In the 'HBR Guide to Buying a Small Business', Ruback and Yudkoff suggest businesses with $0.8-2.0M EBITDA often sell for 3-5x EBITDA.

I'm curious:

  1. Is this 3-5x multiple realistic, especially in the German market?
  2. For smaller businesses ($0.4-0.8M EBITDA), what's a typical EBITDA multiple?

    Keen to hear your thoughts and experiences!