📉 A strategic buyer offered $2.1M for a business. FMV? $1.15M.

They saw value in:

• Route overlap
• Staff consolidation
• IP synergy

But the SBA lender needed a fair market value opinion. Not a synergy-based fantasy.

We ran the numbers. Deal got restructured. Buyer still closed—but brought more equity.

⚠️ Remember: Strategic value ≠ FMV
Don’t underwrite the buyer’s motivation. Underwrite the business.