A party supply store was priced at $720K based on $125K in SDE.

But: ❌ 40% of sales were tied to one season + one product category
❌ Inventory wasn’t separated from goodwill
❌ Owner created all displays and managed vendor relationships
❌ Addbacks included personal warehouse rent + family employee perks

✅ Adjusted FCF: ~$65K
✅ Realistic value: ~$385K post-seasonality and normalization

📌 The lender avoided over-financing a balloon business floating on owner charm.