The Operator
Why the boat is not a business expense (and what your buyer's accountant will do with it).
The owner add-back conversation, the real numbers, and the credibility cost of every dollar of unallowable add-back.
Issue 03 · February 2026
False Summit, Real Diligence
Pieces in this issue
Buyer Lens
Customer concentration is not a problem until the buyer says it is.
The buyer-side framing of the customer concentration discount, the empirical record, and the operational fix that takes 24 months.