Summary: As more and more Baby-Boom-vintage advisory firms come up for sale or succession these days, the question of valuation is a recurrent theme. There are many methods to value a “small business” such as independent advisory firms—discounted cashflow, a multiple of earnings, a percentage of client AUM, etc.—but revenue multiples get little respect these days.
 Knowing a revenue stream’s true value to you can be a huge negotiating advantage if the current owner believes his or her business should be valued based on its currently low profitability."
Bob Clark, Editor-at-Large, Investment Advisor Magazine.
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