A cheap QoE wouldn't have found the game this seller was playing. The financials looked solid… Manufacturing business. Distribution across the US, Mexico, and Canada. Then we dug into accounts receivable. AR that ran 2-3 weeks? Now pushing 4-5. The top three customers had mysteriously ordered 2-3x their normal volume right before our QoE review. No CRM notes. No backup. No market demand to justify it. I asked the seller what was driving the surge. "Oh, you know, sometimes they do that. Marketing, blah blah blah." Blah blah blah doesn't show up in the CRM. This is channel stuffing. Seller ships extra product to long-term customers right before the sale. Revenue spikes. EBITDA looks inflated. Business looks better than it is. But what happens to the buyer a month after close? That's where this gets ugly. ⤵️ redacted