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Buying a business: Minnesota vs North Dakota

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

Minnesota

851 active listings
Active listings851 Edge
Median asking$500,000 Edge
Median cash flow$174,000
Typical multiple2.9×
Owner-earnings yield~35%
Median revenue$819,507
VS

North Dakota

42 active listings
Active listings42
Median asking$1,000,000
Median cash flow$217,085 Edge
Typical multiple4.6×
Owner-earnings yield~22%
Median revenue$1,470,000

Who wins?

Minnesota has 1926% more businesses on the market than North Dakota (851 vs 42). Minnesota is cheaper at the median asking price. Minnesota trades at a lower multiple (2.9× vs 4.6×), meaning you pay less per dollar of cash flow there.

MetricMinnesotaNorth Dakota
Active listings85142
Median asking$500,000$1,000,000
Median cash flow$174,000$217,085
Typical multiple2.9×4.6×
Owner-earnings yield~35%~22%
Median revenue$819,507$1,470,000
Related comparisons

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