How to Evaluate a Business

Business has way more variables than like, Oh, this has a problem versus wood countertops that are 20 years old. And one of the main things like that we looked at from a valuation standpoint is just trying to understand how you generate revenue and digging into expenses. Like why are you occurring X, Y, and Z expense and comparing that to the industry or how other companies that we value have operated? Ryan: A lot of them don't have great answers to it but if they do have good answers, it falls into two categories. One, that's where they hide the personal expenses. Or two, they're just operating inefficiently.