Issue 010 — SBA-range SMB Market, Week of June 15

Preheader: Thirty-five listings reviewed in this week's sample, twenty-six in the valid SBA-range count after one prior-issue duplicate, one within-batch duplicate, one data-integrity exclusion, two listings without revenue disclosed, and four borderline listings above the SBA-range floor. Median 4.04x. The ten-week rolling mean holds at 4.19x. The Brooklyn medical practice analyzed in Deal Diligence #008 has now appeared at the reduced $3.0M asking price for the fourth consecutive issue. Three behavioral health and pediatric specialty listings appear in the same week, suggesting an emerging sub-cluster within the Health & Medical category.

Thirty-five listings were reviewed in this week's sample for the week of June 9-15, 2026. This is the first weekly issue operating under the 27-category classification framework introduced in Special Edition #001. The framework is applied retroactively to the cumulative dataset and prospectively to all weekly samples from this issue forward.

The filters this week:

The ten-week rolling mean of weekly medians now stands at 4.19x and has held within a 0.10x band (4.19x to 4.29x) for seven consecutive observations. The rolling figure is the publication's most reliable directional indicator and continues to suggest that SBA-range listing pricing is operating in a structurally stable band absent a category-specific shock.

Three findings warrant attention this week.

First, the Brooklyn medical practice continues to provide the publication's most documented endurance case. The price has now held at the Issue 007 reduced level through four consecutive issues. Whether the listing transacts at the current asking, sees a second reduction, or persists at $3.0M will continue to refine the publication's understanding of clearing dynamics in practitioner-dependent Healthcare. Deal Diligence #008 analyzed the structural framework that explains why the 3.00x SDE multiple is approximately fair value rather than the discount it appears to be.

Second, three behavioral health and pediatric specialty Healthcare listings appeared in the same week's sample. A Brooklyn pediatric healthcare platform at 5.83x SDE, a Southeast ABA therapy and special needs education operation at 3.33x, and an integrated ABA clinic and specialized education platform in Florida at 5.88x. The clustering of three behavioral health and pediatric listings in a single weekly sample at materially different multiples (3.33x to 5.88x) suggests an emerging Healthcare sub-segment that the publication will track for accumulating observations.

Third, the 27-category framework operating in its first weekly issue has produced category-level samples at three categories meeting the n≥3 threshold for median calculation. Health & Medical at n=7 (median 5.53x), Building & Construction Service at n=8 (median 3.80x), and Manufacturing at n=3 (median 3.37x). The Health & Medical median this week (5.53x) holds within 0.04x of the cumulative one-month median from Special Edition #001 (5.49x), which validates the framework's stability at weekly cadence.

Five categories appear with n=1 to n=2 (Auto & Automotive, Transportation, Internet Related, Wholesale & Distribution, Entertainment & Leisure, Moving Storage & Delivery, Home & Office Furniture). Category-level medians are not computed at this sample size; the observations contribute to cumulative samples that will reach analyzable thresholds across additional weekly issues.

The Health & Medical category at n=7 includes an Independent Pharmacy at 1.50x (the lowest multiple in this week's valid sample), an SBA Pre-Qualified Healthcare Professional Development operation at 3.99x, three ABA therapy and pediatric specialty listings at 3.33x-5.88x, a Dental Platform at 5.53x, and a Medical Laboratory at 7.20x. The within-category range (1.50x to 7.20x) is the widest of any category this week and reflects the sub-segment heterogeneity the publication has documented across Issues 006-009 and Deal Diligence #003, #007, and #008. Multiple computed against the category median requires sub-segment placement before the category-level number becomes interpretable.

The Building & Construction Service category at n=8 produces a median of 3.80x with the range 1.96x to 6.01x. The within-category distribution clusters around the general construction and remodeling sub-segment median (2.00x-3.20x band identified in Special Edition #001) on the lower end and the specialty contractor sub-segment median (3.20x-4.50x) on the upper end, with the HVAC listing at 6.01x sitting in the specialty manufacturing-adjacent sub-segment. The sub-segmentation framework introduced in Special Edition #001 describes the within-category distribution with high directional accuracy at the first weekly sample.

The Manufacturing category at n=3 produces a median of 3.37x with the range 3.13x to 7.97x. The high outlier (Innovative Machine Manufacturer at 7.97x with 20% revenue growth disclosed) reflects specialty manufacturing operations that warrant premium multiples when revenue trajectory is positive and barriers to entry are documented.

The Brooklyn-based multi-disciplinary medical practice that produced the publication's first documented price reduction in Issue 007 has now appeared at the $3.0M reduced asking price for the fourth consecutive issue (Issues 007, 009, 010, and now continuing). The five-issue arc:

The listing's persistence at the $3.0M asking through four consecutive observations after the original $3.2M reduction provides the publication's strongest evidence to date that the reduced level represents the seller's committed clearing position rather than a market test. A seller pursuing market discovery typically returns to higher asking levels after reductions fail to produce qualifying buyers; the Brooklyn practice has not. A seller positioning for transaction at a specific clearing level holds the reduced asking through extended observation periods; the Brooklyn practice has done so for approximately five weeks.

Deal Diligence #008 analyzed the structural framework explaining why the 3.00x SDE multiple on $1.0M reported SDE is approximately fair value at the practice's economic profile. The 12% SDE margin on $8.3M revenue reflects multi-disciplinary practice economics in a high-cost NYC market. Physician labor normalization moves the multiple from 3.00x to 5.00x against normalized SDE. The New York Corporate Practice of Medicine doctrine restricts the qualified buyer pool to New York-licensed physicians or MSO-structured acquisitions.

The continued listing at the same asking price across multiple observations now provides a meaningful data point for any reader evaluating similar practitioner-dependent Healthcare listings. Listing persistence at a specific level across four to five consecutive weekly observations is consistent with seller-side committed pricing rather than negotiation positioning. The implication for buyer-side strategy: an offer materially below the held asking is unlikely to be received as a starting point. An offer at or near the asking with structured terms (seller financing, earnout, transition arrangement) is the more productive engagement framework given the seller's documented pricing commitment.

Three Healthcare listings appeared in this week's sample within an operationally adjacent sub-segment: pediatric healthcare and behavioral health specialty operations.

A Brooklyn-based pediatric healthcare platform with early intervention and behavioral specialty services at $14.0M asking against $2.4M reported SDE on $8.4M revenue produces a 5.83x SDE multiple at 28.6% margin. A Southeast-based ABA therapy and special needs education operation at $5.0M asking against $1.5M reported SDE on $5.5M revenue produces 3.33x SDE at 27.3% margin. An integrated ABA clinic and specialized education platform in Florida at $8.5M asking against $1.45M reported SDE on $5.64M revenue produces 5.88x SDE at 25.7% margin.

The three listings represent a sub-segment within Healthcare that the publication has not specifically tracked across Issues 001-009. The cumulative samples in Healthcare across the publication's history have included practitioner-dependent clinical practices (primary care, specialty medical, pain management), systematized operations (medical device distribution, specialty pharmacy, multi-unit medical aesthetics), and now behavioral health and pediatric specialty operations.

The behavioral health and pediatric sub-segment shares operational characteristics that differentiate it from both prior Healthcare sub-segments. Revenue is typically a mix of commercial insurance, Medicaid, and self-pay with significant variation in payer mix across geographic markets. Clinical staffing combines licensed clinical professionals (Board Certified Behavior Analysts for ABA therapy, licensed therapists for behavioral health) with non-licensed support staff and educators. The operating model depends on accreditation and credentialing requirements that vary by state and by payer. The margin profile (25-30%) is meaningfully lower than systematized Healthcare operations because of clinical staffing intensity and meaningfully higher than practitioner-dependent operations because of staff-based rather than physician-dependent revenue generation.

The multiple distribution within the sub-segment this week (3.33x to 5.88x) is wide enough to suggest meaningful within-sub-segment variation by operating characteristics. The Brooklyn pediatric platform at 5.83x and the Florida integrated ABA clinic at 5.88x cluster near each other; the Southeast ABA therapy operation at 3.33x sits substantially below. The diligence questions specific to this sub-segment include payer mix concentration, the proportion of revenue from Medicaid versus commercial insurance, accreditation status and renewal timing, BCBA staffing depth and certification continuity, and any regulatory exposure to state-specific oversight changes.

The publication will track the behavioral health and pediatric sub-segment as cumulative observations accumulate. Whether the sub-segment develops into a stable category of practice with predictable multiple bands or remains heterogeneous across operating types will require additional weekly observations.

The Building & Construction Service category produced n=8 valid sample observations this week, the largest single-week category sample since the publication's tracking began. The sub-segmentation framework formalized in Special Edition #001 (specialty contractors 3.20-4.50x, general construction and remodeling 2.00-3.20x, specialty manufacturing-adjacent 4.00-7.00x) describes this week's distribution with high accuracy.

Within the specialty contractor sub-segment: the Vermont Paving and Snow Removal operation at 4.09x, the Arizona Public-Works General Contractor at 4.54x, the Houston residential electrical contractor at 4.28x, and the Commercial Electrician at 3.25x cluster within or near the 3.20-4.50x band identified in the framework. The HVAC business in Suffolk County NY at 6.01x EBITDA sits in the specialty manufacturing-adjacent sub-segment, consistent with HVAC's production and installation capability profile.

Within the general construction sub-segment: the Pool Installation operation with in-house financing at 1.96x SDE and the High-End Residential Builder in Norfolk County MA at 3.45x sit at the lower end of the general construction range. The Stone Fabrication and Installation operation at 3.50x and the Custom Countertop Fabrication operation (borderline due to $2.52M cash flow) sit in the boundary between general construction and specialty manufacturing-adjacent.

The validation at first weekly application is meaningful for the framework's utility going forward. The Special Edition #001 sub-segmentation was based on n=18 cumulative observations across the prior month. This week's n=8 weekly sample produces multiples that fit within the previously identified bands without surprise distributions or category-busting outliers. The framework appears stable across the cadence shift from monthly consolidation back to weekly observation.

Ranked by asking multiple, ascending. Sample median 4.04x (valid SBA-range, n=26).

Asking $1.5M against $1.0M reported SDE on $2.5M revenue. 1.50x SDE, 40% margin. The lowest multiple in this week's valid sample.

Independent pharmacy operations carry a specific regulatory and reimbursement profile that produces structural multiple compression in the SBA-range. The Drug Supply Chain Security Act compliance requirements, the ongoing pharmacy benefit manager reimbursement pressure, and the consolidation activity from chain pharmacies (Walgreens, CVS, regional chains) acquiring independent operations at specific market caps each affect the multiple distribution. A 1.50x multiple is at the lower end of independent pharmacy transaction norms (typical range 1.5-2.5x SDE for SBA-range independent pharmacies) but is not anomalous for the category.

The 40% SDE margin is high for a pharmacy operation and warrants the diligence questions about owner-pharmacist compensation, the proportion of revenue from prescription dispensing versus retail merchandise, and any concentration in specific prescription categories that may face reimbursement pressure.

Asking $3.0M against $1.53M reported SDE on $5.61M revenue. 1.96x SDE, 27.3% margin. The second-lowest multiple this week.

A pool installation business with in-house financing operates at the intersection of construction installation and consumer finance. The 1.96x multiple sits at the general construction and remodeling sub-segment range identified in Special Edition #001. The in-house financing component adds working capital and credit risk considerations that typical pool installation businesses do not carry, which may explain why the multiple sits below the specialty contractor median (3.20-4.50x).

The diligence priorities specific to in-house financing operations include the consumer financing portfolio quality, default rates, the financing terms offered relative to third-party financing alternatives, and any regulatory exposure under state consumer lending statutes.

Asking $3.5M against $1.15M reported SDE on $4.42M revenue. 3.05x SDE, 26% margin. The category placement under Home & Garden rather than Building & Construction reflects the landscaping primary activity. The "material production" component noted in the listing description indicates a specialty operation beyond pure landscaping services, with potential exposure to either supply-side advantages (controlled material sourcing) or working capital intensity (material inventory carrying costs).

Asking $13.0M against $1.63M reported SDE on $7.6M revenue. 7.97x SDE, 21.4% margin. The highest multiple in this week's valid sample. The listing description notes 20% revenue growth in 2025 and Minnesota location. Specialty manufacturing with documented growth trajectory commands premium multiples when the growth is attributable to product specification advantages or customer relationships that survive ownership transition. The 7.97x multiple is at the upper end of the Manufacturing category range and within the specialty manufacturing-adjacent sub-segment band identified in Special Edition #001.

Asking $9.0M against $1.25M reported SDE on $12.5M revenue. 7.20x SDE, 10% margin. The Medical Laboratory category placement under Health & Medical reflects diagnostic systematized operations, consistent with the sub-segmentation framework identifying systematized Healthcare at the upper multiple bands (6-9x range). The 10% margin reflects the high revenue base typical of diagnostic operations with sophisticated payer mix management.

The Vermont Paving and Snow Removal operation at 52.4% SDE margin warrants diligence on the proportion of revenue from snow removal seasonal premium pricing versus paving baseline activity. The Award-Winning framing combined with the elevated margin suggests potential seasonal concentration risk where annual revenue depends on weather-dependent snow removal contracts.

The HVAC Suffolk County NY operation at 6.01x EBITDA on $1.41M EBITDA against $5.88M revenue with 24% margin sits at the specialty manufacturing-adjacent sub-segment, consistent with HVAC's combined installation, service, and parts revenue model.

Exterior Services, Louisville KY. Asking $18.8M against $4.2M reported SDE on $15.5M revenue. 4.48x SDE, 27.1% margin. The asking price materially exceeds the SBA-range financing ceiling, and the cash flow of $4.2M sits well above the buyer-pool comfort for individual operator-acquirers.

Luxurious CarWash & Property, undisclosed location. Asking $15.5M against $1.5M EBITDA on $3.3M revenue. 10.33x EBITDA, 45% margin. The asking sits just above the SBA-range ceiling. The 10.33x EBITDA multiple is consistent with car wash properties where the real estate component carries materially more value than the operating business component.

Multidisciplinary Orthopedic and Personal Injury Practice, Orange County FL. Asking $6.83M against $2.81M reported SDE on $5.62M revenue. 2.43x SDE, 50% margin. The cash flow of $2.81M sits above the $2.5M soft ceiling. The 2.43x multiple reflects the combination of practitioner-dependent specialty medical practice (orthopedic care requires licensed physician staffing) and personal-injury revenue concentration (specific referral pipelines and case settlement timing dynamics). Worth flagging for any reader specifically tracking regulated-profession practitioner-dependent listings in the broader Healthcare category.

Custom Countertop Fabrication and Installation, undisclosed location. Asking $7.7M against $2.52M reported SDE on $15.05M revenue. 3.06x SDE, 16.7% margin. The cash flow sits just above the $2.5M soft ceiling.

Northeast Based PC12 Fleet Part 135 Charter Business. Asking $15.5M against $9.95M reported cash flow, $3.10M reported EBITDA, $10.0M reported revenue. Cash flow ($9.95M) approximating revenue ($10.0M) at 100% suggests a fundamentally different financial structure than a typical operating business (potentially asset-based with depreciation and capital costs not reflected in headline SDE) or contains data-reporting errors. EBITDA equaling revenue (100% EBITDA margin) is not mathematically achievable in any operating business. The figures are internally inconsistent and the listing is excluded from sample analysis.

The Brooklyn medical practice has now persisted at the $3.0M reduced price across four consecutive issues. Whether the listing transacts at this level, sees a second reduction, or continues to persist will be tracked.

The behavioral health and pediatric specialty sub-cluster (three listings this week at 3.33x to 5.88x multiples) requires additional observations to confirm whether it operates as a distinct Healthcare sub-segment with predictable multiple bands or whether the within-sub-segment range reflects normal Healthcare heterogeneity at small sample sizes. The publication will introduce formal sub-segment tracking when cumulative observations reach approximately n=10.

The Construction sub-segmentation framework introduced in Special Edition #001 produced a clean fit at first weekly application. Continued validation across Issues 011-014 will confirm whether the framework holds at category sample sizes typical of weekly cadence.

The 10-week rolling mean at 4.19x has held within a 0.10x band for seven consecutive observations. The publication is approaching the data accumulation threshold (approximately 13 weeks) at which the rolling figure formally extends to 90-day rolling median, the commitment from Issue 003 targeted for Issue 013.

The weekly sample reviewed in each issue is a representative selection of new and reappearing listings from broker monitoring, not a complete enumeration of all market activity.

SDE refers to Seller's Discretionary Earnings. EBITDA is substituted where the broker discloses EBITDA but not SDE, with multiple basis labeled accordingly. Multiples are computed against broker-disclosed cash flow figures at listing time, presumed but not independently verified.

The 27-category classification framework introduced in Special Edition #001 is operational from Issue 010 forward. Categories are: Auto & Automotive, Building & Construction Service, Business Service, Chemicals, Clothing & Fashion, Communication & Media, Educational, Entertainment & Leisure, Financial, Food & Beverage, General Merchandise, Hair & Beauty, Health & Medical, Home & Garden, Home & Office Furniture, Internet Related, Machinery, Manufacturing, Moving Storage & Delivery, Non-Classifiable Establishments, Office, Personal Product & Service, Professional Services, Retail Stores, Technology, Transportation, Wholesale & Distribution.

Sample median is computed from US listings with disclosed financials in the $1.0M-$2.5M cash flow band and disclosed asking price at or below $15M. Listings appearing in prior weekly samples are excluded from the median and tracked in the listing-endurance tracker. Listings with internally contradictory financials are excluded as data-integrity exclusions.

Healthcare sub-segmentation distinguishes practitioner-dependent clinical practices from systematized operations, with the behavioral health and pediatric sub-segment now also tracked as cumulative observations accumulate. Construction sub-segmentation (specialty contractors, general construction and remodeling, specialty manufacturing-adjacent) operates as the working framework introduced in Special Edition #001.

Published Tuesdays. Deal Diligence published Sundays. Special Editions publish approximately monthly.