Some business owners mistakenly think there is one Rule of Thumb to value their business. This is never true! For example, if you are a service business, someone may tell you the business is worth one years’ gross – but don’t for one moment think a business with three customers has the same value as one with 30, or even 300 customers. Is a radio station in a major market worth the same multiple of cash flow as one in a small town? Probably not. Are two dental practices in the same city, one with a famous, well-known leader worth the same multiple as a lesser known practice? Probably not.