2026 M&A Outlook for the Lower Middle Market 

What Business Owners Need to Know in 2026  At the start of 2026, the lower middle market is showing steady and disciplined M&A activity.  Deal flow remains active, capital is available, and buyers are engaged. What has shifted is not demand, but how decisions are being made. Buyers are more deliberate, diligence is more thorough, and fundamentals are carrying more weight in transaction …

M&A Market Snapshot: Sector Valuations CPAs Should Watch 

CPAs are trusted advisors. That means they’re often the first to hear when a client is thinking about a sale or restructuring. By having a pulse on sector valuations, a CPA can engage in those conversations with confidence. To help, Viking is committed to providing market-leading transaction insights. Here, we analyzed our most recent 100 transactions. Based on that data, we’re …

What are “Add-Backs” and How Do They Impact Business Valuations? 

When it’s time to sell your business, your financial statements tell a story. But if you’re still running meals, cars, and wellness retreats through the P&L, that story might need a little editing. That’s where add-backs come in.  Add-backs are a crucial part of the business valuation process, especially in the lower middle market. For business owners, understanding how they …

Business Valuation vs. Appraisal

When discussing the concepts of business valuation vs. appraisal, the terms are commonly used interchangeably. However, they actually refer to two different processes with distinct purposes and methodologies. Let’s dive into what sets them apart.    Valuation vs. Appraisal: Two Main Distinctions 1. Physical Assets vs. Intangible Assets Appraisal of Physical Assets: Physical assets like machinery, real estate, and inventory …

The Right Exit Strategy – How Viking Mergers Helped Karen Enloe Sell Her Business

When Karen Enloe began considering selling her Asheville- based pottery distribution business, The Pottery Market, she knew she needed the right exit strategy. She had worked hard for many years in the business and was looking forward to a new chapter in her life. Karen turned to Eric J. McKeehan and Jeff McKeehan of Viking Mergers & Acquisitions of Asheville to develop the right plan to accomplish her …

How to Value a Business: One Part Art…One Part Science

In order to sell your business for top dollar, you must demonstrate its value. That value is based on a lot of numbers and calculations, but it also includes factors that can be harder to capture on paper. The reality is, conducting a thorough and accurate business valuation is both an art and a science. Most buyers focus on the …

The Power of the Pivot: Is Your Business Recession-Proof?

I speak regularly these days with business owners and buyers who have concerns about the market, and specifically, about how their business might fare in a potential recession. I have many examples I can share with them about the businesses Viking is currently selling and what makes them recession-resistant; but in addition to that, I can share from my own …