A dentist claimed $275K in seller’s discretionary earnings and priced the practice at $1.5 million.

But: ❌ No associate
❌ No staff contracts
❌ 94% of production came from the owner
❌ Buyer was newly licensed

We adjusted for owner/operator comp + patient attrition risk. True value: ~$750K
✅ The lender restructured. ✅ The deal still closed.

📌 Cash flow without continuity ≠ value.