You've hit the nail on the head. Small business valuation is hard and surprising. Almost by definition a small business has not been systematized and abstracted

You've hit the nail on the head. Small business valuation is hard and surprising. Almost by definition a small business has not been systematized and abstracted. The owner is vital to the operations. This is in strong contrast with medium or large businesses where a professional management layer exists. Thus allowing the owner, even if nominally the CEO, to relax and ignore day to day operations. Thus small business are best through of as a job, not an asset.