Does anyone have a valuation framework for the Home Health industry? As a service business it is asset-lite, and every deal I've looked at in the 3-4x SDE multiple range implies a significant amount of Goodwill. If the active client and caregiver roster is large with limited turnover (especially on the client side), can you stretch to those multiples? How do you value those relationships? Besides those relationships you're acquiring brand and operating procedures, but licensure is up to the acquirer through the CHOW process.

I'd love to connect with any searchers who have executed or are focused on the Home Health space.