This 15-year-old B2B research and consulting firm generates roughly $3.4M in revenue / $1.1M adjusted EBITDA, with about 50% of revenue coming from retainers. Some project-based client relationships have lasted more than 10 years, which stands out for a services business.

The numbers: The $4.5M asking price works out to approximately 1.3x revenue and 4.0x adjusted EBITDA. The business reports a 33% EBITDA margin, supported by a team of 18 W-2 employees and 4 contractors.

How it works: The firm conducts qualitative and quantitative customer research for B2B software, healthcare technology and legal-services companies, then extends those engagements into consulting, training, messaging, sales enablement and creative work. Revenue is roughly split between recurring retainers and project work, giving the firm multiple ways to expand existing accounts.

Operations: Growth has historically come from repeat business, referrals and long-standing client relationships rather than a heavily scaled outbound or paid acquisition engine. The company reports 94% YTD customer satisfaction, with annual scores consistently above 90%, and has an established leadership team operating beneath the founder.

The seller situation: The main transition issue is relationship ownership. With long-tenured clients and referral-driven growth, it is important to understand how much revenue and new business still depends on the founder personally versus relationships already owned by the broader leadership team.

Worth asking: What percentage of revenue comes from the top five clients, how much of the 50% retainer revenue is contractually committed, and how much client retention and new business currently depends on the founder?