Profitable outsourced HR firm: $894K revenue, $251K SDE, 25–30 clients

Priced at ~4x Adjusted SDE ($251,500), a premium to typical 2.5-3.5x consulting multiples, justified by four factors. First, earnings quality: the SDE bridge from net income is clean and easily verified in diligence. Second, retention: while roughly a third of engagements are project-based and conclude on schedule, established retainer clients stay 4+ years on average, with the longest relationship exceeding six years, real switching-cost durability. Third, clean operations: no lease, no proprietary tech, no broker entanglements, minimal integration risk. Fourth, upside: zero current revenue from benefits, recruiting, staffing, or HR tech resale, meaning a buyer isn't just acquiring trailing revenue but a distribution channel for services they already sell.