A grooming and boarding facility was listed for $675K based on $125K in cash flow.

But: ❌ Owner did all grooming + customer intake
❌ No staff on payroll—just 1099 contractors and family
❌ Facility needed $60K in repairs and kennel upgrades
❌ Holiday revenue inflated averages, no smoothing applied

✅ Adjusted FCF: ~$55K
✅ Realistic valuation: ~$385K

📌 Lender flagged owner dependency and CapEx gap before it got off-leash.