Lot of great comments here. Couple things I've seen in America talking to Boomers who are (trying) to sell their business.

1) the owner is absolutely integral for day to day ops. These businesses in all practicality are people who are self employed at a high level (if owner isn't there, the place doesn't run).

2) the asking price for some of these businesses can be absurd, mostly due to the Boomer needing it to fund retirement, or a large injection of capital late in their life. They have a mentality that this is America, and it's our god given birth rite to grow indefinitely, etc. they've put their life and soul into it and sometimes don't see economic realities. Also, they cook the hell out of their books. A lot of this passes through the cracks because no accountant or tax person even understands the business or expenses.