🧠 Valuation Insight: Manufacturing Is an Asset + Cash Flow Hybrid

~ Certified Business Appraiser

 🏗️ Manufacturing companies can’t be valued on earnings alone—asset reinvestment, equipment age, and customer concentration matter too.

đź“Ś Common mistakes in underwriting:

  • Depreciated equipment valued at book value
  • CapEx totally omitted or mismatched to reality
  • No adjustment for single-client exposure
  • Owner wages too low for technical oversight

If you ignore the factory floor, the value’s just a number.