A broker's add-back schedule lists every cost that raises earnings and has no column for the costs that lower them. See how one illustrative FedEx route drops from 1.81x to 1.23x DSCR once a CPA rebuilds it.

Mark had the spreadsheet open on his laptop at the O’Hare airport bar, waiting for his connection back to Kansas City. He’d spent two days touring routes in the St. Louis terminal — 11 trucks, 387 stops per day, $1,247,000 in gross revenue. The broker’s package showed $298,000 in EBITDA after add-backs. The asking price was $1,050,000. His SBA lender had already given a soft verbal. Mark thought he was buying a cash-flowing business. What he was actually buying was a broker p

Many FedEx route buyers are at risk of overpaying due to misleading EBITDA figures, highlighting the importance of scrutinizing financial data beyond the surface numbers. The Mistake Isn’t Carelessness — It’s Misalignment Most FedEx route buyers don’t walk into a deal trying to overpay. They do their research.They review the financials.They ask questions. And yet—many still end up paying more than the business is actually worth. Not because they’re careless. But because they’