Review financial information attached and perform a financial analysis to look for any discretionary, non-business, or unusual expenses that should be normalized in the valuation process. The adjustments don't necessarily need to get to GAAP, but I would like you to identify items that seem unusual or that may need to be adjusted. In many cases, a financial analysis in a valuation occurs before the management interview so that you know to ask about these unusual items while you have the attention of management. As a result, make sure to identify things that stand out year-over-year or that seem to be non-recurring and/or discretionary.

Please submit a listing of the expenses per year, the amount that should be adjusted and an explanation of why they should be normalized.

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