EV Estimate
$10.8M
EBITDA
$2.0M
Stage
hunt launched
Extractions
248
Active Intel
Open Actions
- Chris Fore to make a decision on engaging Next Chapter by end of week or Monday at the latest.3d ago
- Next Chapter to obtain bank statements from the target to verify margin profile (vs. current seller-provided Excel only).3d ago
- Buyer to determine what percentage of target's revenue is attributable to the owner who is also a customer/contractor.3d ago
- Ewing to filter and refine the long list of acquisition targets once he has more qualifying criteria from Chris/Pat.3d ago
- Chris Fore also needs to make a separate decision regarding 'Sherman' (another deal or advisor context) before committing.3d ago
Key Numbers
- Seller is asking approximately 6x EBITDA multiple. Next Chapter believes business fundamentals only justify 4.5x.3d ago
- Next Chapter identified $1.8M to $2.6M in EBITDA adjustments/deductions from seller's financials, including PPP forgiveness income.3d ago
- Target's EBITDA for 2024 was approximately $2M–$2.3M (stated as 'two high twos' or 'three something'). Trailing 12-month EBITDA is approximately $1.6M–$1.7M, unverified.3d ago
- Target has approximately $2M in loans/debt, roughly equal to one year of EBITDA.3d ago
- Buyer's preferred target multiple is 4.5x to 5x. 4.5x would be ideal; 5.5x is considered maximum.3d ago
Buyer Signals
- Chris Fore and Pat Fore reviewed the deal deck together before this meeting and are clearly engaged; father (Pat) attended specifically to evaluate the advisor team.3d ago
- Chris Fore previously granted Ewing access to the seller's financial documents, signaling strong intent to advance the deal.3d ago
- Both Pat and Chris Fore converged on preferring deal structures (Option 1 or 4) that include seller performance requirements, indicating serious deal structuring thinking.3d ago
Risk Flags
- Owner dependency: all three owners are not employees of the company but run their own separate businesses. Primary revenue referral risk if owners disengage post-close.3d ago
- One of the three sellers/owners is also a customer (contractor), creating a literal owner-customer concentration dependency. Exact revenue share is unknown.3d ago
- Days receivable appear to be increasing — seller is taking longer to get paid. Could indicate customer working capital issues, market factors (e.g., post-hurricane supply chain), or larger project mix.3d ago
- Short backlog is a major concern and correlates with lack of formal outside sales or sales system.3d ago
- No formal sales team, no CRM, no job-sourcing system. Owner-driven informal sales process.3d ago
Deal Economics
Known Intel
- —Seller asking ~6× EBITDA. NC believes business justifies 4.5×–5×.
- —Target EBITDA for 2024: ~$2M–$2.3M.
- —NC identified $1.8M–$2.6M in EBITDA adjustments/deductions from seller's stated figures.
- —Target has ~$2M in loans/debt, roughly equal to one year of EBITDA.
- —Buyer's preferred entry: 4.5×–5× EBITDA. 4.5× ideal; 5.5× ceiling.
Powered by 248 transcript extractions across 5 Fireflies meetings. Data as of May 28, 2026. See /deals/design-precast for full deal hub.