🚜 A manufacturer had solid cash flow—but we discovered most equipment was outdated, barely functioning, and not included in CapEx forecasts. Without reinvestment, operations would stall. With proper CapEx? Cash flow dropped by $110K/year.

The fix:
✅ Calculated Maintenance CapEx and Normalized Free Cash Flow
✅ Lender adjusted loan terms

Always ask: Will this business stay functional without more investment?