What is this actually worth to a buyer who can run it?

Private sales price risk, customers and transferability. They do not start with a universal multiple. If a court, lender or tax adviser needs a formal independent report, that is a different job.

Owners often want a number before they will talk. A useful number depends on earnings quality, how easily the work transfers, and who the likely buyer is.

For a distressed or poorly documented business, the number is usually “what someone will pay to keep the clients”. That conversation can happen without dressing the file up as something it is not.