We reviewed a $1.7M business valuation of a manufacturing firm based on smooth cash flow.

But then we asked:

• Who are the customers?
• How much of revenue comes from the top one?

Answer: 72% 😳

We applied a risk discount. Value dropped ~30%. Buyer and lender restructured. Deal closed—with protection.

📌 If one customer leaves and the business craters… that’s a material risk.