Category Photoshop-panel subscriptions for photographers · Listed Flippa, vetted Asking $17,289 (€15,023) · 2024 revenue $41,400 (€36,000) · Monthly profit $550 (€479) · Margin 17% Subscribers 1,200 · Churn 5% monthly · Age 5 years · Location Italy
The asking price is 2.6× trailing profit. The median across confirmed SaaS transactions is 3.9×, and the risk-adjusted multiple this model returns is 3.1×, still above the asking multiple. On that comparison alone, this listing looks like room to pay more, not less.
Run the same numbers month by month instead of as a single multiple, and the opposite is true.
| Risk-adjusted multiple | 3.1× |
| IRR at the asking price | −23% |
| Maximum defensible offer at 30% IRR | $6,000 |
| Half-life of the customer base | 14 months |
| Annual net revenue retention | 54.0% |
At 5% monthly churn and no disclosed expansion revenue, the current subscriber base loses half its revenue every 14 months. That alone is what earns the −0.5× churn adjustment in the table below. It is not what makes the maximum defensible offer a third of the ask.
The listing's own description explains why: between 2023 and 2024 a prominent American photographer became the product's top affiliate, and 74% of the €36,000 in 2024 revenue came from subscriptions. Then, in the seller's words, "the departure of the affiliation manager resulted in the loss of a major revenue stream previously driven by affiliates." Marketing spend is under €2,000 a year, and no other channel is named.
The listing carries that sentence and carries the €36,000 revenue figure, but never connects the two. The multiple is set against the full €36,000, as if the channel that built a large part of it were still running.
Run the projection instead. The 74% subscription share implies about $2,550 a month in current recurring revenue (our estimate: the listing does not give MRR directly). At 5% monthly churn and, absent any disclosed acquisition channel, $0 in new MRR added per month, that base does not hold at $41,400 a year. It produces about $22,300 of revenue in year one of a hold, $12,100 in year two, and $6,500 in year three, and annual profit falls from the $6,615 reported for 2024 to about $1,040 by year three. The exit value in the model is priced off that $1,040, not off the $6,615.
That is the gap between the two answers this listing supports. The multiple math prices a point-in-time profit figure and discounts it once for churn. The cash-flow math prices what is left of that profit three years after the channel that built it stopped adding anything, and the two numbers are not close.
| Adjustment | Effect |
|---|---|
| Market median, confirmed SaaS transactions | 3.9× |
| Elevated churn, above 3.5% monthly | −0.5× |
| No transferable technical development capacity | −0.3× |
| Risk-adjusted | 3.1× |
The second adjustment is the listing's own statement that there is "an absence of a dependable technical partner for developing new panel versions." Whoever buys this buys code that nobody currently knows how to extend.
$6,000, all at close. There is no earnout structure that fixes this: the risk already happened. The affiliate is gone, not at risk of leaving, and a seller cannot guarantee the retention of a channel that already left. At the $17,289 ask, the three-year IRR is −23%. A buyer at that price is not underwriting a $41,400 revenue business. They are underwriting roughly $2,550 a month of subscription revenue decaying at 5% a month, and betting that a marketing budget under €2,000 a year can replace what a personal photographer endorsement used to bring in, something the last two years of this business do not support.
Run your own numbers on any listing: Ledgerline, free.
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