Sample Report
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Below is a complete BizScore Quick Scan — every section, unedited, rendered in the same interface paying buyers use. No signup, no email, no teaser. If you like what the report does here, it'll do the same for your deal.
Business
Gas Station
Asking price
$485,000
Location
Mason, OH
Tier
Quick Scan ($49)
80
out of 100
BizScore Score
Safe
Strong fundamentals. Proceed with standard due diligence.
Overall Financial Health
Grade B (A–F scale)
A well-documented, owner-operated Marathon-branded station with four years of uninterrupted revenue growth, modern infrastructure, and bank-verified deposits for the months provided. Priced within the industry SDE (Seller's Discretionary Earnings — what the owner personally takes home each year)-multiple range and effectively at its independent appraisal.
Key concern: 2025 revenue jumped +10.9% in the listing year — well above the prior 2-3% trend — and the seller's claimed SDE exceeds the computed figure by 22%; both gaps need CPA reconciliation before closing.
Seller's Discretionary Earnings (SDE)
What the owner actually takes home each year — salary + benefits + non-recurring expenses added back.
SDE (Seller's Discretionary Earnings — what the owner actually takes home) is $146,416, computed from 2025 net income of $51,016 plus $77,000 owner draw plus $18,400 depreciation. The seller's disclosure states SDE of $179,000 — a gap of $32,584 (22%) above the computed figure. This is a medium concern: the gap likely reflects undocumented but potentially legitimate add-backs (owner costs added back to profit because a new owner wouldn't pay them) such as owner health insurance, personal vehicle, or phone expenses run through the business. Request a CPA-prepared SDE reconciliation itemizing all add-backs to bridge this gap before accepting the seller's figure.
Net income
$51,016
Total SDE
$146,416
Add-backs
- Owner Draw$77,000Owner compensation drawn from the business — a new owner would pay themselves this or hire a manager. Sourced from 2025 P&L operating expenses.
- Depreciation$18,400Non-cash accounting expense — no check is written for depreciation. Sourced from 2024 Schedule C Line 13 because the 2025 P&L is cash-basis and omits non-cash items; 2024 figure used as best available proxy.
EBITDA
Earnings before interest, taxes, depreciation, amortization — apples-to-apples vs. corporate-owned peers.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization — operating profit before accounting and financing decisions) is approximately $69,416. Interest is $0 per 2024 Schedule C (the IRS form where a sole proprietor reports business profit) Line 16b. Taxes are $0 at the business level (sole proprietor pays personal income tax). Depreciation of $18,400 from 2024 Schedule C Line 13. Amortization is not documented in any provided document.
Total EBITDA
$69,416
EBITDA of $69,416 is $77,000 below SDE of $146,416 — the entire gap is owner compensation. Without the owner working full-time, profitability drops to $69,416 before any replacement manager cost. A hired manager typically costs $45,000-$65,000/year, which would reduce EBITDA to near breakeven. Absentee buyers should model a manager salary into their projections.
Price-to-SDE Multiple
Asking price ÷ SDE. Industry benchmark for context.
Price-to-SDE of 3.31x falls within the industry benchmark range of 2.0x-3.5x — the asking price is reasonable relative to computed SDE. An independent valuation (Midwest Business Valuation Associates, August 2025) placed the business at $478,000 mid-point; the $485,000 ask is $7,000 above that figure. If the seller's claimed SDE of $179,000 is accepted after reconciliation, the implied multiple drops to 2.71x. Price-to-EBITDA of 7.0x is at the high end of the 3x-8x range, reflecting the owner-operated nature of the business.
Price / SDE
3.31×
Industry range: 2.0x-3.5x
Revenue Trend
Year-over-year growth in top-line revenue.
2022→2023: +3.1%
2023→2024: +2.1%
2024→2025: +10.9%
Four-year series from seller disclosure (2022-2024) and 2025 P&L shows uninterrupted growth: $1,084,000 to $1,118,000 to $1,142,000 to $1,266,905. Growth accelerated sharply in 2025 (+10.9% vs prior 2-3% annual pace). Seller projected 2025 at $1,180,000; actual P&L shows $1,266,905 — $86,905 above projection. The acceleration in the listing year warrants verification against the 2025 tax return when filed.
Expense Breakdown
Each category compared against industry benchmarks. Anything outside the range gets called out.
| Category | Amount | % Rev | Benchmark | Status |
|---|---|---|---|---|
| COGS (Fuel + Merchandise) | $921,989 | 72.8% | 75-85% | BELOW BENCHMARK |
| Wages (Employees) | $84,000 | 6.6% | 4-8% | WITHIN BENCHMARK |
| Rent | $48,000 | 3.8% | 3-6% | WITHIN BENCHMARK |
| Utilities | $21,800 | 1.7% | 1-3% | WITHIN BENCHMARK |
| Credit Card Processing | $16,800 | 1.3% | 1-2% | WITHIN BENCHMARK |
| Insurance | $11,200 | 0.9% | 0.5-1.5% | WITHIN BENCHMARK |
| Maintenance & Repairs | $16,400 | 1.3% | 0.5-2% | WITHIN BENCHMARK |
| Owner Draw | $77,000 | 6.1% | N/A — add-back for SDE | — |
Limits of this analysis
What BizScore analyzed, what we couldn't analyze with the documents provided, and what we never analyze regardless of documents. Reading this is part of the report.
Documents analyzed
- 01_pnl_statement_2025.pdfapplication/pdf
- 02_tax_return_schedule_c_2024.pdfapplication/pdf
- 03_lease_summary.pdfapplication/pdf
- 04_equipment_inventory_list.pdfapplication/pdf
- 05_sellers_disclosure.pdfapplication/pdf
- 06_marathon_branded_agreement.pdfapplication/pdf
- 07_owner_personal_letter.pdfapplication/pdf
- 08_bank_statement_summary.pdfapplication/pdf
Gaps in the documents provided
- Expense categories not broken out in the P&L: Property taxes ($7,100/year per lease summary — not a separate P&L line; may be in Licenses & Permits or Miscellaneous), Depreciation — omitted from cash-basis P&L; 2024 Schedule C Line 13 shows $18,400; captured in SDE/EBITDA add-backs, Owner health insurance or benefits — not itemized; common sole-proprietor add-back.
Areas BizScore doesn't assess
Even with perfect documents, the following are outside what this analysis can tell you. Cover them with on-site visits, your attorney, your accountant, or by talking to the seller.
- Physical condition of equipment, the facility, or inventory — we did not visit the site.
- Employee morale, retention risk, or key-person dependency — we did not interview staff.
- Hidden litigation or undisclosed disputes not surfaced in the documents you provided.
- Real-time market dynamics — competitive shifts, margin or pricing changes, or local economic events since the document period.
- The seller's true motivation for selling beyond what they have stated.
- Customer concentration, supplier relationships, or contract terms beyond what appears in financial records.
- Pending regulatory changes or legislation not yet in force.
This sample is the $49 Quick Scan (Financial Health, Red Flags, Valuation). The $199 Full Report adds three more sections: a 45+ item due-diligence checklist, 20–25 seller questions built from the red flags above, and a state-specific legal summary.
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