Earnings
$1M – $3M EBITDA
Big enough to support a real management team, small enough that I can know every customer by name.
Clinton Harbor
What I’m looking for, and how a deal actually works.
The criteria below are narrow on purpose. If your business sits outside them I would rather tell you on a first call than three weeks into a process. If you represent a seller, the details you need are at the bottom of this page.
The criteria
A narrow box, stated plainly.
Most buyers keep their criteria vague so nothing gets ruled out. I’d rather you know in thirty seconds whether it’s worth your time to keep reading.
Sector
B2B services
Work other businesses depend on to operate, where the relationship tends to outlast the contract.
Geography
United States
I relocate to the business after close. Where it is matters much less than what it is.
Revenue quality
Recurring or repeat
Contracts, service agreements, or customers who have come back for years. I'm buying durability, not a good quarter.
Customer concentration
No customer over 25%
Below 25% I can underwrite losing any single account. Above it, the business is that account.
Owner transition
6–12 months preferred
I'd like six to twelve months of your time, and then the keys. I'm buying this to run it, not to flip it.
Operating team
Second layer in place
Somebody besides you knows how the work gets done. If that isn't true yet, tell me. It's a price conversation, not a dealbreaker.
What I’m not the buyer for
If your business is on this list, I’ll say so on the first call rather than three weeks into a process.
- Unprofitable or turnaround situations. I'm not the right buyer for a business that's losing money.
- Businesses below roughly $750K of EBITDA. Under that, the debt math stops working for a full-time owner-operator.
- Purely project-based work with few repeat customers, where every year starts from zero.
- Anything where the owner intends to stay on as CEO indefinitely.
- Restaurants, retail storefronts, and real-estate-driven businesses.
- Venture-stage software looking for a growth round rather than an exit.
A quick check
Would I look at your business?
Seven details, an immediate answer, and the actual reasoning behind it. Nothing is sent anywhere. This runs entirely in your browser.
How a deal works
Twelve to fourteen weeks, and you always know where you stand.
Open any step to see exactly what I need from you and what I’m doing in the background. The timings are what these actually take, not what sounds good.
An intro call30 minutes · week 0A conversation, not a pitch. You tell me what the business does and what you want to happen next.
From the seller
- Half an hour, and a rough sense of revenue and profit.
- No documents. No company name if you'd rather not give one yet.
From Clinton Harbor
- I'll tell you honestly whether this is in my lane, on the call, not a week later.
- If it isn't, I'll say so and point you toward buyers who are a better fit.
NDA and a first lookweek 1A mutual NDA, then three years of financials. This is the first point at which you share anything sensitive.
From the seller
- A signed mutual NDA. Mine is short, and I'll sign yours instead if you prefer.
- Three years of P&Ls, a trailing-twelve-month figure, and revenue by customer.
From Clinton Harbor
- I read everything myself. No analyst filter, no outsourced screening.
- A written list of what I'd need to believe to move forward.
Indication of interestweeks 2 – 3A non-binding valuation range, in writing, with the reasoning behind the number shown.
From the seller
- Answers to a focused follow-up list, usually ten to fifteen questions.
- A management meeting, in person if that's possible.
From Clinton Harbor
- A range with the multiple, the earnings basis, and every adjustment I applied all visible.
- The structure I have in mind: cash at close, any seller note, any earnout.
Letter of intentweek 4One number, one structure, one exclusivity period. I don't sign an LOI I intend to renegotiate.
From the seller
- Agreement on price, structure, and a 60–90 day exclusivity window.
From Clinton Harbor
- A signed letter of intent with the full structure spelled out, not a placeholder.
- Proof of funds and lender engagement letters on request.
Confirmatory diligenceweeks 5 – 10Quality of earnings, customer calls, legal, and insurance. The heaviest stretch, and the one I work hardest to keep off your desk.
From the seller
- Access to books and records, and a point of contact for your accountant.
- Introductions to a handful of customers, at a time and in a manner you control.
From Clinton Harbor
- I hire and pay for the quality-of-earnings review.
- One running request list, kept in a single document, worked around your operating calendar.
- I tell you what I find as I find it. No surprises saved for the end.
Financingparallel with weeks 5 – 12Debt and equity get arranged while diligence runs, not after it. This is where most timelines slip and it's avoidable.
From the seller
- Nothing beyond what diligence already requires.
From Clinton Harbor
- Conventional or SBA debt, sized against a lender case I've already stress-tested.
- Committed equity behind the deal before I ask you to sign anything binding.
Closing, and the handoffweeks 12 – 14You get paid. Then I spend the next six to twelve months learning the business from you.
From the seller
- A transition period, typically six to twelve months, structured however suits you.
- Introductions to the people and customers who matter.
From Clinton Harbor
- I relocate and run the business full time. There's no fund and no other portfolio company competing for my attention.
- Your name stays on it if you want it to, and your people keep their jobs.
Compared to other buyers
Where I win, and where I don’t.
You’re probably talking to more than one buyer. Here’s an honest read on how I stack up against the two you’re most likely to hear from.
| Clinton Harbor | Private equity | Strategic buyer | |
|---|---|---|---|
| Post-close leadership | Me, full time, on site | Hired CEO reporting to a deal team | Integrated into existing management |
| Employees | Kept. They're most of what I'm buying | Typically retained, subject to review | Overlapping roles often consolidated |
| Brand | Stays | Often repositioned as a platform | Frequently retired into the acquirer brand |
| Time to close | 12–14 weeks | Approximately 8–12 weeks with committed capital | Often 3–9 months through corporate development |
| Valuation | Fair, defensible, and explained | Return-model disciplined | Often highest where synergies support premium |
| Closing certainty | High. This is the only deal I'm working | High; institutional capital and process | Variable; subject to internal approval |
If price is the only thing that matters to you, a strategic buyer will likely beat me and you should run that process. I'm the right buyer if you care what the place looks like in five years.
For intermediaries
My whole buy box, on one screen.
If you’re screening buyers, this is everything you need. I reply to every teaser within two business days, including the ones I pass on.
- EBITDA / SDE
- $1M – $3M (will review $750K – $4M)
- Sector
- B2B services, United States
- Structure
- Majority or 100%; asset or stock
- Financing
- Conventional or SBA debt with committed equity
- Owner transition
- 6–12 months preferred
- Response time
- Within two business days of a teaser
- LOI timing
- Typically 2–3 weeks from complete financials
What to send me
- A blind teaser or one-page summary. No name needed to start.
- Three years of P&Ls plus a trailing-twelve-month figure.
- Revenue by customer, or at least the top five as a percentage of revenue.
- The owner's actual intent and timeline. It's the variable that kills the most deals late.
If you've built something and you're starting to think about what's next, I'd like to hear about it.
No broker needed, no documents to start, and nothing binding. If I'm the wrong buyer for your business I'll tell you on the first call, and I'll point you toward someone better suited if I can.