32-machine store with WDF and PUD, primary metro
§ 01 · Observed
What was documented in diligence.
Card system reconciled to deposits. Machines averaged 4 years of age. Lease 12 years remaining. Utility share 22% of revenue. WDF and PUD revenue presented at $180K combined SDE — gross margin without fully-loaded labor. Independent labor analysis (wage + employer taxes + benefits + supervision allocation) brought combined WDF+PUD line to roughly break-even, reducing defensible SDE by approximately $120K.
§ 02 · Outcome
What happened.
Buyer renegotiated to 3.3× on adjusted SDE base. Closed at revised price. Initial broker-presentation 4.1× collapsed to 3.3× on lender-grade SDE — consistent with structural condition envelope (top-of-band on three pillars but Earnings Quality compressed by labor-load adjustment).
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Upper-band conditions on Pricing/Fundability/Transferability. Earnings Quality compressed by WDF labor-load adjustment. Score band reflects the lender-adjusted SDE base, not the broker-presented one. Renegotiation pattern matches the most common Q1 2026 repricing trigger (WDF treatment).
This is an anonymized composite drawn from observable structural patterns in the sample window. It is not a specific deal. The structural pattern, band placement, and outcome reflect commonly observed combinations; a future consented case study will replace this entry.
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