A salon priced at $415K claimed $125K in cash flow.

But: ❌ Owner provided 60% of all services and didn’t take a salary
❌ Booth rentals underreported + mostly cash
❌ Addbacks included spa treatments, vacations, and “brand clothing”
❌ No CapEx for 7+ years—chairs worn, mirrors cracked

✅ Adjusted FCF: ~$30K
✅ Final valuation: ~$235K with a 6-month seller transition

📌 Stylish deals still need structure underneath.