A towing business asked $500K, based on $180K of “cash flow.”

But:

❌ Owner drove most shifts + handled dispatch
❌ $30K in addbacks = gas, “personal use” truck, and non-itemized fuel cards
❌ 78% of revenue from one police contract
❌ No CapEx for trucks over 10 years old

📉 Real FCF: ~$34K
📦 Revised value: ~$225K

📌 Trucks wear out—so does inflated cash flow.