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Buying a business: California vs Kansas

Two markets side by side — inventory, pricing, and what you actually pay per dollar of cash flow, from live Waterfall data.

California

6,340 active listings
Active listings6,340 Edge
Median asking$345,000 Edge
Median cash flow$178,627
Typical multiple1.9×
Owner-earnings yield~52%
Median revenue$750,000
VS

Kansas

196 active listings
Active listings196
Median asking$535,000
Median cash flow$250,000 Edge
Typical multiple2.1×
Owner-earnings yield~47%
Median revenue$814,382

Who wins?

California has 3135% more businesses on the market than Kansas (6,340 vs 196). California is cheaper at the median asking price. California trades at a lower multiple (1.9× vs 2.1×), meaning you pay less per dollar of cash flow there.

MetricCaliforniaKansas
Active listings6,340196
Median asking$345,000$535,000
Median cash flow$178,627$250,000
Typical multiple1.9×2.1×
Owner-earnings yield~52%~47%
Median revenue$750,000$814,382
Related comparisons

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