🛠️ A buyer wanted to roll up a local competitor.
The broker used a 4x multiple because of projected cost savings post-close.

But those savings:

❌ Wouldn’t apply to anyone else
❌ Didn’t exist on paper
❌ Violated FMV standards

We valued it using historical cash flow for the SBA 7a loan. Deal got restructured. Everyone won—but the value dropped by $200K.