🚨 Flood & fire restoration businesses often show strong earnings—but what’s buried under the rubble?

Common risks:

• Revenue spikes from one-time storm events
• Owner often handles estimating or field supervision
• No formal recurring contracts—only job calls
• Addbacks tied to truck depreciation or unpaid labor

📌 Rule of thumb: If earnings ride on a hurricane or a hustling owner, normalize before you underwrite.

✅ Adjust for seasonal surges, CapEx for equipment, and field labor replacements.