📦 E-commerce businesses may show high revenue—but valuations crash when:

• The brand is dependent on one platform (e.g., Amazon FBA, Etsy)
• Inventory is overstated, under-accounted, or misclassified
• Owner handles all marketing, fulfillment, and vendor sourcing
• Addbacks include influencer perks, home office, or personal photography gear

📌 Selling product is one thing—building a transferable brand is another.