You’ve asked it after a strong quarter and at the wee hours of 2am: What is all this actually worth? This straight-talk guide breaks down how small businesses are valued, why the multiple matters more than the math, the six factors that move it up or down, and why the smartest time to know your number is long before you’re ready to sell.

Most owners don’t decide to sell overnight. It starts as a whisper of a thought. If you’re one to three years from a sale, you have time to do it right. This guide walks through seven steps, from knowing your number and cleaning up your books to reducing owner dependency, building your advisory team and doing the emotional prep work most guides skip.