Recurring contracts are the asset
Read the customer agreements before the P&L. What you're really buying is a book of recurring monthly/quarterly billing relationships. A business with 800 active recurring accounts on auto-pay is worth meaningfully more than one with 800 customers who get billed paper invoices and choose whether to pay. The standard buyer test: what percentage of revenue is recurring versus one-time, what's the average customer tenure, and what's the monthly attrition rate? Healthy operators sit at 70%+ recurring and under 1% monthly attrition.