Predictability beats size
A steady business turning over £1.5m with contracted customers is often easier to buy — and worth a stronger multiple — than a lumpy £4m business that lives on one-off projects.
Every buyer is asking the same question: how much of this continues automatically after completion?
The list buyers actually score
Recurring or repeat revenue. Customer concentration below a third. Margins that have held for three years. A team that can run a normal week without the owner. Clean, timely management accounts. Contracts that are signed and transferable.
You do not need all six. Missing all six is what turns a strong offer into a cautious one.
What is quietly attractive
Boring stability. Long-standing suppliers. Low staff turnover. Customers who have been with you for a decade and never negotiated hard.
These are the things that make a buyer relax, and a relaxed buyer pays more of the price up front.