Overpaying isn’t just paying more than fair market value.

It’s agreeing to a higher burden the business must carry after closing.

That burden shows up as:

• thinner coverage,
• reduced ability to reinvest,
• less tolerance for volatility,
• and more fragility during downturns.

The buyer thinks they’re buying upside.

But what they often buy is a tighter operating box.

When you overpay, you don’t just spend extra money.

You reduce the business’s ability to absorb shocks.

That’s why overpriced deals often feel fine early—then deteriorate.

The premium becomes a tax.
And the business pays it every month.