In Part 2 of our conservative LBO valuation series, we explain how buyers apply qualitative adjustments to the base EBITDA multiple. Learn which 13 key factors — including recurring revenue percentage, client concentration, organic growth, advisory/CAS mix, technology infrastructure, and succession readiness — can significantly increase (or decrease) your CPA firm’s valuation. This structured approach helps owners understand their true economic value and what it takes to command premium multiples from private equity and strategic buyers in today’s 2026 market.