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WoleverAdvisory
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Clear financial thinking for owners.

Practical explanations of the financial questions that surface before an important decision, financing, acquisition, or sale.

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  • Transactions
  • Finance Leadership

New pieces are published when there is something genuinely useful to say, rather than on a content calendar.

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Transactions

Normalized EBITDA: what it is, and why buyers argue about it

Normalized EBITDA is the number a business is usually valued on — and the number most likely to be disputed. Here is how adjustments are built, which ones survive diligence, and why documentation matters more than justification.

4 min read
From the piece

Almost every private company transaction is priced off a multiple of normalized EBITDA. Owners are often surprised to learn that this number is not a fact but a negotiated position — and that the strength of their position depends on work done long before a buyer appears.

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More pieces are in development, covering exit preparation, cash-flow forecasting, monthly close, and lender reporting. They will appear here as they are published.

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