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Buying a business: Tennessee vs Virginia

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

Tennessee

521 active listings
Active listings521
Median asking$325,000
Median cash flow$229,288 Edge
Typical multiple1.4×
Owner-earnings yield~71%
Median revenue$740,000
VS

Virginia

851 active listings
Active listings851 Edge
Median asking$322,000 Edge
Median cash flow$150,768
Typical multiple2.1×
Owner-earnings yield~47%
Median revenue$717,430

Who wins?

Virginia has 63% more businesses on the market than Tennessee (851 vs 521). Virginia is cheaper at the median asking price. Tennessee trades at a lower multiple (1.4× vs 2.1×), meaning you pay less per dollar of cash flow there.

MetricTennesseeVirginia
Active listings521851
Median asking$325,000$322,000
Median cash flow$229,288$150,768
Typical multiple1.4×2.1×
Owner-earnings yield~71%~47%
Median revenue$740,000$717,430
Related comparisons

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