A nursery + garden retail business was priced at $775K based on $115K in cash flow.

But: ❌ Owner grew and sold product, managed store, and booked events
❌ Addbacks included home irrigation, family payroll, and food costs
❌ Greenhouse and farm tools were not included in CapEx
❌ Revenue spiked in spring, dipped severely in Q3–Q4

✅ Adjusted FCF: ~$60K
✅ Final valuation: ~$335K after seasonal and CapEx normalization

📌 The lender got to the root of the issue—before the deal could wilt.