Valuing a business

[itsmefolks]

I have been offered to go in 50/50 with a business and wondered how it should be valued.
Its only a small business but has a £40k turnover in the first 6 months. With 40% profit margins. The guy needs help to extend so I am looking at buying in. Its a new ball game to me so any help would be great.

[twix123]

You will need an accountant to look at the figures and come up with a value.

[johnk]

40% profit margins??! That needs checking.

[itsmefolks]

40% not enough or too little??
Iv`e seen the wholesale prices and seen the selling prices. Am I missing something?
As I say its new to me. Thanks.