An optometry clinic was priced at $1.05M based on $285K in cash flow.

But: ❌ Owner conducted 100% of exams and contact lens fittings
❌ Inventory for frames not itemized or tracked
❌ Addbacks included home office, spouse payroll, and product samples
❌ No staff optician or coverage plan for exit

✅ Adjusted FCF: ~$85K
✅ Revised value: ~$465K with transition + inventory adjustment

📌 Lender avoided a valuation with no depth perception.