Expertise in residential roofing (reroof/maint.)

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by a searcher from Pennsylvania State University
in Salt Lake City, UT, USA

1yr ago

Expertise in residential roofing (reroof/maint.)

Hey All,

I'm looking to connect with someone who has had success acquiring/operating a residential roofing company.

I have a few questions around a deal as I'm trying to determine a proper valuation and could use some industry experience.

Thanks,

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reply by a lender 1yr ago
from University of Missouri in St. Louis, MO, USA

HI Alex, never bought one myself but have had several in my loan portfolio over the years. Let me know if you would like to discuss. Off the top of my head, some points to look at:
1. how much of their profit is rebates from the supplier(s)
2. are they getting cost discounts based on paying cash/not needing terms for their supply
3. are they performing the work, or subbing out the actual construction?
4. are they involved in new construction?
5. storm repair or replacement work?

reply by an investor 1yr ago
from Pennsylvania State University in Charlotte, NC, USA

Colin nailed it.

My advice, if there's a great deal of non traditional add backs (interest, owner W-2, deprecation) etc, then it's usually much worse than represented in the roofing industry. Additionally, dial in on contracts, and the sales pipeline, especially if coming off a strong year with storm replacements. Are there relationships transferable with new constructions and recurring revenue?

To piggy back off the rebates and cash notated above. Are they paying subs with cash or other non documented means to inflate recent profits where they're using to their advantage on the valuation with regards to the multiple.

Finally, if using subs, is there one key employee that managers them so if they leave the company, does it have a massive compounding labor shortage?