All Manufacturing Companies by Revenue
		Median	Inner Quartiles (A)
Annual Revenue	# of Trans.	Multiple	Low	High
$50 Million +	2	8.2	8.1	8.4
$20 - $ 50 Million	7	6.8	5.1	9.3
$10 - $ 20 Million	7	6.4	5.4	7.8
Under $ 10 Million	13	5.4	4.4	6.6
Total	29

All Companies by Product or Type
		Median	Inner Quartiles (A)
	# of Trans.	Multiple	Low	High
Non-Proprietary Mfg. (B)	10	5.9	5.1	8.4
Proprietary Consumer Mfg.	8	5.2	3.9	6.9
Proprietary Industrial Mfg.	7	6.8	5.5	7.4
Hi-Tech, Non-Proprietary Mfg.	0	n/a	n/a	n/a
Hi-Tech, Proprietary Mfg.	4	7.8	5.6	9.2
Distribution	17	5.5	4.6	6.4
Service, InfoTech (C)	9	6.0	5.0	9.5
Service, Non- InfoTech	19	5.1	4.3	5.9
Total	74

(A) Multiple spread within the middle 50% of completed transactions.
(B) Contract manufacturers (e.g., stampers, molders, production fabricators).
(C) IT consulting, integration, software development, IT staffing.

Multiples of Earnings Before Interest and Taxes were used in the comparisons above. EBIT was calculated as trailing 12 months earnings before interest and taxes, adjusted for non-recurring expenses and discretionary owner distributions including compensation in excess of market rates. Seller notes, etc., were discounted to present values. To compute the multiple, one divides the purchase price plus the assumption of any interest bearing debt by the adjusted EBIT.

We recommend that this survey be used only as a general guide. Many factors influence selling price. The best insights will come from informed advisors who are currently active in mid-market transactions. What was true as recently as 6 months ago may no longer apply.