Fellow searchers, I was wondering if anyone has looked at security patrol guard businesses for acquisition and what risks one should watch for when going into this.

I see on BVR Dealstats and Peercomps that the multiples for $3M-$8M revenue businesses is around 2x, which seems lower than say a commercial landscaping business and implies a higher risk premium.

I also see on the IBIS report that the industry is in a declining phase because of security alarm systems, so it appears similar to the print industry in some ways, except for being asset light.

I would appreciate any thoughts! Thank you.