A PT clinic priced at $875K based on $235K in SDE.

But: ❌ Owner performed all sessions
❌ 90% of payers were insurance, with long reimbursement delays
❌ No recurring client tracking or CRM
❌ Addbacks included exercise equipment, massage chair, and personal travel

✅ Adjusted FCF: ~$65K
✅ Revised valuation: ~$385K post-staff normalization and insurance risk review

📌 The lender stayed limber—avoiding an overextended solo practice.