🚗 Auto repair shop valuations often break down when they:

• Ignore technician wages for family labor
• Miss hidden CapEx (lifts, tools, diagnostic equipment)
• Use unadjusted revenue during boom years
• Underestimate customer churn or brand dependency

📌 Normalizing for labor and reinvestment is critical. A $90K free cash flow that ignores $60K in replacement labor… isn’t cash flow.