Gary Miller was the founder of management consultancy Aragon Consulting which grew to employ more than 150 people. Miller, along with his team, built a proprietary modeling technology and was banking on attracting a premium multiple for the consultancy—which is why he was so disappointed by IBM’s original acquisition offer of just three times Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).

Many founders would have been tempted to react with disappointment, but it is what Miller did next that resulted in IBM ultimately paying the highest multiple they had ever paid for a service business.

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