A pawn shop claimed $85K in seller’s discretionary earnings and asked $500K.

But: ❌ 70% of inventory was customer pawned (not owned) ❌ $24K in alleged owner perks + travel in addbacks ❌ No breakdown of retail vs. lending income

We backed into ~$42K in real cash flow. 💸 Real value closer to $225K.

📌 Be cautious: Not all “inventory” is an asset—and not all revenue is recurring.