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I have a small mobile auto repair business. It has gotten me by for 6 years now, but I just got an offer for a steady job with really good pay. Some have said that a business is worth what it can gross in a year (give or take how it is currently doing). Is this true? Any other tips?

If it has ball joints, I would say that that is it.

Honestly, for such an old car I would look somewhere else to invest your hard-earned cash. I think you are going to find it to be a money-pit...it might look cool...but a major money pit.