Normalized EBITDA for a sale: the four-step method from net income to adjusted EBITDA, the adjustment categories, the evidence buyers accept and how it sets price.

Buyers sort revenue into contracted recurring, repeat, project and one-time. See the proof each class needs and how retention, renewal and backlog are measured.

How to restate owner pay for EBITDA: price each role the owner fills at market cost, then treat bonuses, distributions, benefits and family members on payroll.

Which personal expenses paid by the company buyers accept as add-backs: vehicles, travel, meals, insurance, club dues and phones, and the proof they expect.

How to adjust EBITDA for rent paid to an owner's real estate entity: restate to market rent, evidence it, set lease terms and decide what to do with the building.

How buyers decide whether an item is non-recurring in adjusted EBITDA: four tests, examples from settlements to start-up costs, and the support they expect.

How pro forma and run-rate EBITDA adjustments work: price increases, contracts, lost customers, savings, acquisitions and closures, and the evidence buyers require.

How to convert cash-basis books to accrual before a business sale: the entries that change, the effect on EBITDA, who does the work and the tax return tie-out.

How inventory costing, standard cost variances, capitalized overhead, reserves, count differences and cut-off change EBITDA in a sale, and how buyers restate them.

Maintenance capex holds current earnings and growth capex adds new ones. See how buyers separate them, price deferred maintenance and read capex in a cash flow view.

Build an EBITDA bridge from net income to adjusted EBITDA: the lines, how to group adjustments, the support to attach and how to keep every period consistent.

How buyers challenge EBITDA add-backs in the order the questions arrive, which evidence they accept and how to concede an item without losing credit or price.

LTM, run-rate and forward EBITDA compared: how each is built, why buyers price the trailing twelve months, and when seasonality or growth changes the answer.