However, 3X or 4X the cash flow is a good rule of thumb. Consider factors like location, equipment condition, and customer base.
BTW, I noticed that you’re in the finance sector. Have you considered working with a business plan company like OGScapital? They specialize in creating customized business plans for entrepreneurs like yourself. Here’s a link to their website if you’re interested: https://www.ogscapital.com/about-us/. Best of luck in your new venture!