🧠 Valuation Insight: Project Revenue ≠ Predictable Cash Flow

 ⚡ Electrical contractor valuations often short-circuit when they:

  • Use project-based income without smoothing
  • Ignore owner’s labor as lead estimator/technician
  • Omit CapEx for trucks, lifts, or diagnostic tools
  • Assign goodwill without considering licensing transfer

📌 If you wouldn’t wire a building without a plan, don’t underwrite one without normalization.