📦 Copy shops and service centers (like UPS Stores) often look stable—but dig deeper.

Common valuation issues:

• Owner often works the counter full-time
• Addbacks include personal vehicle or labor
• Heavy franchise fees and marketing contributions
• Limited pricing control due to brand/franchise rules

📌 Rule of thumb: Royalty doesn’t mean loyalty. If margins are tight and the owner runs the shop, value may be overstated.

✅ Normalize for full owner replacement, franchise constraints, and labor-heavy ops.