2.5 TIMES SDE FOR A MODEST SIZED BUSINESS BUT SELLER ISN'T SOLD

Context:
Entrepreneur started an equine products business 10 years ago and now wants to sell 90%. Revenues are stalled and dipped during 2020.
I have initially offered 2.5x SDE but this was rejected - as I expected it might be - but the seller says I'm nowhere near the right ballpark. However, they can't tell me where the ballpark might be.

Question:
We're still corresponding but I wondered if anyone has had a similar experience dealing with an entrepreneur and getting a deal over the line after starting with such a large gap to begin with. Or should I put this fish back?

Thanks,
Ollie



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