Valuations of company 'buy me' pricing is complicated. Look how well the public markets are doing it.
Forensic accounting is done as part of due diligence, prior to any final offer. A lot of the stuff coming up in this conversation - cash on hand, loan covenants, odd forms of debt - aren't usually all that public, SarbOx not withstanding.
My experience has been that almost everything is worth less after you get to look at it. The driving factor, then, becomes your reason to want to own it.
Good luck, MFB. May your ride not be lumpy.
rr
