Looking at valuating and purchasing a roofing company that makes their own metal roofing panels. This is unique as most roofers purchase panels from a manufacturer. At the same time, the company has 11 “employees” all under the table. The business hasn’t paid taxes. Doesn’t appear to have any real books. It seems nearly worthless in a lot of ways but we are seeing a large margin. Currently using bank statements to verify and create records etc. Machines and tools are probably worth $250k or less. WIP is at 1.2m for the year with a projected margin in the 30-50% range. What would you value it at knowing this and what would you want to know before writing an offer?