Successful, highly profitable, Full Service Plumbing Company for sale.

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Business Description

This highly successful plumbing contractor has been in business for almost 4 decades and has built a steady, loyal client base of repeat customers. It can repair, service and maintain just about any form of plumbing and heating systems and has a balanced blend of commercial and residential clients (50/50). It has a highly skilled workforce and office staff, totaling 17, that have been with the company for many years.

Customers include property owners and managers, commercial and industrial businesses, contractors, and municipalities. Its’ business model focuses on building lasting relationships, so the customer will trust them when it comes time for service, resulting in consistent financial performance and revenues.

Sales have historically been over $2m for the last 3 years and did $2.3m in 2017 and over $650,000 in seller’s discretionary earnings (if the real estate is purchased). There are significant opportunities for growth. It has all state-of-the-art equipment, tools and fleet, and specialized equipment; the company is prepared for any job.

About the Business

Year Established:
Number of Employees:
Real Estate:
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The facility is conveniently located in the middle of its demographic sales area and within 10 minutes of Interstate 64. It is easily reached by employees who generally live within a 20-minute commute.

Inside, the building has 1,500 sf dedicated to offices, 3,000 sf for warehousing and 1,000 sf of unfinished attic space for storage. Outside, it is equipped with ample off-road employee parking and equipment storage, fenced-in, with video surveillance, and is close to fire and police protection. The real estate is available for sale for $450,000. In addition, the adjoining lot was acquired for future expansion and is currently undeveloped. That is also for sale at $200,000.
Market Outlook/
The Company’s primary market consists of residential property owners, property managers, commercial and industrial businesses, contractors and municipalities. A broad customer base stabilizes the work load and helps offer a variety of jobs that enhance the skill level of employees and trainees, maintains a consistent work schedule that guarantees at least a 40-hour work week for every employee and minimizes the company’s dependency on any one customer. The water divides the Peninsula from the Southside, both being what comprise Hampton Roads. Competition from the Southside is stymied by the bridges and tunnels that connect the land. The Southside market is very diverse compared to the Peninsula. The competition is greater, and the area is broader. It would be difficult to service the entire area with a few trucks and be profitable.
All plumbing service competitors located on the Peninsula have less than 1/2 the number of trucks and service crews of this company. Typical of the trade, many plumbers operate independently. This is what gives this company the edge on the competition. A single operator cannot provide 24-hour service, 365 days a year and cannot be in more than one place at a time or answer the phone 24-hours a day. They cannot afford the type of staff that supports the crews.
Growth & Expansion:
They have found balance in a market that is not overly competitive and suffers from a lack of skilled tradesman who specialize in service. Sheer size and assets have enabled the company to provide a level of service that is unmatched in the market area. Other companies provide the same services but are not able to do the volume or offer the response time that the industry demands. When a customer has no water, or the drains are backing up, they are not able or willing to wait until the next day. Plumbing is essential in our lives and this company is able to fulfill those expectations of the general public.

They will continue to grow as population and aging housing grow in the service area. Plus, environmental regulations and technology will increase revenues and broaden the areas of service. However, the company is at a crossroads in its growth. The industry is in need of the type of services that the Company provides, but the potential to grow the Company is stymied by the ability of the current owners and requires additional capital.
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About the Sale

Reason For Selling:
Both owners are willing to train the buyers for 60 days without compensation (included in purchase price). Owners are also willing to stay on for an agreed upon compensation package.
Seller Financing:
Seller will finance up to 25%

Listing Info

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Business Listed by

Robert Adams

Adams & Chebalo Mergers and Acquisitions

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Source: American Community Survey (2010-2014), United States Census Bureau.

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