This contractor claimed $285K in “cash flow” and wanted $925K.

But: ❌ Owner ran all estimates and handled complex service calls
❌ Two trucks were leased personally—not on books
❌ Revenue was inflated by a one-time hotel project
❌ No apprentice training, no transition team

✅ Adjusted cash flow: ~$85K
✅ Revised value: ~$520K after project normalization + labor adjustments

📌 The real shock? How quickly this deal almost sparked a default.