Scored plumbing listings.
Anonymized observations from real plumbing business acquisitions evaluated against the four-pillar framework. Each entry reports what was observed and what happened. Neutral evaluation; no recommendations.
3 scored listings
Q1 2026
01 · Upper band
Plumbing service business, 48% service agreement revenue, three master licenses on staff
Observed: Service agreements at 48% of trailing revenue with documented renewal rates. Three master plumber licenses across two jurisdictions — none held by owner. Fleet 4.8-year average age with full service records. Emergency revenue normalized to 3-year average.
Outcome: Signed at 4.2× SDE. Lender DSCR 1.26× on normalized earnings. Closed without repricing.
Composite →02 · Mid-band
Residential plumbing contractor, owner performs 35 hours/week, single master license
Observed: Owner is the sole master plumber on staff and performs 35 billable hours per week. Service agreements at 31% of revenue. Emergency call revenue 28% of total — presented as recurring. Fleet 6.5-year average with one van past 9 years.
Outcome: Initial ask 3.8× stated SDE. After owner-labor normalization and emergency revenue restatement to run-rate, adjusted SDE reduced 44%. Repriced to 2.9× adjusted SDE. License continuity plan (hire journeyman, 9-month master exam path) required before credit approval. Closed at 2.9×.
Composite →03 · Lower band
Single-plumber shop, no service agreements, fleet over 9 years, owner runs all jobs
Observed: Owner is sole master plumber and sole licensed operator. No service agreements — 100% of revenue from emergency calls and project work. Fleet 9.2-year average. Owner performs all high-value jobs personally with no plan for replacement.
Outcome: Buyer submitted LOI at 2.7× stated SDE. After owner-labor normalization, adjusted SDE was negative. Deal terminated — no fundable structure exists for a business requiring owner-operator labor to generate positive SDE.
Composite →
Listings above are anonymized composites pending the publication of consented case studies. Each scored listing has its own URL — citable, shareable, long-tail-SEO eligible. Composites preserve the structural pattern without identifying the specific deal, seller, or broker.
How to read these
What each scored listing reports.
Band placement
Where in the multiples band the deal sat — upper, mid, or lower third. Tied to the structural conditions in the Atlas.
Observed
The specific structural conditions documented in diligence — the four pillars applied to the specific deal.
Outcome
What happened — closed, repriced, financing fell through, walked. We report. We do not claim the score "told you to" do anything.