Thanks everyone. Very helpful.

I'm potentially looking at an acqui-hire, where the two operators stay on to operate the business. In that case, it seems like I should be looking at EBITDA, even if it's a lower amount.

When calculating SDE for a two-owner business, it's generally accepted to add back the salary for a single owner/operator role, as this reflects the income a buyer could potentially replace with their own salary. However, in an acqui-hire situation, you might consider whether both owners bring distinct roles that would require replacement post-acquisition, which could justify adding back both salaries if they’re integral to operations.