Expense Normalizer
Restate the seller's expenses for the operation you will actually run. Mom-and-pop P&Ls are fiction until normalized.
variable inputs · about 15 minutes· runs in your browser
What you type starts as Broker-reported. Mark it Verified only when you can point to the source. What the tool computes is Calculated. Missing is named, never zeroed.
The operation you will run
Asset type
An Underwriting assumption, not a fact about this deal.
Expense register
Enter every expense line from the seller's P&L. Tick Add-back only for costs that die with the seller: owner salary, personal vehicles, one-time capital. The suggestion is a guess, the call is yours.
Line 1
Management normalization
Mom-and-pop sellers run on free family labor. Your operation pays management. The rate is your stated assumption, not a market fact.
Seller's number
The headline number the variance is measured against.
The restated operation
Normalized expenses
Kept expense lines plus management normalization
Normalized NOI
T12 revenue minus normalized expenses
Seller NOI variance
Seller-stated NOI minus normalized NOI
Close the gaps
Revenue or expense lines are Missing evidence. Name who gets them and when.
Outputs are Calculated. Mark each input Verified only when you can point to the source.
Evidence-readiness posture
Pause
The record supports Pause: revenue is Missing or no kept expense line carries a value. There is no normalized NOI to read yet.
Calculated from your inputs. Nothing here is verified until you verify it. The human decides.
Advance, Retrade, Pause, and Walk are evidence-readiness labels. They are not recommendations, approvals, or advice.
Keep the record
The tool is free to use. Email is only asked when you save or export. Take the working paper with you. available for your records. Your numbers stay in your browser until you choose to move them.
Questions
Normalized net operating income is revenue minus the expenses a buyer will actually carry, with one-time and owner-specific costs removed as stated add-backs.
Add-backs are expenses removed from the seller's numbers because a new owner would not incur them. Each one is an underwriting assumption, labeled as such, so the next reader can accept or reject it.
If normalized NOI lands more than 10 percent below the seller's stated NOI, the record supports Retrade. That delta is the retrade number.
Mark it Unresolved with an owner and a due date. Unresolved items stay on the record until someone resolves them. The tool never guesses for you.
The next step
Normalized NOI is where the retrade gets built.
Running a live deal? The Acquisition Workspace connects your evidence in one record.
Work my P&L in the fit call.