A lawn care company reported $155K in SDE and priced at $895K.

But: ❌ 80% of work was done by the owner and son
❌ Equipment was 10+ years old, no CapEx in place
❌ “Routes” were informal and undocumented
❌ Addbacks included personal trailer lease and fuel

Adjusted free cash flow: ~$55K
Revised value: ~$275K (with seller note + transition)

📌 Don’t pay full price for a job without support.