🛠️ Machine shops often come with heavy equipment—but don’t confuse asset value with business value.

Key valuation drivers:

• Owner is usually the lead machinist or programmer
• Jobs are project-based, not recurring
• CapEx requirements often ignored
• Customer concentration is common

📌 Rule of thumb: If goodwill walks out with the owner, you’re just buying used machines.

✅ Normalize for labor replacement, asset maintenance, and non-transferable technical skill.