Advisory · Insights
What we tell owners before they sell.
Cannabis
- 280E, rescheduling, and what a cannabis business is worth nowThe single largest variable in a cannabis valuation is a paragraph of the tax code. It just changed, partially, and the market has not finished re-pricing.7 min
- Cannabis license transfer: what change of control really requiresIn cannabis, the regulator is the third party to every deal. Here is how six states answer the question every buyer asks first.8 min
- What actually moves a dispensary's valuationTwo dispensaries with identical revenue can sell for very different prices. The difference is never the revenue.6 min
Selling
- Business broker or M&A advisor: which one should sell your company?They both sell companies. They do it in almost opposite ways.6 min
- What a CIM is, and what a good one leaves outThe CIM is the one document a buyer reads before deciding whether to spend real money on your company. It should be built like it.6 min
- From LOI to closing: where deals are won and lostAn LOI is a promise to negotiate. The value is decided in the months after it.7 min
Valuation
- EBITDA versus SDE: which number is your business valued on?Owners quote EBITDA multiples they read about and apply them to SDE. It is the most common valuation mistake we see.5 min
- Quality of earnings: what the buyer's accountants are really testingThe QoE is not an audit. It is an argument about your add-backs, and the buyer's side wrote the brief.6 min
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Notice
Black Key Holdings provides business transaction and M&A advisory services. We do not provide legal, tax, accounting, investment, securities or regulatory advice. Services and transaction structures vary by jurisdiction. Each party should retain its own qualified legal, tax, accounting and regulatory professionals. Nothing on this website constitutes an offer to sell or a solicitation of an offer to purchase any security or licensed business interest.