A med spa was priced at $1.2M based on $355K in SDE.

But: ❌ Owner was the sole injector—no MDs on staff
❌ Addbacks included Botox for personal use, luxury spa treatments, and vehicle lease
❌ Seasonal spikes tied to holidays and influencer campaigns
❌ No CapEx for medical lasers or diagnostic systems normalized

✅ Adjusted FCF: ~$77K
✅ Final valuation: ~$475K after labor and revenue normalization

📌 Lender saw past the gloss and protected the loan.