Private — personal reference
Diamond HubSpot agency, priced for sale
FY25 $2.49M revenue, 32.2% normalised EBITDA margin, Diamond Partner (valid to 15 Jan 2027), 16 Impact Awards (#2 globally), stable ~$280K/yr HubSpot commission annuity. Realistic today on a clean process: $4.5M-$6.0M. Target after the 6-month roadmap: $6.5M-$7.5M.
Floor
$3.3M
1.3× revenue · PE rushed sale
Mid — realistic today
$5.5M
2.1× revenue · strategic agency buyer
Ceiling
$7.1M
2.7× revenue · post-roadmap + Elite
Snapshot
Top 3 drivers. Top 3 detractors.
Drivers — lean in
Credential and vintage advantages that compound the multiple.
- 16 Impact Awards / #2 globally+$1.0M
- Diamond tier + APAC #1+$0.7M
- Stable HubSpot commission backbone (27 legacy)+$0.5M
- 5-yr+ client relationships (Gro, Play Matters, Plungie)+$0.5M
- 32% EBITDA margin (top quartile)+$0.4M
Detractors — fix in 6 months
Every detractor has a matching action in the roadmap.
- Founder dependency (Trav 2/5 EOS seats)-$1.0M
- Commission decline narrative unsplit-$0.6M
- Churn velocity (~20% annualised)-$0.5M
- New-hire risk (3 of top 5 comp unproven)-$0.4M
- AI service line unpriced-$0.3M / +$0.5M asymm.
Section 01 — Financials
Four years of P&L. Normalised EBITDA bridge.
FY25 Revenue
$2,494K
Xero actuals
FY25 EBITDA (normalised)
$803K
32.2% margin
FY26 annualised EBITDA
$728K
pre-normalisation
TTM weighted for multiple
$760-780K
blend of FY25 + FY26YTD
| Year (AU FY, Jul-Jun) | Revenue | EBITDA | Margin |
|---|---|---|---|
| FY23 | $2,205K | $520K | 23.6% |
| FY24 | $2,378K | $680K | 28.6% |
| FY25 | $2,494K | $803K | 32.2% |
| FY26 YTD (10mo) annualised | $2,512K | $728K | 29.0% |
FY25 EBITDA bridge
Reported → normalised for buyer presentation.
- Reported EBITDA
- $813K
- − Directors' dividends treated as OpEx
- ($179K)
- + Add-back: international travel personal portion
- $24K
- + Add-back: consulting one-off
- $10K
- + Add-back: entertainment non-deductible
- $5K
- + Owner comp already at-market (no add-back)
- $0K
- Normalised EBITDA
- $803K
Section 02 — Clients
Tenure-heavy book with churn to address.
Active MRR
$132K
Apr 2026
ARR
$1.59M
retainer book
Churn 5mo
-$317K
6 events · ~20% annualised gross
Modern MSA / Total
15 / 138
R5: refresh top-20 by Aug
Top 10 clients (FY25 revenue)
- Renaissance PM$137.7K
- Gro Clinics (since 2015)$128.3K
- Play Matters (since 2016)$114.5K
- Plungie (since 2021)$98.2K
- Mountway$84.9K
- Terrascope$77.3K
- Flight Centre Travel Academy$72.1K
- The Icehouse$68.4K
- Nutra Organics$61.0K
- NueStar (churning Jun 2026)$58.9K
Revenue quality score
Composite of tenure, concentration, contract health, NRR proxy.
68
/ 100
- Tenure (5yr+ on 3 of top 5)
- Strong
- Concentration (Renaissance 5.5%)
- Acceptable
- Contract health (15/138 modern)
- Weak — fixing
- Churn velocity (6 in 5mo)
- Red — fixing
Section 03 — Team & Ops
Thirteen people. Three of top 5 compensations under 1 year.
Headcount
13
11 AU · 1 PH · 1 flexi
Payroll FY25
$1.42M
incl. super, excl. dividends
Offshore leverage
2.5%
of payroll · R8 upside
AI tools deployed
6
5 client-AI projects · $0 priced
Top 5 by compensation
- Trav White — Visionary / Sales & Marketing$170K · 10yr
- Micah — Integrator (9mo)$155K · new
- Amanda — Finance + Ops (dual seat)$130K · 4yr
- Geordie — AI / Delivery (11mo)$125K · new
- Matt Porter — Sales BD (6mo)$120K · new
EOS accountability chart — 5 seats
Founder dependency: Trav holds 2/5. Amanda holds dual Finance + Ops.
- VisionaryTrav
- IntegratorMicah (9mo)
- Sales & MarketingTrav (transitioning → Matt)
- FinanceAmanda
- Ops & DeliveryAmanda (splitting Jun 2026)
Section 04 — HubSpot commissions
$1.43M over 8 years. Stabilising floor after post-Apr-25 regime change.
Cumulative 8yr
$1,428,977
FY18 → FY26YTD
Run-rate
~$280K/yr
post Q2 2025 stabilisation
Legacy-eligible (lifetime)
58%
pre-Apr-23 vintage · ~$154K/yr
Stable backbone
27 customers
4+ yrs lifetime commission
Quarterly commission trend (last 8 quarters)
Peak Q1 2025 $91K, stabilised $72-76K post Apr 2025 regime change.
Vintage split (Hub ID proxy)
Pre-Apr-23 = lifetime commission. Post = 36-month cap.
- Legacy (pre-Apr-23) — lifetime
- 58% · $154K/yr
- New-model (post-Apr-23) — capped
- 42% · $126K/yr
- Stable 27-customer backbone
- $92K/yr floor
- At-risk (≤36mo roll-off)
- $126K/yr
Commission valuation bucket
Valued separately as annuity, different cashflow pattern from services.
- Floor — legacy portion only × 2.5
- $385K
- Mid — full run-rate × 4.0
- $1.12M
- Ceiling — strategic × 5.0
- $1.40M
Section 05 — Credentials
Diamond today. Elite-ready on two of three axes.
Partner tier
Diamond
valid to 15 Jan 2027
Impact Awards
16
2021-2025 · #2 globally
Marketplace rating
5.0 / 5
97 reviews · 100% 5-star
Elite tier progress
Points gap 4,072. Sourced + GRR already clearing Elite thresholds — only blocker is Managed/Assisted points volume.
Total Points
4,928 / 9,000
Sourced Points (Elite req 2,100)
2,242 · PASS
Average GRR (Elite req 80%)
87.8% · PASS
Impact Awards — 16 wins across 5 years
- 2025 H1 — Platform Excellence · Mountway1
- 2024 — Platform Excellence · Gro Clinics / Mountway2
- 2023 H2 — Platform Excellence · Terrascope1
- 2022 — Flight Centre / Icehouse / Plungie / Nutra Organics4
- 2021 — ATDW / SwitchDin / Cakes & Shit / Tribeca / EnableCollege5
- +3 more wins across 2021-20243
Section 06 — Valuation
Three scenarios. Two buckets. Multiples sourced from Diamond comps.
Headline EV by scenario
Core (EBITDA × multiple) + Commission (annuity × multiple).
| Bucket A — Core EBITDA | EBITDA | Multiple | Core EV |
|---|---|---|---|
| Floor — PE rushed | $720K | 4.0× | $2.88M |
| Mid — strategic agency | $800K | 5.5× | $4.40M |
| Ceiling — HubSpot strategic | $820K | 7.0× | $5.74M |
| Bucket B — Commission annuity | Basis | Multiple | Comm EV |
|---|---|---|---|
| Floor | legacy only | 2.5× | $385K |
| Mid | full run-rate | 4.0× | $1.12M |
| Ceiling | strategic | 5.0× | $1.40M |
Multiple reference
Diamond HubSpot partner comp range: 5.0-6.0×
Generic digital agency 3-4×. Diamond + awards 6-7×. Elite + productised IP 7-9×.
Sits in Diamond band today
Section 07 — Risks
Ten risks. Four must-fix before Oct.
| # | Risk | Severity | $ impact | Mitigation |
|---|---|---|---|---|
| R1 | Founder dependency — Trav holds 2/5 EOS seats | High | -$0.8M to -$1.2M | Transition 3 key accounts; sales playbook; Matt owns inbound |
| R2 | Commission decline narrative unsplit | Medium | -$0.4M to -$0.8M | Legacy/new split deck; prove stable floor |
| R3 | Churn velocity — 6 events in 5 months | Med-High | -$0.4M to -$0.6M | CS playbook; NPS baseline; 2 upsells |
| R4 | Team tenure — 3 of top 5 comp under 1 year | Medium | -$0.3M to -$0.5M | Retention agreements; 6-month proof points |
| R5 | Contract refresh gap — 15 of ~138 on modern MSA | Medium | -$0.2M to -$0.4M | Refresh top-20 retainers by end Aug |
| R6 | Amanda dual seat (Finance + Ops) | Medium | -$0.15M to -$0.3M | Separate Ops seat in Jun |
| R7 | AI service line unmonetised | Medium | -$0.2M / +$0.5M | Price Lead Scoring; 2 SKUs live by Jul |
| R8 | Offshore leverage thin — 2.5% of payroll | Low-Med | Upside | Add 1-2 PH roles in Aug |
| R9 | Shareholder loan — $179K dividends in OpEx | Low | Cleanup | CoA restructure in Sep |
| R10 | No deferred revenue visible | Low | Minor | Consider retainer prepay incentive |
Section 08 — Roadmap
Six months. Four must-fix risks. $1.3M uplift target.
May 2026
Foundation
- Data room up
- MSA top-20 triage, 5 sent
- Lead Scoring priced, 2 sold
- Sales playbook v1
+$300K target
Jun 2026
Founder de-risking
- Micah runs 3 QBRs
- Matt runs 2 inbounds end-to-end
- Retention agreements signed
- Ops seat split from Amanda
+$400K target
Jul 2026
Retention blitz
- CS playbook + NPS baseline
- 2 upsells closed
- NueStar replacement
- Trav zero first-meetings
+$400K target
Aug 2026
Credentialling
- Managed MRR assignments
- 3 Impact Award submissions
- Top-20 MSA complete
- AI line $50K ARR
+$300K target
Sep 2026
Financial hygiene
- QoE fieldwork
- CoA cleanup
- Normalisation memo
- Broker mandate signed
+$200K target
Oct 2026
Go to market
- IM + teaser finalised
- VDR live
- 5 NDAs signed
- 3 management meetings
Realise $6.5-7.5M
Target valuation trajectory
Month-end Mid scenario target vs 22 Apr 2026 baseline.
Kill criteria at end of Jul
Pause process if any of these are true
Zero AI SKUs signed · Trav in 50%+ inbound meetings · 2+ new churn events May-Jul · No QoE firm engaged.
Reassess trigger