A pest control firm showed $140K in SDE and wanted $495K.

But: ❌ Owner ran 95% of routes personally
❌ “Contracts” were informal and non-binding
❌ Addbacks included personal gas and truck lease
❌ No staff, no CRM, no SOPs

We normalized for buyer labor and capex. Adjusted FCF: $45K
True value: ~$260K

📌 Lender avoided over-financing a job disguised as a business.