💼 We reviewed a valuation where the buyer projected 30% growth and a 2x revenue jump post-acquisition.

The valuation? Based on unsupported projections as if the company were a startup.

But:

• Mature business in a mature industry
• Historic growth = 2–3%
• No new contracts
• No capital investment

We valued the business based on historic free cash flow—and saved the lender from financing a fantasy.