Who publishes these guides
These guides are published by The Impetus Group, a business valuation and M&A advisory firm based in Charlotte, North Carolina. We prepare transactional valuations and provide sell-side and buy-side M&A advisory. That means the guides have a commercial purpose: owners and advisors who read them may later want to talk to us. We say so plainly, and we write the guides to be useful whether or not you ever do.
How the guides are written
The guides are drafted with the help of AI writing tools and then checked against the editorial rules on this page before they are published. The tools draft prose. They do not supply facts, numbers or sources, and a number cannot appear on a guide unless it passes the sourcing rules below.
A guide that carries a “Reviewed by” line has been read in full by the named person at The Impetus Group, who is responsible for the substance. A guide without that line has been through the editorial checks but has not had a personal review. We would rather mark that difference than imply a review that did not happen.
Sourcing rules
Every figure on a guide is one of two things.
A sourced figure. It carries a numbered citation that points to the original publication, with the publisher and the date we accessed it. Public-market reference multiples, for example, come from the datasets published by Aswath Damodaran of the NYU Stern School of Business, and each use shows the data date. We do not cite figures we have not opened and checked against the source.
A labeled illustration. Worked examples use invented numbers so the arithmetic is easy to follow. Each one sits in a box marked “Illustrative example, not real data.” Those numbers are not benchmarks, are not drawn from any client, and should not be used as a reference for any real business.
We do not publish client stories, testimonials or deal results in these guides. Where a guide describes how something usually works, it describes common practice and says so with words like “often” or “commonly,” not with invented statistics.
What the guides are not
The guides are general education. They are not a valuation opinion, an appraisal, investment advice, or legal or tax advice. Public-company multiples describe larger, more liquid companies than most private businesses, and they are context, not an estimate of what any particular company is worth. A transactional valuation of a specific business requires that business’s financial statements, a look at its customers and operations, and professional judgment.
Updates and corrections
Each guide shows the date it was last updated. We revisit reference data at least once a year, and sooner when a source publishes new figures or the underlying rules change. If you find an error, an outdated figure or a broken source link, please tell us through the contact page. We will check it, correct the guide, and update the date.
Questions about your own situation
If a guide raises a question about a specific company, a sale, an acquisition or a partner buyout, the next step is a conversation, not another article. The Impetus services page describes the two services: transactional valuations, which are scoped and priced as their own engagement, and sell-side and buy-side M&A advisory.
Thinking about a sale or an acquisition?
The Impetus Group provides sell-side and buy-side M&A advisory, from preparation and buyer outreach to negotiation and closing. A transactional valuation is often the first step, scoped and priced separately.
Related guides
EBITDA Add-Backs: What Buyers Accept and What They Reject: Learn which EBITDA add-backs buyers accept in a sale, which they reject, and how adjusted EBITDA changes enterprise value, with a worked illustration.
Transactional Valuation vs. Appraisal: Which Do You Need?: A transactional valuation estimates what a buyer would pay. An appraisal estimates value under a legal or tax standard. See how they differ and which one fits.
Strategic vs. Financial Buyers: Who Pays More and Why: Strategic buyers pay for synergies and fit. Financial buyers pay for cash flow and returns. See how each values a company and which is likely to pay more.
From Enterprise Value to Equity Value: What the Owner Receives: Enterprise value is the price of the business. Equity value is what owners receive after debt, debt-like items, cash and working capital. See the bridge.
How to Prepare for a Business Valuation: A Practical Checklist: What to gather and decide before a business valuation: financials, add-back support, customer data, owner role and liabilities, and why each matters to a buyer.
This guide is general education. It is not a valuation opinion, appraisal, investment advice, or legal or tax advice.