The work, in public.
Full analyses of real listings — anonymised while they are live, named only once a sale has closed. Same sections as a paid report, same arithmetic, shown rather than summarised.
Nothing published yet. The first teardown is a post-mortem on a business that has already sold — what the listing claimed, what diligence would have found, and what happened next.
This page stays empty until that exists. A fabricated worked example would be the one thing that undermines the argument it is meant to make, so there is not one here.
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A filled analysis proves something. An empty template proves nothing.
A public teardown works from public data alone, which means it cannot produce a single supported price — and it does not pretend to. It ends on a range across margin scenarios and on the questions that would close it.
That is a more useful artifact than a confident number, because it shows you the exact hole in your own decision. Closing that hole is what the paid report does.