In Part 3 of the Shoot the Moon Masterclass series, Mike, Ryan, and Matt break down how valuation really works for IT services firms—why “the multiple” isn’t the same thing as valuation, and why buyers price future performance and confidence in cash flows. They cover revenue quality (recurring revenue, churn, customer concentration), adjusted EBITDA and clean add-backs, common valuation killers, and what owners can do over 12–24 months to earn a premium.