A plumbing company was priced at $880K based on $240K in SDE.

But: ❌ Owner was the only licensed plumber—also did estimates
❌ Two vans were leased personally and excluded from financials
❌ Addbacks included home utility bills and family cell phones
❌ No recurring contracts—100% project-based

✅ Adjusted FCF: ~$75K
✅ Revised value: ~$460K with licensing and labor risks normalized

📌 Deal salvaged—but only with seller transition + wage restructuring.