🚛 Towing companies often show strong revenue—but beware of hidden risks under the hood.

Valuation watchpoints:

• Owner often drives and dispatches
• Revenue may be concentrated in one contract (e.g., police rotation)
• CapEx for trucks is often ignored
• Addbacks tied to fuel, vehicle depreciation, or cash collection

📌 Rule of thumb: If the truck fleet is old and the owner answers every call—value isn’t on solid ground.

✅ Normalize for fleet replacement, 24/7 labor, and contract risk.