Looked at 2 CIMs this week: -- one had 2 owners working 40 hours a week + 2 spouses working 20 hours each - the addbacks included comp for all owners, and a negative addback for salary for one replacement role (understated). Also includes real estate that is 1.5x market value. -- second has 3 owners, 600k+ of owner compensation added back, with negative addback for one replacement role (also understated) Last week looked at a CIM with "owner benefits" added back (no owner benefits in P&L) and 3 FTEs with a combined payroll cost of $123k (not happening in mid-Atlantic). Every one of these is overvalued and won't pass underwriting. To move forward, each broker requires an offer letter (not LOI). Do you submit an offer with a range that you may be comfortable (are the brokers really using BS used car salesman techniques in negotiations starting insanely high?), or do you submit an offer with their asking price? Really hate wasting time knowing the deal cannot happen anywhere near asking price...