Here’s why overpaying is so dangerous:

It often doesn’t look like a disaster at closing.

The first few months can feel great. New energy, new focus, adrenaline.

But the price premium shows up later:

• in thin coverage,
• in delayed reinvestment,
• in stress during slow seasons,
• in inability to absorb shocks.

Valuation gaps don’t disappear.

They just become operating pressure.