An independent pharmacy listed for $800K on $200K in SDE.

But:

❌ Seller filled 98% of prescriptions
❌ No replacement wage or pharmacist transition plan
❌ PBM reimbursements declining 3 years straight
❌ $60K in addbacks included ‘consulting’ to his own C-corp

✅ After market comp, buyer pharmacist wage, and normalization, value = ~$370K

📌 No pharmacist, no value. Goodwill doesn’t transfer with the license.