🧯 Deadly Sin: Valuing a Job, Not a Business

If the business:

👤 Requires the owner to do everything or the vast majority of work
📈 Has no systems, employees, or scale
❌ Has no transferable goodwill…

…it’s not a business. It’s a job with risk.

📌 We see this most in professional services, owner-operated trades, and “lifestyle” brands.

And yes—some of them get valued and financed when they shouldn’t.