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ya you need non compete, you won't control the clients, the non compete should be for non competition within a 200 mile radius or all the states and neighboring states. I am serious people will drive 1 hour for a good hair stylist, they can be hard to find (I drive 1 hour for a good hairstylist). You might even be better off with having her continue to work in the salon for you as a condition of the contract.
I wish you spitted out numbers b/c i've work in private equity which deals with loans to start ups and small businesses, but general never invest in a business if it is your sole venture where your paying more than 2x the revenue (and thats of a really good proven cash cow business with guaranteed repeat payments).
If this woman stays in the business I could see it being worth whatever the entire sales are for the year 1-1.2 value of the business. also profit margin is real important, if you won't recover your money in 2 years forget about it
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