🍽️ Restaurant financials can look deceptively strong—until you dig into:

• No owner wages expenses
• Uncaptured delivery fees or third-party platform costs
• CapEx ignored (kitchen/fixture replacement cycles)

📌 Rule of thumb: If free cash flow hasn’t been normalized, you’re underwriting a fantasy.

✅ Valuations must account for labor cost fluctuations, food inflation, and capital reinvestment cycles.