“Experts advise, but owners decide.”
Over three decades of transaction leadership dedicated exclusively to staffing, recruiting, and workforce solutions firms across North America. We guide founders and corporate buyers through confidential, high-value sell-side mandates, strategic acquisitions, and adjusted EBITDA valuations.
Unlike generalist brokers selling convenience stores or manufacturing plants, 100% of our daily focus is staffing deal architecture, gross margin dynamics, and recruiter retention.
Comprehensive exit advisory designed to maximize enterprise value. We normalize historical financials, construct confidential blind profiles (CIMs), vet qualified acquirers, and negotiate favorable cash, note, and earn-out structures.
Targeted acquisition mandates for growing regional firms and private equity groups. We identify off-market acquisition targets, conduct deep operational diligence, and evaluate 12 essential acquirer criteria.
Authoritative market appraisals grounded in 35+ years of real deal comps. We perform rigorous EBITDA normalization, distinguishing true owner add-backs from ordinary operating overhead.
Strategic consulting 2 to 5 years prior to sale. We help founders transition from "working in" the business to "working on" enterprise value, eliminating owner dependency and optimizing operational margins.
We have represented founders and negotiated transactions across all four primary workforce solutions domains.
Direct answer guidance based on closed North American transactions. Real multiples apply to Adjusted EBITDA rather than gross revenue.
| Staffing Vertical | Adjusted EBITDA Multiple Range | Typical Gross Margins | Key Value Drivers & Moats |
|---|---|---|---|
| Commercial & Light Industrial | 4.0x – 6.0x | 16% – 22% | Low client concentration (<15%), verified workers' comp documentation, multi-branch density. |
| Information Technology (IT) Staffing | 5.5x – 8.0x | 24% – 32% | Direct MSA client contracts over VMS/MSP margin squeezes, high bill-rate consultants, contract over perm. |
| Healthcare & Travel Nursing | 5.5x – 8.5x+ | 22% – 30% | Joint Commission accreditation, proprietary nurse rosters, diversified hospital system contracts. |
| Engineering & Technical Staffing | 5.0x – 7.5x | 25% – 34% | Specialized technical recruiting pipelines, defense/energy niche positioning, long consultant tenure. |
| Recruitment Process Outsourcing (RPO) | 7.0x – 9.5x | 35% – 48% | Multi-year recurring SaaS/service contracts, automated tech infrastructure, high client retention. |
*Multiples reflect clean balance sheets, normalized owner compensation, and standard working capital pegs. Earnouts typically tie to Gross Margin dollars rather than EBITDA.
Calculate Your Company's Value Range →Transaction success is defined by what you anticipate before entering due diligence. Here is how real transactions were won and saved.
A seller under LOI stalled closing to capture another record projected quarter. During the delay, revenue dropped, and the buyer diverted capital to a competitor. Closing took 10 painful months and resulted in less upfront cash.
From landlord holdouts demanding $10,000 lease transfer fees to aggressive unsupportable add-backs, learn the 15 empirical reasons why staffing transactions stall or collapse post-LOI.
Acquisitions fail when buyers prematurely erase entrepreneurial culture and local branch identities. Respecting internal recruiters and key account managers preserves gross margin and prevents client attrition.
Direct feedback from agency owners who navigated sell-side transactions, mergers, and valuations with R.A. Cohen Consulting.
“Bob Cohen and Sam Sacco provided exceptional guidance throughout the entire sale of Qualified Resources International. Their deep knowledge of the staffing industry and ability to negotiate a true win-win structure made all the difference.”
“When the recession hit, Sam Sacco wisely advised us to suspend our industrial staffing listing rather than sell at a discount. Upon market recovery, Sam generated multiple competitive offers within our target price range and closed the deal smoothly.”
“Sam Sacco was patient, never rushed any decisions, and made himself constantly available to answer questions day and night. His understanding of healthcare staffing economics was indispensable during our negotiations.”
“Bob Cohen's thoroughness and professionalism were extraordinary. He secured a qualified buyer and a fair transaction price within four months of listing CoreLink Staffing. Total integrity from start to finish.”
“Sam Sacco’s personal dedication, constant availability, and matchmaking with an expanding buyer made our transition seamless. We felt supported at every high-stress deal milestone.”
“R.A. Cohen Consulting understands the nuances of staffing workers' comp, PEO models, and payroll funding better than any M&A firm in the country. They walk the walk.”
Our advisory team brings firsthand experience founding, operating, growing, and exiting staffing enterprises alongside leadership at ASA, ACSESS, and NACCB.
Active in staffing since 1982; joined R.A. Cohen Consulting in 1998. Former CEO & Executive VP of the National Association of Temporary and Staffing Services (NATSS, now ASA) from 1984 to 1997, expanding membership from 300 to over 1,600 firms. Former Chairman of Work International ($200M roll-up). University of Virginia Commerce graduate.
30+ years of staffing experience since 1981 across IT, Engineering, and Healthcare. Personally navigated two successful business exits. Founding member of NACCB Canada and past Provincial & National Board Member of ACSESS. Specialist in earn-out architecture, cross-border M&A, and tech due diligence.
33+ years of staffing leadership. Former President of Beacon Services, successfully orchestrating its sale to Elwood Staffing. Executive experience at PrideStaff (85 locations) and FinTech startup Get Beyond. Past leader of the Independent Staffing Alliance. Expertise in accounting, ATS systems, and regional branch operations.
Clear, authoritative facts regarding valuation multiples, transaction lifecycles, earnout mechanics, and advisory fee structures.
Staffing agency valuations depend primarily on a multiple of Adjusted EBITDA. In current markets, traditional Commercial and Light Industrial agencies trade between 4.0x and 6.0x Adjusted EBITDA. High-margin IT, Specialized Engineering, and Clinical Healthcare staffing agencies command 5.5x to 8.5x+ Adjusted EBITDA. Multiples are driven by gross margin sustainability, customer concentration under 15%, disciplined W-2 compliance, and strong tier-two operational management.
A standard transaction requires approximately 6 to 9 months from the launch of confidential marketing to formal closing. Key milestones include 30 days for financial normalization and CIM preparation, 45 to 60 days of confidential buyer outreach and LOI negotiations, and 60 to 90 days for confirmatory due diligence, purchase agreement drafting, and lease transfers. We advise founders to begin strategic preparation 2 to 3 years in advance.
We have maintained a zero confidentiality breach track record since 1991. Prospective acquirers receive only a blinded, anonymous one-page summary profile. Detailed company identities, branch locations, and financials are disclosed only after buyers execute a customized, legally-binding Non-Disclosure Agreement (NDA) and receive explicit authorization from the seller.
Nearly 99% of middle-market transactions feature earn-out structures. Tying earn-outs to bottom-line EBITDA exposes sellers to risk, as buyers can artificially inflate corporate overhead allocations, management fees, or software expenses post-close. We strongly advocate tying contingent earn-outs to Gross Margin Dollars, which reflects the pure spread between bill rates and direct talent payroll/workers' compensation costs.
Our Free Market Summary Valuation is an initial confidential estimate designed to help agency founders understand their potential transaction range and market timing. Our Paid Formal Valuation is an exhaustive, audit-grade appraisal incorporating discounted cash flow (DCF), guideline public company multiples, and detailed normalization schedules—suitable for shareholder buyouts, partner disputes, bank financing, and estate planning.
General business brokers lack familiarity with staffing metrics: bill-rate spreads, statutory payroll burdens, workers' comp modifiers, VMS/MSP vendor contracts, and recruiter compensation models. R.A. Cohen Consulting has worked exclusively in workforce solutions for over 35 years. We maintain ongoing relationships with executive leadership at every major staffing acquirer in North America.
