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.