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It's very hard to determine the exact value of most businesses. The best place to start is to calculate what it would cost to establish a similar business from scratch. Buying a business can be better or worse than starting your own. If the biz comes with a bunch of baggage, it's worth less. If it's in a good location or has a good established clientele or something else you can't easily duplicate, it is worth more than the cost of starting from scratch.
You should have a non-compete clause (keeps the prev. owner from starting a similar business that would compete with you) and a non-disclosure clause (keeps the prev. owner from talking to anyone about the business after he's sold it).
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