A manufacturer claimed $490K in free cash flow and $2.1M in value.

But: ❌ 70% of sales came from a single aerospace client
❌ CapEx averaged $90K/year—report showed $0
❌ No market replacement wage for owner-engineer
❌ Machinery valued at historical cost, not FMV

✅ Final value after adjustments: $1.12M
✅ Deal restructured and saved

📌 Manufacturing deals require both a floor walk and a financial fix.