📊 Case Study: One-Person HVAC Biz

~ Certified Business Appraiser

🛠️ $175K in “cash flow.” Looked great—until we realized:

  • No techs
  • No admin
  • Owner did sales, bids, service, collections

Market comp to replace the owner: $85K+
True FCF: ~$90K
Valuation fell apart.

📌 If you remove the owner and the business collapses—it’s not a transferable enterprise.