Our philosophy is as follows. We take the last full year of performance and we adjust for every favourable, unfavourable and ownership specific scenario. This is beyond just the owners salary. If you think running the business a part time job then you hypothetically restructure to combine CFO and CEO, for example. You don't have to actually do this when you buy, However. you get a normalized view of the EBITDA / cash generation capability of the business and you can use this to value. It will make your history look a little odd, so you explain to readers that this adjusted year is your opinion on the normalized performance. SDE is only for personal consideration if you want to buy a job for yourself.

Hey Dave, I've looked a lot at the commercial side and adjacent services but no experience in the retail space. Feel free to connect if that is helpful