🧾 Business owners often run perks through the company—but not all of them belong in a valuation adjustment.

Let’s break it down:
✅ Valid adjustments: true personal expenses (e.g., country club dues, family vacations)
⚠️ Invalid: things the new owner will have to spend again (like fuel, travel for conferences, or sales bonuses)

Rule of thumb? If it’s essential to operations, it’s not a perk—it’s overhead.