@archerjessop/utilities 7.32.0 → 7.32.1
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import{FINANCIAL_CONSTANTS as e}from"../config/financial.js";import{calculateBalloonBalance as n,calculatePMT as t}from"./calculations.js";const a={EBITDA_ADVANCE_RATE:.2,EBITDA_ADVANCE_THRESHOLD:1e6,FF_E_ADVANCE_RATE:.3,INVENTORY_ADVANCE_RATE:.2,OFFER_MULTIPLE_HIGH:3,OFFER_MULTIPLE_LOW:2,REAL_ESTATE_ADVANCE_RATE:.5};function toNumber(e){if(null==e||""===e)return null;const n="number"==typeof e?e:parseFloat(String(e).replace(/[$,\s]/g,""));return Number.isFinite(n)?n:null}function toNonNegative(e){const n=toNumber(e);return null===n||n<0?null:n}function resolveBusinessEarnings(e={}){const n=toNumber(e.ebitda);if(null!==n)return{earnings:n,source:"ebitda"};const t=toNumber(e.sde);if(null!==t)return{earnings:t,source:"sde"};const a=toNumber(e.cashFlow??e.cash_flow);return null!==a?{earnings:a,source:"cash_flow"}:{earnings:null,source:null}}function shouldIncludeRealEstate(e={}){if("boolean"==typeof e.statedInclusion)return e.statedInclusion;const n=toNumber(e.askingPrice),t=toNumber(e.realEstateValue);return!(null!==n&&n>0&&null!==t&&t>=n)}function calculateBusinessDownPayment(e={}){const{EBITDA_ADVANCE_RATE:n,EBITDA_ADVANCE_THRESHOLD:t,FF_E_ADVANCE_RATE:l,INVENTORY_ADVANCE_RATE:r,REAL_ESTATE_ADVANCE_RATE:s}=a,{
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import{FINANCIAL_CONSTANTS as e}from"../config/financial.js";import{calculateBalloonBalance as n,calculatePMT as t}from"./calculations.js";const a={EBITDA_ADVANCE_RATE:.2,EBITDA_ADVANCE_THRESHOLD:1e6,FF_E_ADVANCE_RATE:.3,INVENTORY_ADVANCE_RATE:.2,OFFER_MULTIPLE_HIGH:3,OFFER_MULTIPLE_LOW:2,REAL_ESTATE_ADVANCE_RATE:.5};function toNumber(e){if(null==e||""===e)return null;const n="number"==typeof e?e:parseFloat(String(e).replace(/[$,\s]/g,""));return Number.isFinite(n)?n:null}function toNonNegative(e){const n=toNumber(e);return null===n||n<0?null:n}function resolveBusinessEarnings(e={}){const n=toNumber(e.ebitda);if(null!==n)return{earnings:n,source:"ebitda"};const t=toNumber(e.sde);if(null!==t)return{earnings:t,source:"sde"};const a=toNumber(e.cashFlow??e.cash_flow);return null!==a?{earnings:a,source:"cash_flow"}:{earnings:null,source:null}}function shouldIncludeRealEstate(e={}){if("boolean"==typeof e.statedInclusion)return e.statedInclusion;const n=toNumber(e.askingPrice),t=toNumber(e.realEstateValue);return!(null!==n&&n>0&&null!==t&&t>=n)}function calculateBusinessDownPayment(e={}){const{EBITDA_ADVANCE_RATE:n,EBITDA_ADVANCE_THRESHOLD:t,FF_E_ADVANCE_RATE:l,INVENTORY_ADVANCE_RATE:r,REAL_ESTATE_ADVANCE_RATE:s}=a,{collateralizeEbitda:o=!0}=e,i=toNonNegative(e.realEstateValue)??0,u=toNonNegative(e.ffeValue)??0,c=toNonNegative(e.inventoryValue)??0,f=o?toNumber(e.ebitda)??0:0,d={ebitda:f>=t?f*n:0,ffe:u*l,inventory:c*r,realEstate:i*s};return{downPayment:d.realEstate+d.ffe+d.inventory+d.ebitda,legs:d}}function calculateBusinessOffer(e={}){const{OFFER_MULTIPLE_HIGH:n,OFFER_MULTIPLE_LOW:t}=a,{includeFfe:l=!0,includeInventory:r=!0,includeRealEstate:s=!0}=e,o=(s?toNonNegative(e.realEstateValue)??0:0)+(l?toNonNegative(e.ffeValue)??0:0)+(r?toNonNegative(e.inventoryValue)??0:0),i=toNumber(e.earnings);return null===i?{assetsIncluded:o,offerHigh:null,offerLow:null}:{assetsIncluded:o,offerHigh:i*n+o,offerLow:i*t+o}}function calculateBusinessSellerFinance(a={}){const{amortizationYears:l=e.SELLER_FI_AMORTIZATION,balloonYears:r=e.DEFAULT_BALLOON_PERIOD_YEARS,interestPaymentMode:s="standard",interestRate:o=e.SELLER_FI_INTEREST_RATE}=a,i=toNumber(a.priceOffered);if(null===i)return{balloonBalance:null,performancePayout:0,sellerFinanced:null,sfPayment:null,totalPayments:null};const u=toNonNegative(a.downPayment)??0,c=Math.max(0,i-u);let f,d=0;"standard"===s?f=t(c,o,l):(f=t(c,0,l),"simple_payout"===s?d=c*o*r:"compound_payout"===s&&(d=c*(Math.pow(1+o,r)-1)));return{balloonBalance:("standard"===s?n(c,o,l,r):c)+d,performancePayout:d,sellerFinanced:c,sfPayment:f,totalPayments:12*f*r}}function underwriteBusinessListing(e={}){const n=e.realEstateValue??e.real_estate_value,t=e.ffeValue??e.ff_e_value,a=e.inventoryValue??e.inventory_value,l=e.ebitda,{earnings:r,source:s}=resolveBusinessEarnings({cashFlow:e.cashFlow??e.cash_flow,ebitda:l,sde:e.sde}),{downPayment:o,legs:i}=calculateBusinessDownPayment({collateralizeEbitda:e.collateralizeEbitda??e.collateralize_ebitda??!0,ebitda:l,ffeValue:t,inventoryValue:a,realEstateValue:n}),{assetsIncluded:u,offerHigh:c,offerLow:f}=calculateBusinessOffer({earnings:r,ffeValue:t,includeFfe:e.includeFfe??e.include_ff_e??!0,includeInventory:e.includeInventory??e.include_inventory??!0,includeRealEstate:e.includeRealEstate??e.include_real_estate??!0,inventoryValue:a,realEstateValue:n}),d=calculateBusinessSellerFinance({amortizationYears:e.sellerAmortization??e.seller_amortization??void 0,balloonYears:e.balloonLength??e.balloon_length??void 0,downPayment:o,interestPaymentMode:e.interestPaymentMode??e.interest_payment_mode??"standard",interestRate:e.sellerFiRate??e.seller_fi_rate??void 0,priceOffered:e.priceOffered??e.price_offered});return{assetsIncluded:u,collateralShortfall:null!==c&&o>c,downPayment:o,earnings:r,earningsSource:e.earningsSource??e.earnings_source??s,legs:i,offerHigh:c,offerLow:f,priceOffered:toNumber(e.priceOffered??e.price_offered),sellerCarry:null===c?null:c-o,terms:d}}export{a as BUSINESS_UNDERWRITING_CONSTANTS,calculateBusinessDownPayment,calculateBusinessOffer,calculateBusinessSellerFinance,resolveBusinessEarnings,shouldIncludeRealEstate,underwriteBusinessListing};
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{"version":3,"file":"business-underwriting.js","sources":["../../src/financial/business-underwriting.js"],"sourcesContent":["// src/financial/business-underwriting.js\n//\n// Underwriting for businesses backed by real estate (the BizBuySell pipeline).\n// The real-estate model prices a property off NOI and a cap rate; this one\n// prices a business off an earnings multiple and adds the tangible assets that\n// convey with it. Shared by the BizBuySell extension panel and the dashboard so\n// both quote the same numbers from the same inputs.\n\nimport { FINANCIAL_CONSTANTS } from \"../config/financial.js\";\nimport { calculateBalloonBalance, calculatePMT } from \"./calculations.js\";\n\n/**\n * Collateral advance rates for the down payment, and the earnings multiples\n * bounding the offer. The EBITDA leg only contributes at or above its threshold\n * — smaller earnings are not treated as collateral.\n */\nexport const BUSINESS_UNDERWRITING_CONSTANTS = {\n EBITDA_ADVANCE_RATE: 0.20,\n EBITDA_ADVANCE_THRESHOLD: 1000000,\n FF_E_ADVANCE_RATE: 0.30,\n INVENTORY_ADVANCE_RATE: 0.20,\n OFFER_MULTIPLE_HIGH: 3,\n OFFER_MULTIPLE_LOW: 2,\n REAL_ESTATE_ADVANCE_RATE: 0.50,\n};\n\n// Coerce a scraped/stored figure to a finite number, else null. Absent data must\n// stay absent — a missing earnings figure means \"no offer\", never \"an offer of 0\".\nfunction toNumber(value) {\n if (value === null || value === undefined || value === \"\") return null;\n const numeric = typeof value === \"number\" ? value : parseFloat(String(value).replace(/[$,\\s]/g, \"\"));\n return Number.isFinite(numeric) ? numeric : null;\n}\n\nfunction toNonNegative(value) {\n const numeric = toNumber(value);\n return numeric === null || numeric < 0 ? null : numeric;\n}\n\n/**\n * Pick the earnings figure that drives the offer multiple, preferring EBITDA and\n * falling back to SDE then cash flow — most BizBuySell listings publish only\n * \"Cash Flow (SDE)\". The source is returned alongside so callers can label which\n * figure the multiple was applied to instead of implying it was EBITDA.\n * @param {{ebitda?:number, sde?:number, cashFlow?:number}} listing\n * @returns {{earnings:number|null, source:string|null}}\n */\nexport function resolveBusinessEarnings(listing = {}) {\n const ebitda = toNumber(listing.ebitda);\n if (ebitda !== null) return { earnings: ebitda, source: \"ebitda\" };\n\n const sde = toNumber(listing.sde);\n if (sde !== null) return { earnings: sde, source: \"sde\" };\n\n const cashFlow = toNumber(listing.cashFlow ?? listing.cash_flow);\n if (cashFlow !== null) return { earnings: cashFlow, source: \"cash_flow\" };\n\n return { earnings: null, source: null };\n}\n\n/**\n * Whether the real estate should be ADDED to the offer on top of the earnings multiple.\n *\n * Three inputs, in priority order:\n * 1. What the listing says. Explicit wording (\"included in asking price\", or its negation)\n * is a statement of fact from the seller and always wins.\n * 2. The arithmetic. When the stated real-estate value is at or above the asking price,\n * the building IS the ask — adding it again would quote an offer ceiling above the\n * price being asked, which is nonsense. This is the common case on listings that\n * publish a real-estate value and no inclusion wording at all.\n * 3. Otherwise include it, matching the default for every other asset: understating an\n * offer by silently dropping an asset is worse than an inclusion that can be toggled\n * off by hand.\n *\n * @param {{askingPrice?:number, realEstateValue?:number, statedInclusion?:boolean|null}} inputs\n * @returns {boolean}\n */\nexport function shouldIncludeRealEstate(inputs = {}) {\n if (typeof inputs.statedInclusion === \"boolean\") return inputs.statedInclusion;\n\n const askingPrice = toNumber(inputs.askingPrice);\n const realEstateValue = toNumber(inputs.realEstateValue);\n\n if (askingPrice !== null && askingPrice > 0 && realEstateValue !== null && realEstateValue >= askingPrice) {\n return false;\n }\n\n return true;\n}\n\n/**\n * Down payment as the sum of per-asset collateral advances: 50% of the real\n * estate, 30% of FF&E, 20% of inventory, plus 20% of EBITDA once EBITDA reaches\n * $1M. Each leg is capped at its own rate, and a leg with no reported value\n * contributes nothing.\n *\n * The include flags gate the legs, because they gate the offer: an asset that is\n * not being bought cannot secure the down payment for the purchase. Without this\n * the two halves of the underwrite disagree — excluding the real estate would drop\n * it from the offer while still counting half its value as collateral, quoting a\n * down payment backed by a building that is not in the deal.\n *\n * The EBITDA leg reads EBITDA specifically, not the coalesced earnings figure —\n * an SDE-only listing does not qualify, because SDE includes owner compensation\n * and is not the same measure the threshold was set against. Its flag governs\n * collateral only; EBITDA is the base the offer multiple is taken against, so\n * adding it to the offer range as well would quote 4x while reporting 3x.\n *\n * @param {object} inputs\n * @param {number} [inputs.realEstateValue]\n * @param {number} [inputs.ffeValue]\n * @param {number} [inputs.inventoryValue]\n * @param {number} [inputs.ebitda]\n * @param {boolean} [inputs.includeRealEstate=true]\n * @param {boolean} [inputs.includeFfe=true]\n * @param {boolean} [inputs.includeInventory=true]\n * @param {boolean} [inputs.includeEbitda=true]\n * @returns {{downPayment:number, legs:{realEstate:number, ffe:number, inventory:number, ebitda:number}}}\n */\nexport function calculateBusinessDownPayment(inputs = {}) {\n const {\n EBITDA_ADVANCE_RATE,\n EBITDA_ADVANCE_THRESHOLD,\n FF_E_ADVANCE_RATE,\n INVENTORY_ADVANCE_RATE,\n REAL_ESTATE_ADVANCE_RATE,\n } = BUSINESS_UNDERWRITING_CONSTANTS;\n\n const {\n includeEbitda = true,\n includeFfe = true,\n includeInventory = true,\n includeRealEstate = true,\n } = inputs;\n\n const realEstateValue = includeRealEstate ? toNonNegative(inputs.realEstateValue) ?? 0 : 0;\n const ffeValue = includeFfe ? toNonNegative(inputs.ffeValue) ?? 0 : 0;\n const inventoryValue = includeInventory ? toNonNegative(inputs.inventoryValue) ?? 0 : 0;\n const ebitda = includeEbitda ? toNumber(inputs.ebitda) ?? 0 : 0;\n\n const legs = {\n ebitda: ebitda >= EBITDA_ADVANCE_THRESHOLD ? ebitda * EBITDA_ADVANCE_RATE : 0,\n ffe: ffeValue * FF_E_ADVANCE_RATE,\n inventory: inventoryValue * INVENTORY_ADVANCE_RATE,\n realEstate: realEstateValue * REAL_ESTATE_ADVANCE_RATE,\n };\n\n return {\n downPayment: legs.realEstate + legs.ffe + legs.inventory + legs.ebitda,\n legs,\n };\n}\n\n/**\n * The offer range: 2x to 3x earnings, plus the tangible assets that convey.\n * An asset the listing states is already covered by the asking price is excluded\n * by its include flag; the flags default to true, so an asset whose status could\n * not be determined is still offered on (dropping it silently would understate\n * the offer, which is the more damaging error).\n *\n * Returns nulls when no earnings figure exists — there is no honest multiple to\n * take, and quoting the assets alone would read as an offer.\n *\n * @param {object} inputs\n * @param {number} inputs.earnings - Earnings figure the multiple applies to\n * @param {number} [inputs.realEstateValue]\n * @param {number} [inputs.ffeValue]\n * @param {number} [inputs.inventoryValue]\n * @param {boolean} [inputs.includeRealEstate=true]\n * @param {boolean} [inputs.includeFfe=true]\n * @param {boolean} [inputs.includeInventory=true]\n * @returns {{assetsIncluded:number, offerHigh:number|null, offerLow:number|null}}\n */\nexport function calculateBusinessOffer(inputs = {}) {\n const { OFFER_MULTIPLE_HIGH, OFFER_MULTIPLE_LOW } = BUSINESS_UNDERWRITING_CONSTANTS;\n\n const {\n includeFfe = true,\n includeInventory = true,\n includeRealEstate = true,\n } = inputs;\n\n const assetsIncluded =\n (includeRealEstate ? toNonNegative(inputs.realEstateValue) ?? 0 : 0) +\n (includeFfe ? toNonNegative(inputs.ffeValue) ?? 0 : 0) +\n (includeInventory ? toNonNegative(inputs.inventoryValue) ?? 0 : 0);\n\n const earnings = toNumber(inputs.earnings);\n if (earnings === null) return { assetsIncluded, offerHigh: null, offerLow: null };\n\n return {\n assetsIncluded,\n offerHigh: earnings * OFFER_MULTIPLE_HIGH + assetsIncluded,\n offerLow: earnings * OFFER_MULTIPLE_LOW + assetsIncluded,\n };\n}\n\n/**\n * The seller-carry terms for the price actually being offered.\n *\n * The offer range is a range; the LOI needs one number. priceOffered is that\n * choice, and the seller carries whatever the collateral down payment does not\n * cover. From there the arithmetic is the property engine's, so both sides quote\n * a balloon identically — a business is worked like a rental, only the earnings\n * measure differs.\n *\n * Returns nulls when no price has been offered yet. A zeroed payment schedule\n * would read as real terms on an LOI, which is the more damaging error.\n *\n * @param {object} inputs\n * @param {number} inputs.priceOffered - The figure being offered\n * @param {number} inputs.downPayment - Collateral-derived down payment\n * @param {number} [inputs.interestRate=0] - Annual seller-finance rate, as a decimal\n * @param {number} [inputs.amortizationYears=30]\n * @param {number} [inputs.balloonYears=7]\n * @param {string} [inputs.interestPaymentMode=\"standard\"] - standard | simple_payout | compound_payout\n * @returns {{sellerFinanced:number|null, sfPayment:number|null, balloonBalance:number|null, performancePayout:number, totalPayments:number|null}}\n */\nexport function calculateBusinessSellerFinance(inputs = {}) {\n const {\n amortizationYears = FINANCIAL_CONSTANTS.SELLER_FI_AMORTIZATION,\n balloonYears = FINANCIAL_CONSTANTS.DEFAULT_BALLOON_PERIOD_YEARS,\n interestPaymentMode = \"standard\",\n interestRate = FINANCIAL_CONSTANTS.SELLER_FI_INTEREST_RATE,\n } = inputs;\n\n const priceOffered = toNumber(inputs.priceOffered);\n if (priceOffered === null) {\n return {\n balloonBalance: null,\n performancePayout: 0,\n sellerFinanced: null,\n sfPayment: null,\n totalPayments: null,\n };\n }\n\n const downPayment = toNonNegative(inputs.downPayment) ?? 0;\n // Never negative: collateral outrunning the offer is reported as a shortfall by\n // the caller, not folded back in here as a carry the seller owes the buyer.\n const sellerFinanced = Math.max(0, priceOffered - downPayment);\n\n let performancePayout = 0;\n let sfPayment;\n\n if (interestPaymentMode === \"standard\") {\n sfPayment = calculatePMT(sellerFinanced, interestRate, amortizationYears);\n } else {\n // Payout modes defer all interest to the balloon, so the running payment is\n // principal-only and the balloon carries the accrued interest instead.\n sfPayment = calculatePMT(sellerFinanced, 0, amortizationYears);\n if (interestPaymentMode === \"simple_payout\") {\n performancePayout = sellerFinanced * interestRate * balloonYears;\n } else if (interestPaymentMode === \"compound_payout\") {\n performancePayout = sellerFinanced * (Math.pow(1 + interestRate, balloonYears) - 1);\n }\n }\n\n // Mirrors the property engine: amortized down in standard mode, full principal\n // in the payout modes, with the deferred interest added on top.\n const baseBalloonBalance = interestPaymentMode === \"standard\"\n ? calculateBalloonBalance(sellerFinanced, interestRate, amortizationYears, balloonYears)\n : sellerFinanced;\n\n return {\n balloonBalance: baseBalloonBalance + performancePayout,\n performancePayout,\n sellerFinanced,\n sfPayment,\n totalPayments: sfPayment * 12 * balloonYears,\n };\n}\n\n/**\n * Full underwrite for one listing: resolve earnings, size the down payment from\n * collateral, and bound the offer. The seller carries the balance of the ceiling\n * offer as preferred equity.\n *\n * collateralShortfall is set when the collateral-driven down payment exceeds the\n * offer itself — a real signal that the asset value has outrun what the earnings\n * multiple justifies. It is surfaced, never clamped away.\n *\n * @param {object} listing - Scraped/stored figures (snake_case or camelCase)\n * @returns {object} earnings, earningsSource, downPayment, legs, offerLow, offerHigh, sellerCarry, collateralShortfall\n */\nexport function underwriteBusinessListing(listing = {}) {\n const realEstateValue = listing.realEstateValue ?? listing.real_estate_value;\n const ffeValue = listing.ffeValue ?? listing.ff_e_value;\n const inventoryValue = listing.inventoryValue ?? listing.inventory_value;\n const ebitda = listing.ebitda;\n\n const { earnings, source } = resolveBusinessEarnings({\n cashFlow: listing.cashFlow ?? listing.cash_flow,\n ebitda,\n sde: listing.sde,\n });\n\n // One set of flags drives both the collateral stack and the offer range, so an\n // asset excluded from the deal leaves both at once.\n const includeEbitda = listing.includeEbitda ?? listing.include_ebitda ?? true;\n const includeFfe = listing.includeFfe ?? listing.include_ff_e ?? true;\n const includeInventory = listing.includeInventory ?? listing.include_inventory ?? true;\n const includeRealEstate = listing.includeRealEstate ?? listing.include_real_estate ?? true;\n\n const { downPayment, legs } = calculateBusinessDownPayment({\n ebitda,\n ffeValue,\n includeEbitda,\n includeFfe,\n includeInventory,\n includeRealEstate,\n inventoryValue,\n realEstateValue,\n });\n\n const { assetsIncluded, offerHigh, offerLow } = calculateBusinessOffer({\n earnings,\n ffeValue,\n includeFfe,\n includeInventory,\n includeRealEstate,\n inventoryValue,\n realEstateValue,\n });\n\n // Terms for the price actually offered. Kept separate from the range figures\n // above so there is no mistaking the deal being made for the ceiling that\n // bounds it — sellerCarry is the carry at offerHigh, terms.sellerFinanced the\n // carry at the price on the LOI.\n const terms = calculateBusinessSellerFinance({\n amortizationYears: listing.sellerAmortization ?? listing.seller_amortization ?? undefined,\n balloonYears: listing.balloonLength ?? listing.balloon_length ?? undefined,\n downPayment,\n interestPaymentMode: listing.interestPaymentMode ?? listing.interest_payment_mode ?? \"standard\",\n interestRate: listing.sellerFiRate ?? listing.seller_fi_rate ?? undefined,\n priceOffered: listing.priceOffered ?? listing.price_offered,\n });\n\n return {\n assetsIncluded,\n collateralShortfall: offerHigh !== null && downPayment > offerHigh,\n downPayment,\n earnings,\n earningsSource: listing.earningsSource ?? listing.earnings_source ?? source,\n legs,\n offerHigh,\n offerLow,\n priceOffered: toNumber(listing.priceOffered ?? listing.price_offered),\n sellerCarry: offerHigh === null ? null : offerHigh - downPayment,\n terms,\n };\n}\n"],"names":["BUSINESS_UNDERWRITING_CONSTANTS","EBITDA_ADVANCE_RATE","EBITDA_ADVANCE_THRESHOLD","FF_E_ADVANCE_RATE","INVENTORY_ADVANCE_RATE","OFFER_MULTIPLE_HIGH","OFFER_MULTIPLE_LOW","REAL_ESTATE_ADVANCE_RATE","toNumber","value","numeric","parseFloat","String","replace","Number","isFinite","toNonNegative","resolveBusinessEarnings","listing","ebitda","earnings","source","sde","cashFlow","cash_flow","shouldIncludeRealEstate","inputs","statedInclusion","askingPrice","realEstateValue","calculateBusinessDownPayment","includeEbitda","includeFfe","includeInventory","includeRealEstate","ffeValue","inventoryValue","legs","ffe","inventory","realEstate","downPayment","calculateBusinessOffer","assetsIncluded","offerHigh","offerLow","calculateBusinessSellerFinance","amortizationYears","FINANCIAL_CONSTANTS","SELLER_FI_AMORTIZATION","balloonYears","DEFAULT_BALLOON_PERIOD_YEARS","interestPaymentMode","interestRate","SELLER_FI_INTEREST_RATE","priceOffered","balloonBalance","performancePayout","sellerFinanced","sfPayment","totalPayments","Math","max","calculatePMT","pow","calculateBalloonBalance","underwriteBusinessListing","real_estate_value","ff_e_value","inventory_value","include_ebitda","include_ff_e","include_inventory","include_real_estate","terms","sellerAmortization","seller_amortization","undefined","balloonLength","balloon_length","interest_payment_mode","sellerFiRate","seller_fi_rate","price_offered","collateralShortfall","earningsSource","earnings_source","sellerCarry"],"mappings":"2IAgBY,MAACA,EAAkC,CAC7CC,oBAAqB,GACrBC,yBAA0B,IAC1BC,kBAAmB,GACnBC,uBAAwB,GACxBC,oBAAqB,EACrBC,mBAAoB,EACpBC,yBAA0B,IAK5B,SAASC,SAASC,GAChB,GAAIA,SAAmD,KAAVA,EAAc,OAAO,KAClE,MAAMC,EAA2B,iBAAVD,EAAqBA,EAAQE,WAAWC,OAAOH,GAAOI,QAAQ,UAAW,KAChG,OAAOC,OAAOC,SAASL,GAAWA,EAAU,IAC9C,CAEA,SAASM,cAAcP,GACrB,MAAMC,EAAUF,SAASC,GACzB,OAAmB,OAAZC,GAAoBA,EAAU,EAAI,KAAOA,CAClD,CAUO,SAASO,wBAAwBC,EAAU,IAChD,MAAMC,EAASX,SAASU,EAAQC,QAChC,GAAe,OAAXA,EAAiB,MAAO,CAAEC,SAAUD,EAAQE,OAAQ,UAExD,MAAMC,EAAMd,SAASU,EAAQI,KAC7B,GAAY,OAARA,EAAc,MAAO,CAAEF,SAAUE,EAAKD,OAAQ,OAElD,MAAME,EAAWf,SAASU,EAAQK,UAAYL,EAAQM,WACtD,OAAiB,OAAbD,EAA0B,CAAEH,SAAUG,EAAUF,OAAQ,aAErD,CAAED,SAAU,KAAMC,OAAQ,KACnC,CAmBO,SAASI,wBAAwBC,EAAS,IAC/C,GAAsC,kBAA3BA,EAAOC,gBAA+B,OAAOD,EAAOC,gBAE/D,MAAMC,EAAcpB,SAASkB,EAAOE,aAC9BC,EAAkBrB,SAASkB,EAAOG,iBAExC,QAAoB,OAAhBD,GAAwBA,EAAc,GAAyB,OAApBC,GAA4BA,GAAmBD,EAKhG,CA+BO,SAASE,6BAA6BJ,EAAS,IACpD,MAAMzB,oBACJA,EAAmBC,yBACnBA,EAAwBC,kBACxBA,EAAiBC,uBACjBA,EAAsBG,yBACtBA,GACEP,GAEE+B,cACJA,GAAgB,EAAIC,WACpBA,GAAa,EAAIC,iBACjBA,GAAmB,EAAIC,kBACvBA,GAAoB,GAClBR,EAEEG,EAAkBK,EAAoBlB,cAAcU,EAAOG,kBAAoB,EAAI,EACnFM,EAAWH,EAAahB,cAAcU,EAAOS,WAAa,EAAI,EAC9DC,EAAiBH,EAAmBjB,cAAcU,EAAOU,iBAAmB,EAAI,EAChFjB,EAASY,EAAgBvB,SAASkB,EAAOP,SAAW,EAAI,EAExDkB,EAAO,CACXlB,OAAQA,GAAUjB,EAA2BiB,EAASlB,EAAsB,EAC5EqC,IAAKH,EAAWhC,EAChBoC,UAAWH,EAAiBhC,EAC5BoC,WAAYX,EAAkBtB,GAGhC,MAAO,CACLkC,YAAaJ,EAAKG,WAAaH,EAAKC,IAAMD,EAAKE,UAAYF,EAAKlB,OAChEkB,OAEJ,CAsBO,SAASK,uBAAuBhB,EAAS,IAC9C,MAAMrB,oBAAEA,EAAmBC,mBAAEA,GAAuBN,GAE9CgC,WACJA,GAAa,EAAIC,iBACjBA,GAAmB,EAAIC,kBACvBA,GAAoB,GAClBR,EAEEiB,GACHT,EAAoBlB,cAAcU,EAAOG,kBAAoB,EAAI,IACjEG,EAAahB,cAAcU,EAAOS,WAAa,EAAI,IACnDF,EAAmBjB,cAAcU,EAAOU,iBAAmB,EAAI,GAE5DhB,EAAWZ,SAASkB,EAAON,UACjC,OAAiB,OAAbA,EAA0B,CAAEuB,iBAAgBC,UAAW,KAAMC,SAAU,MAEpE,CACLF,iBACAC,UAAWxB,EAAWf,EAAsBsC,EAC5CE,SAAUzB,EAAWd,EAAqBqC,EAE9C,CAuBO,SAASG,+BAA+BpB,EAAS,IACtD,MAAMqB,kBACJA,EAAoBC,EAAoBC,uBAAsBC,aAC9DA,EAAeF,EAAoBG,6BAA4BC,oBAC/DA,EAAsB,WAAUC,aAChCA,EAAeL,EAAoBM,yBACjC5B,EAEE6B,EAAe/C,SAASkB,EAAO6B,cACrC,GAAqB,OAAjBA,EACF,MAAO,CACLC,eAAgB,KAChBC,kBAAmB,EACnBC,eAAgB,KAChBC,UAAW,KACXC,cAAe,MAInB,MAAMnB,EAAczB,cAAcU,EAAOe,cAAgB,EAGnDiB,EAAiBG,KAAKC,IAAI,EAAGP,EAAed,GAElD,IACIkB,EADAF,EAAoB,EAGI,aAAxBL,EACFO,EAAYI,EAAaL,EAAgBL,EAAcN,IAIvDY,EAAYI,EAAaL,EAAgB,EAAGX,GAChB,kBAAxBK,EACFK,EAAoBC,EAAiBL,EAAeH,EACnB,oBAAxBE,IACTK,EAAoBC,GAAkBG,KAAKG,IAAI,EAAIX,EAAcH,GAAgB,KAUrF,MAAO,CACLM,gBALiD,aAAxBJ,EACvBa,EAAwBP,EAAgBL,EAAcN,EAAmBG,GACzEQ,GAGmCD,EACrCA,oBACAC,iBACAC,YACAC,cAA2B,GAAZD,EAAiBT,EAEpC,CAcO,SAASgB,0BAA0BhD,EAAU,IAClD,MAAMW,EAAkBX,EAAQW,iBAAmBX,EAAQiD,kBACrDhC,EAAWjB,EAAQiB,UAAYjB,EAAQkD,WACvChC,EAAiBlB,EAAQkB,gBAAkBlB,EAAQmD,gBACnDlD,EAASD,EAAQC,QAEjBC,SAAEA,EAAQC,OAAEA,GAAWJ,wBAAwB,CACnDM,SAAUL,EAAQK,UAAYL,EAAQM,UACtCL,SACAG,IAAKJ,EAAQI,MAKTS,EAAgBb,EAAQa,eAAiBb,EAAQoD,iBAAkB,EACnEtC,EAAad,EAAQc,YAAcd,EAAQqD,eAAgB,EAC3DtC,EAAmBf,EAAQe,kBAAoBf,EAAQsD,oBAAqB,EAC5EtC,EAAoBhB,EAAQgB,mBAAqBhB,EAAQuD,sBAAuB,GAEhFhC,YAAEA,EAAWJ,KAAEA,GAASP,6BAA6B,CACzDX,SACAgB,WACAJ,gBACAC,aACAC,mBACAC,oBACAE,iBACAP,qBAGIc,eAAEA,EAAcC,UAAEA,EAASC,SAAEA,GAAaH,uBAAuB,CACrEtB,WACAe,WACAH,aACAC,mBACAC,oBACAE,iBACAP,oBAOI6C,EAAQ5B,+BAA+B,CAC3CC,kBAAmB7B,EAAQyD,oBAAsBzD,EAAQ0D,0BAAuBC,EAChF3B,aAAchC,EAAQ4D,eAAiB5D,EAAQ6D,qBAAkBF,EACjEpC,cACAW,oBAAqBlC,EAAQkC,qBAAuBlC,EAAQ8D,uBAAyB,WACrF3B,aAAcnC,EAAQ+D,cAAgB/D,EAAQgE,qBAAkBL,EAChEtB,aAAcrC,EAAQqC,cAAgBrC,EAAQiE,gBAGhD,MAAO,CACLxC,iBACAyC,oBAAmC,OAAdxC,GAAsBH,EAAcG,EACzDH,cACArB,WACAiE,eAAgBnE,EAAQmE,gBAAkBnE,EAAQoE,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{"version":3,"file":"business-underwriting.js","sources":["../../src/financial/business-underwriting.js"],"sourcesContent":["// src/financial/business-underwriting.js\n//\n// Underwriting for businesses backed by real estate (the BizBuySell pipeline).\n// The real-estate model prices a property off NOI and a cap rate; this one\n// prices a business off an earnings multiple and adds the tangible assets that\n// convey with it. Shared by the BizBuySell extension panel and the dashboard so\n// both quote the same numbers from the same inputs.\n\nimport { FINANCIAL_CONSTANTS } from \"../config/financial.js\";\nimport { calculateBalloonBalance, calculatePMT } from \"./calculations.js\";\n\n/**\n * Collateral advance rates for the down payment, and the earnings multiples\n * bounding the offer. The EBITDA leg only contributes at or above its threshold\n * — smaller earnings are not treated as collateral.\n */\nexport const BUSINESS_UNDERWRITING_CONSTANTS = {\n EBITDA_ADVANCE_RATE: 0.20,\n EBITDA_ADVANCE_THRESHOLD: 1000000,\n FF_E_ADVANCE_RATE: 0.30,\n INVENTORY_ADVANCE_RATE: 0.20,\n OFFER_MULTIPLE_HIGH: 3,\n OFFER_MULTIPLE_LOW: 2,\n REAL_ESTATE_ADVANCE_RATE: 0.50,\n};\n\n// Coerce a scraped/stored figure to a finite number, else null. Absent data must\n// stay absent — a missing earnings figure means \"no offer\", never \"an offer of 0\".\nfunction toNumber(value) {\n if (value === null || value === undefined || value === \"\") return null;\n const numeric = typeof value === \"number\" ? value : parseFloat(String(value).replace(/[$,\\s]/g, \"\"));\n return Number.isFinite(numeric) ? numeric : null;\n}\n\nfunction toNonNegative(value) {\n const numeric = toNumber(value);\n return numeric === null || numeric < 0 ? null : numeric;\n}\n\n/**\n * Pick the earnings figure that drives the offer multiple, preferring EBITDA and\n * falling back to SDE then cash flow — most BizBuySell listings publish only\n * \"Cash Flow (SDE)\". The source is returned alongside so callers can label which\n * figure the multiple was applied to instead of implying it was EBITDA.\n * @param {{ebitda?:number, sde?:number, cashFlow?:number}} listing\n * @returns {{earnings:number|null, source:string|null}}\n */\nexport function resolveBusinessEarnings(listing = {}) {\n const ebitda = toNumber(listing.ebitda);\n if (ebitda !== null) return { earnings: ebitda, source: \"ebitda\" };\n\n const sde = toNumber(listing.sde);\n if (sde !== null) return { earnings: sde, source: \"sde\" };\n\n const cashFlow = toNumber(listing.cashFlow ?? listing.cash_flow);\n if (cashFlow !== null) return { earnings: cashFlow, source: \"cash_flow\" };\n\n return { earnings: null, source: null };\n}\n\n/**\n * Whether the real estate should be ADDED to the offer on top of the earnings multiple.\n *\n * Three inputs, in priority order:\n * 1. What the listing says. Explicit wording (\"included in asking price\", or its negation)\n * is a statement of fact from the seller and always wins.\n * 2. The arithmetic. When the stated real-estate value is at or above the asking price,\n * the building IS the ask — adding it again would quote an offer ceiling above the\n * price being asked, which is nonsense. This is the common case on listings that\n * publish a real-estate value and no inclusion wording at all.\n * 3. Otherwise include it, matching the default for every other asset: understating an\n * offer by silently dropping an asset is worse than an inclusion that can be toggled\n * off by hand.\n *\n * @param {{askingPrice?:number, realEstateValue?:number, statedInclusion?:boolean|null}} inputs\n * @returns {boolean}\n */\nexport function shouldIncludeRealEstate(inputs = {}) {\n if (typeof inputs.statedInclusion === \"boolean\") return inputs.statedInclusion;\n\n const askingPrice = toNumber(inputs.askingPrice);\n const realEstateValue = toNumber(inputs.realEstateValue);\n\n if (askingPrice !== null && askingPrice > 0 && realEstateValue !== null && realEstateValue >= askingPrice) {\n return false;\n }\n\n return true;\n}\n\n/**\n * Down payment as the sum of per-asset collateral advances: 50% of the real\n * estate, 30% of FF&E, 20% of inventory, plus 20% of EBITDA once EBITDA reaches\n * $1M. Each leg is capped at its own rate, and a leg with no reported value\n * contributes nothing.\n *\n * Deliberately NOT gated by the include_* flags. Those flags answer a different\n * question — whether an asset is ADDED to the offer on top of the earnings\n * multiple — and an asset excluded there is still being acquired. The common case\n * is a building whose value equals the asking price: it is not added to the offer\n * (that would quote a ceiling above the ask) but it is still bought, and it still\n * secures half its value. Gating this on those flags zeroes the collateral on\n * exactly the listings where the real estate matters most.\n *\n * The EBITDA leg reads EBITDA specifically, not the coalesced earnings figure —\n * an SDE-only listing does not qualify, because SDE includes owner compensation\n * and is not the same measure the threshold was set against. collateralizeEbitda\n * is a collateral-only switch, named apart from the include_* flags because it\n * answers that different question: EBITDA is the base the offer multiple is taken\n * against, so it never joins the offer range at all.\n *\n * @param {object} inputs\n * @param {number} [inputs.realEstateValue]\n * @param {number} [inputs.ffeValue]\n * @param {number} [inputs.inventoryValue]\n * @param {number} [inputs.ebitda]\n * @param {boolean} [inputs.collateralizeEbitda=true]\n * @returns {{downPayment:number, legs:{realEstate:number, ffe:number, inventory:number, ebitda:number}}}\n */\nexport function calculateBusinessDownPayment(inputs = {}) {\n const {\n EBITDA_ADVANCE_RATE,\n EBITDA_ADVANCE_THRESHOLD,\n FF_E_ADVANCE_RATE,\n INVENTORY_ADVANCE_RATE,\n REAL_ESTATE_ADVANCE_RATE,\n } = BUSINESS_UNDERWRITING_CONSTANTS;\n\n const { collateralizeEbitda = true } = inputs;\n\n const realEstateValue = toNonNegative(inputs.realEstateValue) ?? 0;\n const ffeValue = toNonNegative(inputs.ffeValue) ?? 0;\n const inventoryValue = toNonNegative(inputs.inventoryValue) ?? 0;\n const ebitda = collateralizeEbitda ? toNumber(inputs.ebitda) ?? 0 : 0;\n\n const legs = {\n ebitda: ebitda >= EBITDA_ADVANCE_THRESHOLD ? ebitda * EBITDA_ADVANCE_RATE : 0,\n ffe: ffeValue * FF_E_ADVANCE_RATE,\n inventory: inventoryValue * INVENTORY_ADVANCE_RATE,\n realEstate: realEstateValue * REAL_ESTATE_ADVANCE_RATE,\n };\n\n return {\n downPayment: legs.realEstate + legs.ffe + legs.inventory + legs.ebitda,\n legs,\n };\n}\n\n/**\n * The offer range: 2x to 3x earnings, plus the tangible assets that convey.\n * An asset the listing states is already covered by the asking price is excluded\n * by its include flag; the flags default to true, so an asset whose status could\n * not be determined is still offered on (dropping it silently would understate\n * the offer, which is the more damaging error).\n *\n * Returns nulls when no earnings figure exists — there is no honest multiple to\n * take, and quoting the assets alone would read as an offer.\n *\n * @param {object} inputs\n * @param {number} inputs.earnings - Earnings figure the multiple applies to\n * @param {number} [inputs.realEstateValue]\n * @param {number} [inputs.ffeValue]\n * @param {number} [inputs.inventoryValue]\n * @param {boolean} [inputs.includeRealEstate=true]\n * @param {boolean} [inputs.includeFfe=true]\n * @param {boolean} [inputs.includeInventory=true]\n * @returns {{assetsIncluded:number, offerHigh:number|null, offerLow:number|null}}\n */\nexport function calculateBusinessOffer(inputs = {}) {\n const { OFFER_MULTIPLE_HIGH, OFFER_MULTIPLE_LOW } = BUSINESS_UNDERWRITING_CONSTANTS;\n\n const {\n includeFfe = true,\n includeInventory = true,\n includeRealEstate = true,\n } = inputs;\n\n const assetsIncluded =\n (includeRealEstate ? toNonNegative(inputs.realEstateValue) ?? 0 : 0) +\n (includeFfe ? toNonNegative(inputs.ffeValue) ?? 0 : 0) +\n (includeInventory ? toNonNegative(inputs.inventoryValue) ?? 0 : 0);\n\n const earnings = toNumber(inputs.earnings);\n if (earnings === null) return { assetsIncluded, offerHigh: null, offerLow: null };\n\n return {\n assetsIncluded,\n offerHigh: earnings * OFFER_MULTIPLE_HIGH + assetsIncluded,\n offerLow: earnings * OFFER_MULTIPLE_LOW + assetsIncluded,\n };\n}\n\n/**\n * The seller-carry terms for the price actually being offered.\n *\n * The offer range is a range; the LOI needs one number. priceOffered is that\n * choice, and the seller carries whatever the collateral down payment does not\n * cover. From there the arithmetic is the property engine's, so both sides quote\n * a balloon identically — a business is worked like a rental, only the earnings\n * measure differs.\n *\n * Returns nulls when no price has been offered yet. A zeroed payment schedule\n * would read as real terms on an LOI, which is the more damaging error.\n *\n * @param {object} inputs\n * @param {number} inputs.priceOffered - The figure being offered\n * @param {number} inputs.downPayment - Collateral-derived down payment\n * @param {number} [inputs.interestRate=0] - Annual seller-finance rate, as a decimal\n * @param {number} [inputs.amortizationYears=30]\n * @param {number} [inputs.balloonYears=7]\n * @param {string} [inputs.interestPaymentMode=\"standard\"] - standard | simple_payout | compound_payout\n * @returns {{sellerFinanced:number|null, sfPayment:number|null, balloonBalance:number|null, performancePayout:number, totalPayments:number|null}}\n */\nexport function calculateBusinessSellerFinance(inputs = {}) {\n const {\n amortizationYears = FINANCIAL_CONSTANTS.SELLER_FI_AMORTIZATION,\n balloonYears = FINANCIAL_CONSTANTS.DEFAULT_BALLOON_PERIOD_YEARS,\n interestPaymentMode = \"standard\",\n interestRate = FINANCIAL_CONSTANTS.SELLER_FI_INTEREST_RATE,\n } = inputs;\n\n const priceOffered = toNumber(inputs.priceOffered);\n if (priceOffered === null) {\n return {\n balloonBalance: null,\n performancePayout: 0,\n sellerFinanced: null,\n sfPayment: null,\n totalPayments: null,\n };\n }\n\n const downPayment = toNonNegative(inputs.downPayment) ?? 0;\n // Never negative: collateral outrunning the offer is reported as a shortfall by\n // the caller, not folded back in here as a carry the seller owes the buyer.\n const sellerFinanced = Math.max(0, priceOffered - downPayment);\n\n let performancePayout = 0;\n let sfPayment;\n\n if (interestPaymentMode === \"standard\") {\n sfPayment = calculatePMT(sellerFinanced, interestRate, amortizationYears);\n } else {\n // Payout modes defer all interest to the balloon, so the running payment is\n // principal-only and the balloon carries the accrued interest instead.\n sfPayment = calculatePMT(sellerFinanced, 0, amortizationYears);\n if (interestPaymentMode === \"simple_payout\") {\n performancePayout = sellerFinanced * interestRate * balloonYears;\n } else if (interestPaymentMode === \"compound_payout\") {\n performancePayout = sellerFinanced * (Math.pow(1 + interestRate, balloonYears) - 1);\n }\n }\n\n // Mirrors the property engine: amortized down in standard mode, full principal\n // in the payout modes, with the deferred interest added on top.\n const baseBalloonBalance = interestPaymentMode === \"standard\"\n ? calculateBalloonBalance(sellerFinanced, interestRate, amortizationYears, balloonYears)\n : sellerFinanced;\n\n return {\n balloonBalance: baseBalloonBalance + performancePayout,\n performancePayout,\n sellerFinanced,\n sfPayment,\n totalPayments: sfPayment * 12 * balloonYears,\n };\n}\n\n/**\n * Full underwrite for one listing: resolve earnings, size the down payment from\n * collateral, and bound the offer. The seller carries the balance of the ceiling\n * offer as preferred equity.\n *\n * collateralShortfall is set when the collateral-driven down payment exceeds the\n * offer itself — a real signal that the asset value has outrun what the earnings\n * multiple justifies. It is surfaced, never clamped away.\n *\n * @param {object} listing - Scraped/stored figures (snake_case or camelCase)\n * @returns {object} earnings, earningsSource, downPayment, legs, offerLow, offerHigh, sellerCarry, collateralShortfall\n */\nexport function underwriteBusinessListing(listing = {}) {\n const realEstateValue = listing.realEstateValue ?? listing.real_estate_value;\n const ffeValue = listing.ffeValue ?? listing.ff_e_value;\n const inventoryValue = listing.inventoryValue ?? listing.inventory_value;\n const ebitda = listing.ebitda;\n\n const { earnings, source } = resolveBusinessEarnings({\n cashFlow: listing.cashFlow ?? listing.cash_flow,\n ebitda,\n sde: listing.sde,\n });\n\n // The collateral stack covers everything being acquired, so it takes no include_*\n // flag — those govern only what is ADDED to the offer range. Its one switch is\n // collateralizeEbitda, which has no offer-range counterpart.\n const { downPayment, legs } = calculateBusinessDownPayment({\n collateralizeEbitda: listing.collateralizeEbitda ?? listing.collateralize_ebitda ?? true,\n ebitda,\n ffeValue,\n inventoryValue,\n realEstateValue,\n });\n\n const { assetsIncluded, offerHigh, offerLow } = calculateBusinessOffer({\n earnings,\n ffeValue,\n includeFfe: listing.includeFfe ?? listing.include_ff_e ?? true,\n includeInventory: listing.includeInventory ?? listing.include_inventory ?? true,\n includeRealEstate: listing.includeRealEstate ?? listing.include_real_estate ?? true,\n inventoryValue,\n realEstateValue,\n });\n\n // Terms for the price actually offered. Kept separate from the range figures\n // above so there is no mistaking the deal being made for the ceiling that\n // bounds it — sellerCarry is the carry at offerHigh, terms.sellerFinanced the\n // carry at the price on the LOI.\n const terms = calculateBusinessSellerFinance({\n amortizationYears: listing.sellerAmortization ?? listing.seller_amortization ?? undefined,\n balloonYears: listing.balloonLength ?? listing.balloon_length ?? undefined,\n downPayment,\n interestPaymentMode: listing.interestPaymentMode ?? listing.interest_payment_mode ?? \"standard\",\n interestRate: listing.sellerFiRate ?? listing.seller_fi_rate ?? undefined,\n priceOffered: listing.priceOffered ?? listing.price_offered,\n });\n\n return {\n assetsIncluded,\n collateralShortfall: offerHigh !== null && downPayment > offerHigh,\n downPayment,\n earnings,\n earningsSource: listing.earningsSource ?? listing.earnings_source ?? source,\n legs,\n offerHigh,\n offerLow,\n priceOffered: toNumber(listing.priceOffered ?? listing.price_offered),\n sellerCarry: offerHigh === null ? null : offerHigh - downPayment,\n terms,\n 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