Structural Concrete Repair & Restoration, 15-Year Florida Condo Specialist

$3.0M

Revenue

$700K

SDE

4.3x

Multiple

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Full Editorial Writeup

This is a 15-year-old structural concrete repair and restoration contractor based in Broward County, Florida, with roughly 95% of revenue concentrated in structural concrete work for condominium associations. The company deliberately avoids single-family homes and small one-off jobs, instead targeting projects that range from $50K to $100K quick fixes up to $1.5M to $5M multi-building contracts. It did $3.7M in 2025 sales with about $3.0M projected for 2026 and generates roughly $700K in cash flow on a backlog of work.

The business runs on a referral pipeline anchored by repeat relationships with engineering firms and property management companies, supplemented by a website and word of mouth. It fields about 20 W-2 employees and operates with disciplined systems: QuickBooks integrated with estimating and pay-app billing software, GPS time tracking for crews, outsourced payroll, cloud files, and project-level job costing. Fixed costs stay low thanks to a small leased warehouse and office, branded trucks and trailers, and a mostly mobile team.

What makes this deal notable is the regulatory tailwind. Florida's post-2021 condo safety laws (following the Surfside collapse) mandate milestone inspections and reserve studies, which structurally drives demand for exactly this kind of repair work. The licensed General Contractor who qualifies the business works full-time as manager and plans to stay, which de-risks the licensing transition that typically scares buyers away from contractor deals.

Why we like it

Earnings quality is solid for a project-based contractor: $700K cash flow on $3.0M projected revenue is a healthy 23% margin, and the systems (integrated QuickBooks, pay-app billing, project-level job costing) suggest the numbers are clean and verifiable. The business works off a backlog rather than scrambling for work, which smooths lumpy project revenue.
The moat is niche specialization plus licensing. 95% of revenue is structural concrete work, a hard-to-replicate skill set, and the qualifying General Contractor stays on with the new owner, solving the single biggest risk in buying a licensed trade business. Competitors can't just show up and bid these condo jobs.
Market tailwinds are unusually durable and non-discretionary. Florida's post-Surfside condo safety laws mandate milestone inspections and reserve studies, which forces HOAs to fund structural repairs on a regulatory timeline rather than a discretionary one. This is demand created by statute, not by the economy.
The operator advantage is wide open: the company has never had a dedicated salesperson or run any outbound marketing. Capacity can be filled quickly with basic business development, and there is a clear path to layering in recurring maintenance contracts on top of the one-off repair work.

How to improve it

Hire or appoint a dedicated business development lead to work the existing engineering firm and property management referral channels more systematically. The company has never had outbound sales, so even a modest hire should convert warm relationships into a fuller pipeline and reduce reliance on inbound word of mouth.
Build a recurring maintenance and inspection contract offering for the existing condo association base. Converting even a fraction of one-time repair clients into annual maintenance agreements would smooth revenue, improve the multiple on exit, and create switching costs that deepen the moat.
Formalize a backlog and bid-coverage dashboard so you always know booked revenue versus available crew capacity. With project sizes ranging from $50K to $5M, visibility into when crews free up lets you pace bidding and avoid the feast-or-famine cycle common in contracting.
Cross-train and credential a second qualifying individual to reduce dependence on the single licensed GC. While the current GC plans to stay, having a backup qualifier protects the business's ability to operate and removes a major concentration risk for a future resale.
Expand geographically into adjacent Florida coastal counties where the same condo safety laws apply. The regulatory demand driver is statewide, and the existing systems and crews could support jobs beyond Broward County with incremental marketing rather than heavy fixed investment.
Tighten accounts receivable and progress-billing discipline on the large multi-building contracts. On $1.5M to $5M jobs, slow HOA payment cycles can strain working capital, so negotiating stronger deposit and milestone-payment terms protects cash flow as volume grows.

Diligence notes

Scrutinize the revenue trajectory: the listing shows $3.7M in 2025 sales but only $3.0M projected for 2026, a roughly 19% decline. Understand whether this reflects a genuine softening in bookings, conservative projection, or simply timing of large contracts, because the asking price and multiple are built off the lower $3.0M figure.
Verify the backlog in writing: get signed contracts, change orders, and pay applications tied to the stated backlog. Project-based contractors can report inflated pipeline, so confirm what is actually booked, the margin on each job, and expected completion timing before trusting any revenue forecast.
Pin down the licensing and the qualifying GC's commitment in a binding agreement. Confirm the license structure, how the business is qualified, and secure an employment or retention contract with the GC post-close, since losing the qualifier would halt the ability to pull permits and operate.
Analyze customer concentration across condo associations and the referral sources. Almost all revenue comes from condo HOAs via a handful of engineering firms and property managers, so identify what percentage of work flows through the top few referral partners and what happens if one relationship is lost.
Review historical job costing and margin by project type to confirm the 23% cash flow margin is sustainable. Check for cost overruns, warranty claims, and liability exposure on structural work, which carries real risk given the life-safety nature of condo concrete repair.

Source

Originally listed on BizBuySell. View original listing →