“SaaS, getting four to five times EBITDA isn't [unreasonable]... I would recommend getting like two to three here at consumer.”

Don't underwrite consumer-sub deals against SaaS comps — buyers price the gap

When raising debt or pitching acquirers for a CSS company, do not benchmark against B2B SaaS multiples. Consumer retention curves are structurally weaker (70% Y1 vs 90%), so debt and valuation math scale down proportionally. Crowley's M&A view: position the business honestly inside CSS norms instead of overreaching on SaaS comps and watching deals fall apart in diligence.