Treat every EBITDA add-back as a claim to prove

An EBITDA add-back is a proposed adjustment to reported earnings, not an automatic increase in value. A supportable workpaper ties the signed amount to source records, tests whether the operating cause recurs, includes related offsets and future replacement costs, and leaves transaction treatment explicitly unresolved. Start with one source period and one row per proposed adjustment. Build a signed EBITDA add-back workpaper that tests source records, recurrence, offsets, owner replacement costs, and unresolved treatment before valuation or buyer review. EBITDA Add-Backs: Build the Evidence Before the Adjustment Build a signed…