A floral shop was priced at $425K based on $125K in seller’s cash flow.

But: ❌ Owner was the only designer + managed all events
❌ Inventory included full purchase price of unsold stems
❌ Addbacks included family payroll, fuel, and home garden supplies
❌ No consideration of seasonality risk

✅ Adjusted FCF: ~$65K
✅ Final valuation: ~$215K

📌 Lender pruned the valuation before it became a thorny issue.