But as the company matures, you have real data to make a valuation. It just might not be the valuation you want! If you have a strong forecast (as in you’re regularly hitting the forecast) you can trade on a future 12 valuation vs a trailing 12. If you’re growing quickly or have high margins that is a plus. But if momentum has shifted to flat or still growing, but not as fast, your valuation will be going down.
The single largest factor in valuation is creating competition. If you’re not running a process to create multiple buyers you’re likely leaving money on the table. Start with the anchor offer first and build from there.