This company provides a full range of Plumbing and Heating services. They are also recognized as experts in Radiant in floor heating and tankless water heater systems which are part of a “hydronic heating system” popular in high end homes in Colorado. They provide maintenance and repairs also which helps with recurring revenues. This company provides both commercial and residential services for new construction or remodels. They have seven full time employees including two master plumbers whose licenses a new owner can use. They pride themselves in their fast and accurate estimating of the time and cost of the job before any work is done.
2018’s earnings were 201,168 from 1,187,165 in revenues. The two year average is $233K in earnings. One of the owners spent most of September and the other some of September in North Carolina because her Brother’s house was flooded. This had an impact on bidding especially in September which had a small impact that can’t be put into an accurate one time add back. 2017’s earnings were 264,137 from revenues of 1,283,921. The owners believe 2018 would have looked the same as 2017 except for the impact the September NC floods had. They have been profitable all 26 years including the 2008 to 2012 downturn. The seller is asking for 390K.
The buyer will get approximately 45K in current value hard assets made up of 34K in equipment and another 11K in inventory. The company has a great reputation with a long-standing and recurring customer base.
The owners are retirement age and will help the new owner transition the business for as long as they would like and are confident that it will be a smooth transition. The company, not the owners, has the BBB A+ rating, customers, and reputation. They will sign a non compete and offer full indemnifications.
Location: West Metro Denver Area.
The sales price has just been lowered to $425K from $645K which includes all assets debt free.