New Deals: Two funeral homes with real estate, farm and agritourism destination with management, and 3 other finds...

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NEW DEALS

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📍 Location: Georgia
💰 Asking Price: $4,839,000
💼 EBITDA: $1,028,818
📊 Revenue: $2,722,402
📅 Established: N/A

💭 My 2 Cents: Most roofing companies chase the replacement, because that is the big invoice. It is also the worse business: a replacement is mostly membrane and insulation at thin markup, bid against other contractors, while repairs carry roughly double the margin. On top of that, a leak repair is an operating expense approved by whoever picks up the phone. This company does commercial repairs and nothing else, for retail chains, universities and national brands, and every customer since founding has come back. One university account alone reaches $750,000 a year without anyone signing a contract or running a bid. There is no lease and no yard, three office staff work remotely, and the owner is down to a few hours a week on HR and finance. I'd want to know which roofing manufacturers have certified this company, because they only warranty roofs their own trained contractors install, so certification decides who gets the replacement. That university account is more than a quarter of revenue, so I'd also want the name of whoever inside the university places the work, and whether it is public. A public school has to count a year of work with one vendor as one purchase, and in Georgia anything over $25,000 goes to bid. The concentration risk is real, but these accounts tend to be stickier than a buyer expects, because a company that has patched a building for years knows where it leaks and the next contractor does not.

📍 Location: Oregon
💰 Asking Price: $3,190,000
💼 EBITDA: $1,005,000
📊 Revenue: $2,500,000
📅 Established: N/A

💭 My 2 Cents: The hardest thing to find in agritourism is not farmland, it's farmland close to a city. The two Oregon counties with the most agritourism farms both border Portland and its 2.5 million people. This one works slightly under 100 acres a short drive out, pulling an estimated 200,000 visitors June to October. Five months of visitors is enough to support a general manager, farm crew manager, store manager, and food-and-service manager, all on staff. The good news is the general manager has already agreed to stay through the transition. The store sells its own certified organic produce alongside other Oregon and Washington growers, plus house-made jams, jellies and pickles under its label. Revenue comes to about $12.50 a visitor, though I'd want that split between the store, admissions and any wholesale. I'd also want the share of store inventory grown here against what is bought in, since their own produce carries the higher margin. And I'd want the fixed costs for the seven months with no visitors, and revenue by season for a few years, because those costs run whether the summer is wet or dry. Oregon signed House Bill 4153 in April, letting farm stores sell more of what they did not grow and run a licensed kitchen. It takes effect in January 2027, and a buyer closing this year already has the farm, the store and the staff running when it does.

📍 Location: California
💰 Asking Price: $6,000,000
💼 EBITDA: $1,347,000
📊 Revenue: $8,106,276
📅 Established: 2010s

💭 My 2 Cents: Restoration is one of the few home services where the customer usually does not pick you and does not pay you. A pipe bursts at midnight, the homeowner calls the insurance carrier, and the adjuster on the claim sends the job to a contractor already on the list. Sometimes the insurer skips that and pays an outside firm to assign the work, and plumbers send jobs over directly. This company has spent close to a decade building referral relationships with adjusters and plumbers inside an exclusive Southern California franchise territory. A 25,000 square foot office and warehouse and a debt-free fleet come with it, and the owner is down to about 25 hours a week with a management team running operations. The good thing about this industry is that nobody underbids anybody, because insurers pay off a standard price list updated monthly. That said, I'd want the split between what the adjuster sends and what the firm assigns, since one is attached to a person and the other to a contract taking 5% to 10% off the top. This company fronts the work and the insurer settles later, so I'd also want receivables aging and days from completion to payment. And I'd want water, fire and reconstruction broken out, because water is done in under a week whereas reconstruction runs for months at half the margin. Nobody postpones a flooded house, so a buyer here owns demand that does not move with the housing market or anybody's budget.

📍 Location: Oklahoma
💰 Asking Price: $3,250,000
💼 EBITDA: $533,455
📊 Revenue: $1,759,401
📅 Established: 1923

💭 My 2 Cents: By 2030 more Americans will die each year than are born, and the number of funeral homes keeps shrinking. Demand is rising into a shrinking supply, and private equity has been buying independents for years. These two homes handled 247 cases last year and 149 through June, so volume is pacing about 20% ahead. Management is in place at both locations, and the owner is planning to stay on to run the one in the city where he lives. I'd want the source of that volume increase, because 20% in a year is not demographics. Revenue is up only 7% though, so the average case is worth about 11% less. Cremation is why, and 63% of American families now choose it, but not all cremations are the same. A cremation with a viewing still fills the building and bills about $6,000, while a direct one bills about $2,000, so I'd want the cremation share of those 247 cases and how many came with a service. Then I'd want the pre-need contracts, because the family pays up front, the money sits in a trust until the death, and a buyer performs at the price agreed then. The appraisals on the buildings and land total $2.22 million. Back those out and about $1 million is left for two operating businesses, which is under 2 times earnings (and the appraisals date from 2017 and 2020, so the number is probably better still).

📍 Location: North Carolina
💰 Asking Price: $4,900,000
💼 EBITDA: $829,124
📊 Revenue: $3,851,060
📅 Established: N/A

💭 My 2 Cents: Most landscapers buy their plants from somebody else. This one owns the garden center they come from, so one job earns on the plants and again on the crew that puts them in. It works the other way too, since plants that would have died on the bench go out on a job. Both sides of the business sit on one property in western North Carolina, and the land and buildings are in the asking price along with close to $1 million of equipment and vehicles. I'd want to see the revenue and margin split between the counter, installation jobs and any maintenance contracts, since only maintenance repeats on its own. I'd also want to understand plant shrink (meaning what dies before it sells) because that number tests whether the crews really absorb what the counter does not. Then I'd want to know how much of 2025 came from replanting after Hurricane Helene, because that demand is not going to continue. The timing of when a deal closes matters here, because the retail side buys most of a year's inventory months before the spring rush, while the register is quiet. If you close in the autumn, you fund that entire spring buy before you earn a dollar, so make sure the working capital comes with the business.