$600K EBITDA? Try $200K. Here's how they hid it.

$600K EBITDA. Clean QuickBooks. Everything matched. Then I opened the balance sheet. Capital expenditures were growing year over year. Strange for a marketing company that wasn't buying equipment or building anything. So I pulled the general ledger. The seller had been quietly moving regular business expenses — lights, phones, computers, travel, cost of goods sold — off the income statement and burying them in CapEx. $400,000 of real operating expenses. Hidden in plain sight. That $600K SDE? Actually $200K. The income statement told a story. The balance sheet told the truth. I break the whole story down in my new video. Watch now: https://www.youtube.com/watch?v=tsQjtfSMBoQ