Looking for input and advice from those who have successfully closed, despite a purchase price adjustment down from the LOI.

Hypothetical scenario:
FYE '19 EBITDA = $1M
LOI Purchase Price = $4m (4x)
Diligence reviewed TTM EBITDA = $700k
Adjusted PP = $2.8 (using the 4x)

Not an actual deal, but how many private deals go to diligence and actually show larger earnings? For those who successfully have negotiated through close, despite an adjustment down (for whatever reason) I'd like to connect for a brief call, please. Thanks.