Check Size Follows Culture.

The number one thing a sophisticated investor is actually evaluating is not the model - it is the culture: how a team manages, leads, and communicates, and how it thinks, perceives, and reacts under pressure.

The size of the check a buyer will write correlates to the quality of the people and the culture, not the financials alone. The judgment dimension is what gets paid for - build it deliberately and you change the number.