Which of the following statements about business valuation is not true?

The statement regarding commonly available businesses being priced with a higher multiple is not true because business valuation usually reflects various factors, including industry norms and specific operational characteristics. Typically, less commonly available businesses (or unique businesses) might command higher multiples due to scarcity and increased demand from buyers seeking specialization, while commonly available businesses may have more market competition, thus resulting in lower multiples.

In contrast, the other options provide valid insights into business valuation. Deal structure indeed plays a critical role in the valuation process, as it impacts how the value is perceived by both buyers and sellers and can influence the overall transaction dynamics. Multiples relate closely to market behavior, encompassing factors like demand fluctuations and perceived risks associated with the business or industry. Additionally, the importance of adjusted net income is crucial, as it takes into account the owner's salary and other benefits to provide a clearer financial picture that reflects the true earning capacity of the business.