I'm not commenting on OP or their family business, but a multiple of 2x or 3x could be more than fair for a hands-on small business.
Consider that there are large public companies with established management systems that you can buy and hold, completely hands-off, for multiples of 5x - 10x. GM is trading at 5x, lots of banks are in that range, huge equipment rentals, mines, etc.
Perhaps, but investors are neither fully informed nor fully rational.
People get overexcited about new trends, then everybody jumps on the bandwagon, and good but boring stocks are ignored. Doesn't mean these are weak businesses though.
Consider that there are large public companies with established management systems that you can buy and hold, completely hands-off, for multiples of 5x - 10x. GM is trading at 5x, lots of banks are in that range, huge equipment rentals, mines, etc.