Custom Window Treatments & Awnings Manufacturer, 13-Year South Florida Operation

$1.4M

Revenue

$1.3M

SDE

1.7x

Multiple

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Full Editorial Writeup

This is a Hialeah, Florida manufacturer of custom window treatments and outdoor shade products, in operation since 2011. The product line spans custom shades and blinds, motorized window treatment options, awnings and pergolas, and distribution of canvas and vinyl materials, serving both residential and commercial customers across South Florida. The company runs with 8 full-time employees, modern manufacturing equipment, and an FF&E base valued at $350,000.

The listing headlines an unusual financial profile: $1,389,000 in gross revenue against $1,286,000 in claimed SDE. That implies a roughly 92 percent owner-earnings margin on revenue, which is extraordinary for a manufacturing and distribution operation carrying 8 employees, a warehouse, and $950,000 of inventory. The reported EBITDA of $743,816 tells a very different story and is the number a buyer should anchor to until the SDE figure is fully substantiated.

The business is described as absentee-owned and turnkey, with seller financing available and a 90-day transition. At a $2,199,990 ask, the deal is priced at roughly 3x the more conservative EBITDA number, or 1.71x on the aggressive SDE figure. Note that the $950,000 inventory is explicitly NOT included in the asking price, which materially changes the true cost to own and operate this business.

Why we like it

The reported EBITDA of $743,816 on $1.389M revenue still implies a healthy operation if verifiable, and the business has 13 years of continuous operation behind it. A durable customer base and established manufacturing processes reduce the odds you are buying a business that evaporates on transfer.
Vertical integration matters here: the company both manufactures and distributes canvas and vinyl, which gives it control over margin and supply that a pure reseller lacks. Custom motorized and commercial work also tends to carry better pricing power than commodity blinds.
South Florida construction and renovation activity is a genuine tailwind, and window treatments plus awnings and pergolas ride both new build and remodel demand. Miami-Dade population and housing density support recurring replacement and upgrade cycles.
The business is described as absentee-owned, which if true means an operator buyer can add hands-on management, sales effort, and cost discipline to a business that has performed without an engaged owner. That is real upside for someone willing to work in the business rather than on a beach.

How to improve it

Reconcile the SDE and EBITDA gap before anything else, then rebuild the P&L from bank statements and tax returns. The path to more value starts with knowing the true owner earnings, because the strategy differs enormously if real cash flow is $744k versus $1.286M.
Install a real sales and quoting engine within the first 90 days, targeting commercial general contractors and property managers for repeat awning, pergola, and motorized shade work. Commercial accounts smooth out the seasonality and lumpiness of residential remodel demand.
Build a formal home-builder and interior-designer referral program with tiered rebates, since those channels drive high-ticket custom orders at lower acquisition cost. A structured trade program can lift order volume without proportional marketing spend.
Optimize the $950,000 inventory position, which is enormous relative to $1.389M in revenue. Tightening SKUs, negotiating vendor terms, and moving toward just-in-time on slow movers frees up working capital and reduces carrying cost.
Add a digital presence and online configurator so residential customers can price and order motorized shades and awnings without a full sales visit. Better lead capture and quoting throughput can raise close rates and average ticket.
Layer in a recurring maintenance and warranty service line for motorized systems and awnings. Service revenue is stickier and higher-margin than one-time product sales and creates a reason to stay in front of past customers.

Diligence notes

The single biggest flag is the 92 percent SDE-to-revenue ratio, which is not plausible for an 8-employee manufacturer with a warehouse and $950k of inventory. Demand three years of tax returns, bank statements, and a full add-back schedule, and treat the $743,816 EBITDA as the working number until proven otherwise.
Confirm the absentee-owner claim by mapping who actually runs sales, production, and vendor relationships day to day. If the owner is genuinely absentee, identify the manager holding it together and whether that person stays, because their departure could gut the business.
Scrutinize the $950,000 inventory that is excluded from the asking price. Verify its true market value, age, and obsolescence, and understand that you must fund this on top of the $2.2M ask to actually operate.
Verify customer concentration and the mix of residential versus commercial revenue. A handful of builder or GC relationships driving the top line changes the risk profile materially, especially if those contracts are informal or owner-dependent.
Review the facility lease terms, remaining length, and renewal options, since this is a manufacturing operation dependent on its Hialeah production space. A short or unfavorable lease can force a costly and disruptive relocation.
Pressure-test the seller financing offer and its terms, because a seller willing to finance a business claiming these earnings should be able to structure a meaningful note tied to performance. Earnout or seller-note structures also help bridge the credibility gap on the reported cash flow.

Source

Originally listed on BizBuySell. View original listing →