I am evaluating an opportunity to acquire a niche manufacturing business, and I'd appreciate your feedback on the business valuation estimates and deal structure. * Specialized B2B Manufacturing in the packaging/labeling market. * ISO-certified company with a long legacy, high client retention (100% of top 10 customers retained over the last 3 years), and focus on regulated end-markets (Medical diagnostics, Health & Beauty, Industrial & Chemical, Food & Beverage). * The top customer accounts for 32% of revenue average for past 3 years. * Revenue: Average Revenue of $4.2 to 5M for past 3 years * Profitability: 2024 Adjusted EBITDA of $1.13M, with a consistent Adjusted EBITDA Margin in the 20-27% range (2024: 23.6%). * SDE: Average for past 3 years: $1.3M Looking for feedback on: 1. Valuation Multiples: Given the $1.13M 2024 Adjusted EBITDA and focus on compliance-driven products for regulated markets, what EBITDA multiples are you seeing for niche, profitable, and well-established manufacturing/labeling businesses? 2. SBA Financing & Risk: I plan to use an SBA loan for financing. Lenders often flag high customer concentration as a risk. The top customer accounts for 32% of revenue average for past 3 years. Any specific due diligence steps or deal structuring components (e.g. forgivable seller note structure, etc.) have you successfully used to mitigate customer concentration risk for an SBA acquisition? Any high-level feedback or experience with compliance-driven B2B manufacturing would be greatly appreciated.