This business currently has over $18M in backlog to be completed by early 2023 and includes assets worth $7M+ which includes $3.6M in working capital. Established in 1979 with a team of 20 core people in place, there is no shortage of trained professionals at hand, including office staff, project managers, and foremen. There are also 30-50 union laborers, who are contracted as needed. This company is frequently selected for both standard and unique paving projects for multiple government organizations, resulting in repeat clientele. The business handles work for some of the largest clients in NYC, including the NYC DOT, Department of Parks & Recreation, NY & NJ Port Authorities, and the Board of Education. Their services include concrete, excavation, asphalt, and paving work. The proof is in the performance with this NYC business as they have never defaulted on a project in their 43-year history. Any potential owner can feel confident knowing they will receive ample training on the ins-and-outs of this successful business The current owners are ready to retire but have a vested interested in the continuing success of this business, to show good faith they are willing to finance 10% as well as hold a 10% Equity Roll.
While one owner is passive, he will continue his favorite part of the job- checking in on work sites in his truck for about an hour a day- for 3+ months after selling. The other owner currently works about 30 hours a week, and will provide training on administrative duties, such as approving financials and payroll, to get the new owner up to speed over the course of 2 to 3 years. Both owners started out on the project team and have worked their way up to ownership in the company, so they will be able to provide all pertinent knowledge of company operations. The business’s pride and eye for detail has led to a stellar reputation & allowed them to soar above competition over the years.
At a purchase price of $5,900,000, a buyer can expect to see a return of $417,798 in the first year after debt payments. With natural growth opportunities available and a highly trained core staff, there is no limit to what this business could do!