I'd be careful on estimating how to calculate value, especially from a distance like this and not knowing your particulars.
The pricetag is dependent on so many variables, it can be staggering. Location, absolutely, but also what and how the business functions is paramount.
On the one hand, if you're a lean shop, no dedicated sales (on/off premise, retail) or production staff, it's doubtful anyone would consider any cashflow formulas. They aren't buying a system, people or processes, they're picking up where you left off. And it would be absent the most important part: you. I would suggest FFE and assets (inventory/real estate) minus debt plus AR.
If you have a self-driving production and sales team, processes that they follow without you directing their every step, budgets, plans/forecasts of sales, operations, etc., then the business may be ready to stand with or without you there. That' could be a better candidate for cashflow formulation.
Just my two cents worth. I am certain there are more informed folks here too!