Use this lesson as a checklist before you send an LOI or lender package.
Start with what the broker is trying to prove
A listing usually tries to prove that the business has stable earnings, transferable customers, and a price that makes sense. Your job is to identify which claims are supported and which ones need diligence.
Turn the listing into questions
Do not argue with the listing. Translate it into questions: which add-backs are recurring, who owns customer relationships, what revenue would disappear after a transition, and whether the acquisition can support debt service.