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🎙️He's done 200+ QoEs. Here's what sellers don't want you to know.

Author

Helen Guo
February 27, 2026

Hello SMB Deal Hunters!

Here's a number that should make you uncomfortable.

98% of the time, when a CPA digs into a business's financials, the real EBITDA comes back different from what the seller claimed.

And we're not talking about rounding errors. The real EBITDA is a different number entirely.

Sometimes it's 5% off. Sometimes it's 50% off. And in about a third of cases, the deal dies right there.

That number comes from a CPA who's done over 200 quality of earnings reports, on both the buy side and the sell side.

This week, I sat down with Mubarak Shah, a CPA, M&A advisor, and QoE specialist who also works with our members inside the Pro program.

Mubarak started his career in audit, became VP of Finance at a startup that raised a $10M Series A, and cut his teeth doing QoEs at firms that served private equity clients. He's now completed over 200 of them.

He's seen every trick in the book. And in this episode, he walks through exactly what sellers do to make their businesses look more profitable than they are.

Here are some of the highlights from the deep dive:

🔥 The seller accounting trick that sails right past SBA underwriting and can cost you millions (it's shockingly simple)

🔥 Why your bank's underwriting isn't designed to protect you, and what it's actually designed to do instead

🔥 The one M&A concept that nobody actually understands that led to a seven-figure lawsuit

🔥 A breakdown of exactly what happens during a QofE, what it costs, how long it takes, and why the biggest bottleneck has nothing to do with the accountant

Here's his must-watch breakdown...

And for our audio-only listeners, jump in and listen on Spotify or Apple Podcasts!

Member Spotlight

He left one of the most prestigious companies in the world to buy a janitorial company.

On top of that, Meshal started his search after quitting his stable job with no income coming in.

A lot of friends told him it was a crazy decision.

But he didn’t just succeed in buying a $1M+ business. He bought two.

In the case study, we break down:

→ How Meshal went from zero business experience to reviewing 480+ deals and submitting dozens of offers in a matter of months

→ How we helped Meshal find both his businesses completely off-market

→ The offer structure we helped him use to retain both sellers as partners, keeping their skin in the game as he grew both businesses

So, if you want me and my team to work with you to find, finance, and acquire a million-dollar cash-flowing business in the next 6-12 months, you might be interested in the Pro program.

COMMUNITY PERKS

• Ready to buy and operate a $1M+ business? Get expert help at every step.

• Want to invest passively in SMB acquisitions? Get access to investment opportunities.

• Get a personal introduction to my preferred SBA 7(a) lender, non-SBA lenders, Quality of Earnings providers, or legal counsel

• Raising capital for your deal? I’ll connect you with investors from the SMB Deal Hunter Community.

• Interested in selling your business? I’ll help you connect with buyers from the SMB Deal Hunter Community.

THAT’S A WRAP

Want me to interview you for my podcast? Hit reply.

See you next week with some new deals!

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Disclaimer

This publication is a newsletter only and the information provided herein is the opinion of our editors and writers only. Any transaction or opportunity of any kind is provided for information only; SMB Deal Hunter does not verify nor confirm information. SMB Deal Hunter is not making any offer to readers to participate in any transaction or opportunity described herein.