An e-commerce business was listed at $1.1M based on $215K in cash flow.

But: ❌ 100% of sales occurred through Amazon FBA—no owned customer list
❌ Inventory counts were rough estimates with no COGS reconciliation
❌ Addbacks included personal camera gear, lifestyle travel, and Shopify trials
❌ Owner managed all marketing + order flow directly

✅ Adjusted FCF: ~$85K
✅ Revised valuation: ~$475K after inventory reconciliation + labor normalization

📌 Lender protected the loan by anchoring to platform and fulfillment risk.