What red flags should we watch for when evaluating add-backs?

• Lack of Documentation: Claims without clear records or receipts.
• Recurring Expenses Disguised as One-Time:  Expenses like annual marketing campaigns presented as “non-recurring.”
• Overly Optimistic Projections: Add-backs tied to speculative synergies or future savings.
• Double Counting: Adjustments already captured elsewhere in the financials.
• Broad Categories: Add-backs that lump various expenses together without sufficient detail.