Curious how brokers typically arrive at valuation guidance for smaller, owner-operated businesses. From the QoE side, I often see how much the answer can move once you normalize EBITDA, test add-backs, assess working capital needs, and separate recurring earnings from owner-specific or one-time items. So my question is: how much of the initial valuation is true analysis versus market positioning or competitive positioning for the listing? Are brokers mainly relying on industry multiples, prior closed deals, internal data, seller expectations, buyer feedback, or a more detailed review of adjusted earnings? Would appreciate perspectives from brokers, buyers, and anyone who has seen the process up close.