Interview several firms that have done deals in your space/vertical, and where this will be a meaningful transaction to the firm/md - and ask them for valuation

Interview several firms that have done deals in your space/vertical, and where this will be a meaningful transaction to the firm/md - and ask them for valuation guidance (e.g. what they think they think they can sell your company for) you’ll generally find they’ll be in a similar range (e.g. 4-5x ARR) that should set expectations for the sale process. Deal structure can be worth ~20%+ of purchase price so don’t be myopic on focusing on price only. Trying to get the last dollar usually leads to broken deals and unhappy people on both sides, but you want to make sure that you’re getting a good market read on value for your business. Make sure you trust the team/have chemistry, you’ll go through quite a bit together. Also make sure you have M&A counsel - don’t let your commercial counsel handle this (you wouldn’t let your internist perform open heart surgery on you…)