There are many factors that determine fair market value for a business, including financial and non-financial factors. Buyers tend to covet businesses (and pay more for them) when there is a high degree of owner freedom. Here is a short presentation we made to a group of area business owners on how to think about 8 primary factors that influence business value:

https://www.youtube.com/watch?v=1L6HJVMD7r0&t=5s