THE SHORT ANSWER
Reconcile supported annual earnings and necessary qualified owner replacement, then seek relevant sales on the same financial and asset basis. BizBuySell’s national 2021–2025 locksmith sold sample reports a 1.99x median owner-discretionary earnings multiple. That historical observation is not EBITDA, a current appraisal or a guarantee that customer access records and equipment add a premium.
Use the historical sold owner-earnings table
BizBuySell’s reported category covers independent locksmith operations serving residential, commercial and automotive customers.
(BizBuySell: locksmith sold-business benchmarks)| 2021–2025 reported sold owner-earnings statistic | Multiple |
|---|---|
| Lower quartile | 1.56x |
| Median | 1.99x |
| Mean | 2.36x |
| Upper quartile | 2.68x |
Compare actual services, owner duties, financial definitions, period and included assets using relevant transactions. Do not transplant the upper quartile automatically for commercial accounts, smart-lock work or a longstanding reputation.
Support earnings and recurring owner replacement
SEC adjusted-measure guidance is an issuer-reporting presentation reference.
(SEC: non-GAAP financial measure interpretations)Have the accountant define the starting period/measure and each actual deducted expense and future purpose. Draws, debt principal, tools purchased as capital and every vehicle or renovation cost are not automatic add-backs. Include necessary sales, dispatch, field, technical and complaint replacement consistently.
Use the earnings-basis guide to distinguish owner SDE, managed earnings and cash after financing, taxes and investment. No generic earnings threshold decides the correct metric. Reconcile actual job costs and shared expenses rather than annualizing only selected profitable calls.
Assess qualified work and customer continuity
Illinois IDFPR separately lists individual and agency/branch locksmith resources.
(Illinois IDFPR: locksmith licensing resources)Review actual people, entity scope, offered services and proposed ownership-change conditions with authorities and advisors. A credential held by the departing owner is separate from demonstrated ongoing coverage. The directory is not a complete linked statutory review or transfer clearance.
Read commercial agreement conditions using the consent register. Review achieved repeat purchasing, lead conversion, callback costs and customer exposure. Resolve provider and secure access-record rights appropriately. Proposed technical services, software savings and marketing expansion remain forecasts until supported.
Define the asset perimeter and closing delivery
SBA sale guidance addresses agreement assets and liabilities.
(SBA: closing or selling a business)Verify owned/leased vehicles, tools, stock, software and premises through title, liens, condition, usable rights and needed investment. Identify personal and customer-owned items separately. Establish what an earnings-based proposal includes before adding all equipment again at replacement cost.
Define stock, receivables, payables, deposits, unfinished work and warranty/complaint duties using the delivery guide. Keep annual cost, necessary investment and closing cash distinct. Use the seller preparation guide for actual evidence. The scenario tool computes inputs; it does not certify an appraisal or verify a buyer price.
Owner questions
What is the sourced locksmith median multiple?
The cited national 2021–2025 sold owner-discretionary earnings sample reports 1.99x; compare its scope to the actual company.
Does a key-code database create an automatic price premium?
Review actual permitted rights, customer economics and secure continuing service.
Should all tools be added to an earnings-based value?
Define included assets and delivery terms first to avoid double counting.
Sources and review scope
Source review completed . The sources below support the identified concepts or rules; they do not validate hypothetical amounts or a valuation of your business.
- BizBuySell: locksmith sold-business benchmarks
Reported national 2021–2025 sold independent locksmith operations serving residential, commercial and automotive work. Primary sold owner-discretionary earnings table reproduced; revenue/asking and other financial summaries kept separate. Not EBITDA, current company pricing, security-guard comparables or an automatic access-system premium.
- SEC: non-GAAP financial measure interpretations
Staff interpretations last updated December 2022: recurring operating costs and distinguishing EBITDA from adjusted measures. SEC reporting context, not a universal private-sale rule or automatic acceptance of add-backs.
- Illinois IDFPR: locksmith licensing resources
Illinois regulator directory distinguishes individual locksmith, agency and branch resources, employee-registration and training resources. Supports checking actual service/entity/person scope. Full linked Act, rules, applications, exceptions and ownership-change conditions not reviewed; no nationwide license list or automatic transfer conclusion.
- SBA: closing or selling a business
Valuation approaches, sale agreements, assets and ownership transfer.
Confirm tax, legal, accounting and lending applications with the relevant professionals. Historical market observations describe the stated period and reported sample.
This is educational material. Industry figures and program rules can change; check the original sources and your advisors before applying them to a transaction. Calculator scenarios are not appraisals, lending decisions, or offers.
Our content and calculator methodology →