🧯 Deadly Sin: Overvaluing Personal Goodwill

If the business relies on the seller’s relationships, charisma, or technical expertise—it may not transfer.

And if the valuation assumes those intangibles stick around, the lender’s at risk.

✅ Enterprise goodwill = transferable
🚫 Personal goodwill = fragile

📌 If the cash flow walks out the door with the owner, the deal might be fundamentally flawed.