A restoration company asked $950K, citing $290K in cash flow.

But:

❌ 41% of revenue from one hurricane season
❌ Owner wrote all estimates & ran crews
❌ $45K in addbacks = truck depreciation + uncle’s “bonus”
❌ No contracts—just insurance referrals

📉 Normalized FCF = ~$88K
💧 Revised value: ~$600K

📌 One big storm can’t justify a big price. Value the system, not the season.