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Deciding to buy a business is one of the most important financial and professional decisions an entrepreneur can make. While product-based companies often rely on tangible assets, inventory, or patents to establish value, service businesses present unique challenges. They may not have warehouses full of products, but instead rely heavily on people, customer relationships, reputation, and processes. Understanding how to properly value a service business is therefore essential for any prospective buyer who wants to avoid overpaying, while also recognizing the true long-term potential of the acquisition.