Well, then he's incredibly FOS. Making 10's of millions a year and only valued at $25MM? Hmmm.
Do you know anything about private businesses ?
The magazine lets say did 10m in revenue, typical profit margins are 23% for media companies.
2.3m in profit based on an estimated 10m revenue is a 10x+ valuation which is already to high.
The magazine probably had 20m in revenue and somewhere around 5m in profits for a 5x multiple.
