A NEMT business claimed $175K in adjusted cash flow and wanted $600K.

But:

❌ Owner drove 5 days a week
❌ Vehicles were over 12 years old
❌ Medicaid reimbursement delays not considered
❌ No backup drivers or dispatch software

Real FCF: ~$42K
📉 Revised value: ~$260K

📌 Mileage doesn’t equal value—especially if the wheels fall off post-sale.