Closed at 9.2× against a sector median of 6.8×. Recurring revenue mix at 71%, average client tenure 8.4 years, formal succession plan in place 24 months pre-mandate. The buyer paid the premium because the business read as transferable: any successor could run it.
The pattern
This is the textbook readiness case. The premium was earned 24 months before the LOI arrived.
Sourcing
Composite anonymized. Reflects the multiple expansion observed when recurring mix, client tenure, and documented succession all align in the 24-month window before going to market.
For the work that produced this outcome
The Cordis MRI is the diagnostic Cordis uses with its own clients. The work the founder in this Deal Note did 18 months out (or did not do) is what the MRI surfaces in advance.
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