Makes sense. At https://www.teamshares.com/brokers , if you click on "Download buyer's profile", it says a few things that suggest they've taken that into account:

> Due to our specific needs, we are often forced to pass on good businesses.

And they want companies with:

> at least two managers or supervisors supporting the owner in bookkeeping, dispatch, sales, or project management

And:

> Our structure requires the inclusion of certain expense items (like presidents, finance leads, and/or general managers) that other buyers may not have to factor in. This means sometimes our price comes in lower than an individual buyer who benefits from that salary.