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> $500K/year might get you a 2X exit,

Depends. When a company is subscale it's purchase price varies wildly. This is because standard revenue x multiple thinking just doesn't make sense when:

* you are buying the team (leaders, skill positions, etc)

* you are buying the tech (which may have great value in accelerating go-to market or adding competitive advantage)

* The small company holds key contracts

* IP has great value

As companies grow, they tend to get valued more traditionally...



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