►EXECUTIVE SUMMARY 1) EBITDA AIN'T CASHFLOW — AND THAT CONFUSION IS BANKRUPTING FIRST-TIME BUYERS: In a sign business with real CapEx, the number that matters is EBITDA minus capital expenditures. First-timers pay a full multiple on the inflated number and wonder why they're bleeding cash from day one. Wall Street knows this. You should too. 2) YOUR EMPLOYEES CAN HOLD YOU HOSTAGE — AND THEY KNOW IT: That salesperson who controls your #1 account? The artisan technician you can't replace on the open market? They can walk into your office post-close and demand triple. If you didn't map that leverage during diligence, you just handed them a loaded gun. 3) A NO-SMOKING POLICY KILLED HALF THE WORKFORCE — AND NOBODY SAW IT COMING: Buyer made a perfectly reasonable rule change. Didn't realize the only reason those employees stayed 10 years was because they could light up on the clock. One "benign" policy shift became an operational catastrophe. Know why your people are there before you change the deal they signed up for. 4) YOUR MBA PLAYBOOK IS A WRECKING BALL IN A SMALL BUSINESS: Bain frameworks and McKinsey matrices don't account for the guy who'll quit because you implemented time cards. If you're on a personal guarantee, maybe test the water with one employee before you mandate sweeping changes that torch your entire workforce.