Growing EBITDA is the biggest driver for expanding the valuation, but you also need to build a better & more high-quality business to achieve a premium exit multiple.
Strong independent sponsors transform and de-risk their platforms by "professionalizing" the previously unsophisticated founder-led operations, thereby earning a higher, institution-grade valuation.
If your banker says your business is worth 6-9x, the factors in the chart below determine where in that range you will ultimately land.
