A commercial cleaning business was priced at $625K based on $180K in SDE.

But: ❌ Owner was cleaning three accounts personally each night
❌ Addbacks included family labor, vehicle lease, and home office
❌ Top 3 clients had no written contract—one ended after diligence
❌ No CapEx for equipment replacement or supply inventory

✅ Adjusted FCF: ~$37K
✅ Revised value: ~$275K after labor and contract normalization

📌 Lender scrubbed the valuation down to reality.