At first glance, the headlines aren't very encouraging: The Argos Index®, the established valuation benchmark for the unlisted European SME market, stood at 8.3x EBITDA in the fourth quarter of 2025—its lowest level since 2014. Recent studies and press reports also paint a picture of uncertainty in the private equity world. Entrepreneurs reading this news might be tempted to postpone their planned sale of the company once again and wait for calmer times instead.
However, that might be jumping to conclusions. If you take a closer look, you’ll find some encouraging signs—especially for successful family business owners.
First, some context: Lower valuation multiples do not necessarily mean that a sale is unattractive. Above all, they indicate that buyers’ and sellers’ price expectations are converging again, and that is precisely what is revitalizing the market. In fact, transaction activity in the second half of 2025 rose by a remarkable 30% compared to the first half of the year, with over 500 completed transactions in the European SME sector—the highest level since 2018. The Argos Index® itself notes that increased activity coupled with lower prices is a typical sign of a market trough. In other words: Those who act now may be doing so at exactly the right moment—namely, at the turning point.
Strategic buyers remain active and are paying attractive prices for solid, well-positioned companies, particularly in resilient sectors. In doing so, they value mature structures, established customer relationships, and business substance. These are qualities that family-owned businesses are particularly well-suited to demonstrate. And despite macroeconomic uncertainties, the financing market remains stable, as evidenced by the continued availability of debt financing for acquisitions.
The current Dealsuite DACH Monitor for the first half of 2026 strongly confirms this outlook: 76% of the consultants surveyed are optimistic about the coming months. 45% report an increase in their mandates compared to the previous six months—a clear signal that the market is gaining momentum and that buyer demand is real.
The current environment thus presents a real opportunity, particularly for family business owners who are weighing the right moment to plan for succession or sell their business. Well-prepared companies with stable earnings power can still achieve high valuations and benefit from the fact that competition among buyers remains strong despite everything.
Waiting for supposedly better times often means unnecessarily limiting one’s own room to maneuver. Those who seek dialogue now are acting with foresight and have the tailwind of a noticeably recovering market behind them.
Please feel free to contact us at any time for a confidential and non-binding initial consultation if you would like to learn how your company is positioned in the current market environment.
Time and again, we see successful entrepreneurs being asked directly and without any reference, "out of the blue" so to speak, whether they would be interested in selling their company....
