When you’re looking at trades like HVAC, plumbing, or electrical, one of the most common questions is: What multiple does this business trade at? Most people default to “around three times cash flow.” It sounds simple—but it’s also where a lot of deals go wrong.

In Episode 3, host Darren Mize breaks down what really drives multiples in trades businesses—and why they’re not rules, but outcomes. Using real-world examples, he explains how two businesses with identical revenue and cash flow can command very different multiples based on one key factor: risk.

From owner dependence to operational structure, this episode walks through how the market prices risk into every deal—and why understanding that is critical to getting value right.

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Thanks for listening— at GCF, We keep small business moving®.

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