💼 A seller was taking a $30K draw and claiming $180K in “cash flow.”

But they were the full-time operator—sales, ops, admin, everything.

Market comp for a GM in that role: $105K

Real free cash flow: ~$75K
Real value: about 60% of the asking price.

Lesson: If you don’t normalize the salary, you’re not valuing a business—you’re valuing a job.