Buying & Selling Real Estate Brokerages

[Craig Garrow]

I am looking at acquiring another brokerage in our market, and for those who have done this before, how do you put a value on a small real estate brokerage? Owner has no records to speak of - I have been able to "recreate" a pro-forma using sales volume from the MLS, and using the same expense ratio that I have in my own company to come up with cash flows. Any help is greatly appreciated!