ABCDEFGHIJKLMNOPQRSTUVWXYZ
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Net Income 750,000 750,000 750,000
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Interest Expense - - -
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D&A - - -
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Income Taxes - - -
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Addbacks 50,000 50,000 50,000
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Owner Salary 100,000 100,000 100,000
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SDE 900,000 900,000 900,000
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Searcher Salary (125,000) (125,000) (125,000)
<-- this is ~$110K base + taxes & benefits
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Replacement Costs (75,000) (75,000) (75,000)
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Buyer's EBITDA 700,000 700,000 700,000
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10.00%Buyer Interest Expense (352,984) (285,749) (218,514)
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Buyer D&A (15-year) (245,000) (198,333) (151,667)
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Buyer Taxable Income 102,016 215,918 329,820
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40.0%Buyer Income Taxes (40,807) (86,367) (131,928)
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Buyer Net Income 61,210 129,551 197,892
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Buyer Interest Expense 352,984 285,749 218,514
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Buyer D&A 245,000 198,333 151,667
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Maintenance Capex (50,000) (50,000) (50,000)
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Unlevered Free Cash Flow
 609,194 563,633 518,072
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Buyer Interest Expense (352,984) (285,749) (218,514)
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Levered Free Cash Flow
 256,210 277,884 299,558
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Buyer Principal Payment (221,481) (179,294) (137,107)
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Usable Free Cash Flow 34,729 98,590 162,451
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Buyer's EBITDA Multiple5.25x4.25x3.25x
<--- THIS IS WHAT IS CHANGING BETWEEN COLUMNS
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Purchase Price 3,675,000 2,975,000 2,275,000
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10%Working Capital 367,500 297,500 227,500
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3%Deal Fees 110,250 89,250 68,250
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Total Deal Uses 4,152,750 3,361,750 2,570,750
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85%SBA Loan 3,529,838 2,857,488 2,185,138
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15%Equity 622,913 504,263 385,613
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Total 4,152,750 3,361,750 2,570,750
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Metrics:
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EBITDA Multiple5.25x4.25x3.25x
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SDE Multiple4.08x3.31x2.53x
<-- this is the broker marketed multiple
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UFCF / Debt Service (DSCR)
1.06x1.21x1.46x
<-- min is generally ~1.25x
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 100,000 Hirable FTEs0.35x0.99x1.62x
<-- this is ~$85K base + taxes & benefits
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