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> But if you're growing, have big upside, and can be a rollup or been operating quite inefficiently 4x would be ridiculously low.

That's the dream, but the number of startups that check all the boxes to fall into this category is extremely small.

There's a lot of data supporting 2-4X for small SaaS companies. You'd have to be growing at an extreme rate year over year over year for 4X to be considered "ridiculously low".




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