Investor View
The buyer's-eye read on Big League Clean — quality of earnings, recurring-revenue durability, and customer concentration. Built to fill in as financial history accumulates.
Data status: QuickBooks P&L · normalized run-rate through 2026-09-30 (20 days ago) · covers Oct 2025–Sep 2026. Stale — upload the latest export to refresh these numbers.
Upload QuickBooks →Reading basis. Revenue is the normalized monthly run-rate from QuickBooks invoice detail — not received payments (which lump catch-up months). Per-client margin is base recurring revenue minus subcontractor contract labor; additional services are pass-through. EBITDA figures cover 12 months of P&L only — directional until 24–36 months of history load.
Revenue run-rate
$5,671,020
annualized · $472,585/mo recurring
What's in it
| Client | Annualized | Share |
|---|---|---|
| Cedar Ridge Corporate Campus | $2,232,023 | 39% |
| Evergreen Athletic Club | $1,019,649 | 18% |
| Northgate Logistics Center | $456,545 | 8% |
| Ironwood Tech Center | $405,119 | 7% |
| Meridian Medical Plaza | $378,842 | 7% |
| Larkspur Apartments | $257,048 | 5% |
| + 10 more | $921,795 | 16% |
| Run-rate | $5,671,020 | 100% |
Each client's normalized monthly billing, times 12.
Gross margin
65.0%
blended across 12 mo of P&L
What's in it
| Revenue | $6,033,000 |
| (-) Subcontractor labor | ($2,111,550) |
| (-) Payroll taxes & benefits | ($301,650) |
| (-) Supplies & materials | ($241,320) |
| (-) Vehicle & equipment | ($180,990) |
| (-) Insurance (in COGS) | ($120,660) |
| (-) Other COGS | ($-844,620) |
| Gross profit | $3,921,450 · 65.0% |
Subcontractor labor is the bulk of cost. Annualized.
Adjusted EBITDA
$423,254
annualized · 7.0% margin · incl. add-backs ↓
What's in it
| Gross profit | $3,921,450 |
| (-) SG&A / overhead | ($3,541,196) |
| EBITDA | $380,254 |
| + Owner compensation (Matt + Nash) | $43,000 |
| Adjusted EBITDA | $423,254 |
Full bridge and editable add-backs below.
Top-client concentration
39%
Cedar Ridge Corporate Campus · 16 customers total
What's in it
| Client | Share |
|---|---|
| Cedar Ridge Corporate Campus | 39% |
| Evergreen Athletic Club | 18% |
| Northgate Logistics Center | 8% |
| Ironwood Tech Center | 7% |
| Meridian Medical Plaza | 7% |
| Larkspur Apartments | 5% |
| Summit Retail Group | 3% |
| Aspen Grove Medical | 2% |
Top 3 clients = 65%. Lower is safer to a buyer.
Implied valuation
$1,269,762 to $2,116,270
3.0 to 5.0x adjusted EBITDA of $423,254
| Method | Basis | Multiple | Value |
|---|---|---|---|
| Income · adjusted EBITDA | $423,254 | 3.0 to 5.0x | $1,269,762 to $2,116,270 |
| Cross-check · recurring revenue | $5,671,020 | 0.50 to 0.80x | $2,835,510 to $4,536,816 |
Primary basis is adjusted EBITDA, driven by the add-back schedule above. The revenue multiple is the sanity cross-check a strategic buyer runs against the contract book. Off 12 months of P&L; top client at 39% concentration argues the low end.
Cash conversion cycle
| Clients pay us (DSO) | 38 days |
| We pay subs (DPO) | 20 days |
| Float held | -18 days |
Positive float means the subcontractor model funds itself: clients pay before subs come due, so growth does not eat working capital.
Diligence risk flags
These are the levers a buyer prices in this category. Naming them up front reads as an operator who knows the book, not one hiding the risk.
Customer concentration — share of revenue
Top client 39% · Top 3 65% · Top 5 79%. Buyers discount for concentration above ~25% in any single account.
Revenue by client
| Client | Rev/mo | Share |
|---|---|---|
| Cedar Ridge Corporate Campus | $186,002 | 39.4% |
| Evergreen Athletic Club | $84,971 | 18.0% |
| Northgate Logistics Center | $38,045 | 8.1% |
| Ironwood Tech Center | $33,760 | 7.1% |
| Meridian Medical Plaza | $31,570 | 6.7% |
| Larkspur Apartments | $21,421 | 4.5% |
| Summit Retail Group | $12,191 | 2.6% |
| Aspen Grove Medical | $11,352 | 2.4% |
| Brightwell Office Tower | $9,935 | 2.1% |
| Oakline Business Park | $9,404 | 2.0% |
| Brookfield Nonprofit Center | $9,108 | 1.9% |
| Maplewood Commons | $8,463 | 1.8% |
| Riverbend Distribution | $5,286 | 1.1% |
| Stonegate Plaza | $5,038 | 1.1% |
| Willow Creek School District | $3,762 | 0.8% |
| Lakeshore Garage Doors | $2,277 | 0.5% |
| Total | $472,585 | 100% |
Unit economics — gross margin by client (subcontractor-served book) QuickBooks P&L · normalized run-rate · 20d old · update
| Client | Rev/mo | Sub labor/mo | Margin/mo | Margin % |
|---|---|---|---|---|
| Cedar Ridge Corporate Campus | $186,002 | $155,009 | $30,992 | 17% |
| Evergreen Athletic Club | $84,971 | $63,476 | $21,495 | 25% |
| Northgate Logistics Center | $38,045 | $28,346 | $9,699 | 25% |
| Ironwood Tech Center | $33,760 | $20,957 | $12,803 | 38% |
| Summit Retail Group | $12,191 | $8,228 | $3,963 | 33% |
| Aspen Grove Medical | $11,352 | $7,893 | $3,459 | 30% |
| Brightwell Office Tower | $9,935 | $7,798 | $2,136 | 22% |
| Oakline Business Park | $9,404 | $8,329 | $1,075 | 11% |
| Brookfield Nonprofit Center | $9,108 | $6,348 | $2,761 | 30% |
| Riverbend Distribution | $5,286 | $4,030 | $1,256 | 24% |
| Stonegate Plaza | $5,038 | $5,038 | $0 | 0% |
| Sub book | $405,092 | $315,453 | $89,639 | 22% |
Base recurring revenue minus subcontractor contract labor (additional services pass through, rebilled to the client). Accounts served directly (without a subcontractor labor line) are shown in concentration only.
Adjusted EBITDA bridge · annualized run-rate QuickBooks P&L · normalized run-rate · 20d old · update
| Revenue | $6,033,000 |
| COGS | ($2,111,550) |
| Gross profit · 65.0% | $3,921,450 |
| SG&A / overhead | ($3,541,196) |
| EBITDA · 6.3% | $380,254 |
| + Owner compensation (Matt + Nash) | $43,000 |
| Adjusted EBITDA · 7.0% | $423,254 |
Edit add-back schedule and multiples
Annualized from 12 months of P&L. Add-backs normalize owner compensation and one-time items to show the earnings a buyer actually acquires. Owner comp is seeded from documented draws; refine it and the one-time and discretionary lines in the editor above.