Should declining industry trends be reflected in my price even if my own numbers are still strong?

To some extent, yes, because buyers are paying for expected future performance, and an industry-wide decline is a real factor in that expectation even if your specific numbers haven't been affected yet. A buyer's advisors will typically ask whether your current strength is a sign you're genuinely outperforming a shrinking market, which can be a real and valuable story, or simply a lag before the broader trend catches up with you too.

The nuance is that strong current numbers in a declining industry aren't automatically discounted — what matters is whether you can explain why your business is different from the industry trend, such as a defensible niche, a loyal customer base, or a competitive advantage that isn't shared by the businesses actually driving the decline. Being able to tell that story with evidence tends to matter more than the industry statistic itself.

If your industry is genuinely shrinking, it's worth being prepared to address it directly with buyers rather than hoping your strong current numbers speak for themselves, since a buyer's advisors will raise the broader trend regardless. A business lawyer can help you think through how to present your position within a declining industry honestly and persuasively.