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Overview

Building and Construction

Extremely Profitable Self-Performing Site Wall Construction Company

Price: $40,000,000

Listing ID: BUILD4

Entity Classification(M): S-Corp

Year Established: 2003

Annual Sales: $25,641,187

Seller Discretionary Earnings: $7,658,372

EBITDA: $7,508,372

EBITDA Multiple: 5.3x

EBITDA Margin 29.3%

FF&E: $182,164

Target Working Capital: $600,000

Days & Hours of Operation: M-S 8-5

Full-time Employees: 9

Part-Time Employees: 1

Contractors: 59

Reason For Sale: Other Interests

Reason for Sale Comments: Owners would like to limit their work roles to spend more time with family.

Limited Seller Financing: Dependent upon overall transaction. Seller financing percent includes earn-out.

Listing Status: New


Summary

Description:

The company is a self-performing commercial specialty construction firm. All work is performed in-house (not sub-contracted) by 17 crews (ao March 2023). Revenue is derived from approximately:

  • 0% Home Owners
  • 2% government/municipal
  • 3% Institutional
  • 35% Commercial to developers
  • 60% Residential to developers
  • The company is focused on value engineering the entire worksite which provides a competitive advantage. Unlike many construction companies, this company chooses to rent its construction equipment which provides flexibility and transfers maintenance, repair, relocation, storage, and insurance responsibility to rental firm. The expense fluctuates, but is approximately $130,000 per month. Leased wide-format copier/scanner/fax and A-E size color plotter/scanner will be transferred to buyer and are not included in FF&E.

    The company averages $8,000,000-$10,000,000 of open WIP, and currently has ~$15,000,000 in backlog representing ~9 months of work. The estimated working capital is $400,000 - $500,000. Bonding projects represent only ~1% of gross revenue. EBITDA is estimated assuming two executive salaries of $150,000 each working ~20 hours per week each. Price in asking price is for database sorting purposes only. Sellers expectations are based on a multiple of EBITDA.

    Historical Summary:

    The owners have worked in the industry for approximately twenty years. The company has grown consistently since inception. First year revenue was $91,900 with year over year increases annually through 2022 approaching $26,000,000 with 23.43% average annual top line revenue growth.

    Competition:

    Competition is comprised of companies that perform similar services. No other construction company has grown as fast as this company in North Carolina - all while being 100% self-performing.

    Growth & Expansion Opportunities:

    The current owners have intentionally managed growth to allow for more personal/family time. Owners 2022 estimate of $23,000,000 in revenue was based on minimal staffing increases and was over $25 million actual. The Sellers believe that experienced operators could increase gross sales by as much as 100% within 12 months by expanding into other additional markets.

    Owner Qualifications:

    Buyer(s) will need to possess or retain employees on staff carrying a North Carolina General Contractors License and for engineering, a NC Board of Engineers and Land Surveyors Professional Engineering License (NCBELS) licensed engineer with prescribed equity as reflected in the NC Secretary of State filings.

    Support & Training:

    One owner is open to long-term employee contract at market rate up to 5 years. Second owner open to extended transition assistance or potentially part-time.

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    Jeff Snell, CM&AP, M&AMI, LMCBI, ABI

    Principal Broker & Founder – Raleigh, NC

    Office: (919) 341-1100

    Cell: (919) 624-1124




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    Real Estate Transaction Handled by

    2009 Caminos Drive, Raleigh, NC 27607

    Real estate agent's disclosure Form

    Location: Central North Carolina

    Real-Estate: Owned for Sale or Lease

    Facilities Type: Office Condo

    Real-Estate Asking Price: $250,000

    Monthly Rent: $1,850

    Building Square Feet: 1,050

    Facilities Description:

    The business is operated from a location on a main thoroughfare in Wake County, NC. Adequate parking is available. The building is available for purchase. If purchased the property will be sold at bank's actual appraised value which may be higher or lower than the estimated $250,000.