Madison sale

100 financial advisors, $3.8B FUM, in-force premiums of $65m and annual revenues of around $34m.

What would be an appropriate margin for an advisory business in the current climate? 5%? That'd provide $1.7m EBIT, but I wonder how many X earnings it then fetches on the market? I doubt we go near double figures in a fire sale, but anything above about 4x is an ok result I'd think.