A solo chiropractor priced their practice at $650K based on $185K in SDE.

But: ❌ Owner was the only licensed provider—no associate, no exit plan
❌ 60% of patients paid cash with no tracking system
❌ Addbacks included home massage chair, supplements, and child insurance
❌ No EHR or recurring visit tracking

✅ Adjusted FCF: ~$60K
✅ Final valuation: ~$300K contingent on seller transition

📌 The deal was realigned once owner-dependency and revenue quality were adjusted.