Do your investors prefer you to find a business that "needs fixing" that trades for a lower multiple or one that needs no fixing but just has an owner who is passive/doesn't want to work hard anymore to grow it?

I know self-funded searchers like businesses that "need fixing" that they can pay 3-4x for. In either case, we're all likely first-time operators so probably stay away from "needs fixing?"

Any help or thoughts would be great!