Analyzing the 'New Floor' for valuations. Based on EY's market outlook (linked), this archive argues that the valuation correction is nearly complete. It highlights the divergence between 'AI' (commanding 2021-style multiples) and 'Everything Else' (trading at historical means). The text advises founders to prepare for 'Structured Exits', where consolidation leads to M&A deals that clear the liquidation preference stack but leave little for common stock. It calls for a focus on 'EBITDA Breakeven' to control your own destiny.

Valuations have reset; accept it. This archive helps founders manage their board's expectations. It pushes back against the 'Growth at All Costs' narrative, validating a strategy of slower, profitable growth. It frames 2024 not as a year of expansion, but as a year of efficiency and consolidation.