for context, not direct comparison.

Disclaimer: All multiples are indicative estimates only and are not formal valuations or investment advice. They should not be relied upon for financial decision-making without independent professional advice.