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 2025-06-30 (353 days ago) · covers Mar 2025–Jun 2025. 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 MAK contract labor; additional services are pass-through. EBITDA figures cover 4 months of P&L only — directional until 24–36 months of history load.
Revenue run-rate
$5,151,000
annualized · $429,250/mo recurring
What's in it
| Client | Annualized | Share |
|---|---|---|
| Maple Office Park | $1,014,591 | 20% |
| Pinewood Medical | $858,500 | 17% |
| Cedar Tech Center | $741,432 | 14% |
| Birch Retail Group | $663,386 | 13% |
| Willow Athletic Club | $565,830 | 11% |
| Aspen Business Center | $507,295 | 10% |
| + 2 more | $799,966 | 16% |
| Run-rate | $5,151,000 | 100% |
Each client's normalized monthly billing, times 12.
Gross margin
61.7%
blended across 4 mo of P&L
What's in it
| Revenue | $5,589,000 |
| (-) Subcontractor labor | ($2,154,000) |
| (-) Supplies & materials | ($336,000) |
| (-) Insurance (in COGS) | ($132,000) |
| (-) Other COGS | ($-480,000) |
| Gross profit | $3,447,000 · 61.7% |
Subcontractor labor is the bulk of cost. Annualized.
Adjusted EBITDA
$2,461,000
annualized · 44.0% margin · incl. add-backs ↓
What's in it
| Gross profit | $3,447,000 |
| (-) SG&A / overhead | ($1,029,000) |
| EBITDA | $2,418,000 |
| + Owner compensation (Matt + Nash) | $43,000 |
| Adjusted EBITDA | $2,461,000 |
Full bridge and editable add-backs below.
Top-client concentration
20%
Maple Office Park · 8 customers total
What's in it
| Client | Share |
|---|---|
| Maple Office Park | 20% |
| Pinewood Medical | 17% |
| Cedar Tech Center | 14% |
| Birch Retail Group | 13% |
| Willow Athletic Club | 11% |
| Aspen Business Center | 10% |
| Oakwood Plaza | 8% |
| Juniper Dental | 7% |
Top 3 clients = 51%. Lower is safer to a buyer.
Implied valuation
$7,383,000 to $12,305,000
3.0 to 5.0x adjusted EBITDA of $2,461,000
| Method | Basis | Multiple | Value |
|---|---|---|---|
| Income · adjusted EBITDA | $2,461,000 | 3.0 to 5.0x | $7,383,000 to $12,305,000 |
| Cross-check · recurring revenue | $5,151,000 | 0.50 to 0.80x | $2,575,500 to $4,120,800 |
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 4 months of P&L; Sola at 20% concentration argues the low end.
Cash conversion cycle
| Clients pay us (DSO) | 8 days |
| We pay subs (DPO) | 11 days |
| Float held | 3 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 20% · Top 3 51% · Top 5 75%. Buyers discount for concentration above ~25% in any single account.
Revenue by client
| Client | Rev/mo | Share |
|---|---|---|
| Maple Office Park | $84,549 | 19.7% |
| Pinewood Medical | $71,542 | 16.7% |
| Cedar Tech Center | $61,786 | 14.4% |
| Birch Retail Group | $55,282 | 12.9% |
| Willow Athletic Club | $47,152 | 11.0% |
| Aspen Business Center | $42,275 | 9.8% |
| Oakwood Plaza | $35,771 | 8.3% |
| Juniper Dental | $30,893 | 7.2% |
| Total | $429,250 | 100% |
Unit economics — gross margin by client (MAK-served book) QuickBooks P&L · normalized run-rate · 353d old · update
| Client | Rev/mo | MAK labor/mo | Margin/mo | Margin % |
|---|---|---|---|---|
| Maple Office Park | $84,549 | $37,722 | $46,827 | 55% |
| Pinewood Medical | $71,542 | $30,893 | $40,649 | 57% |
| Cedar Tech Center | $61,786 | $32,942 | $28,844 | 47% |
| Birch Retail Group | $55,282 | $27,413 | $27,869 | 50% |
| Willow Athletic Club | $47,152 | $32,551 | $14,601 | 31% |
| Aspen Business Center | $42,275 | $24,747 | $17,528 | 41% |
| Oakwood Plaza | $35,771 | $24,747 | $11,024 | 31% |
| Juniper Dental | $30,893 | $14,926 | $15,967 | 52% |
| MAK book | $429,250 | $225,942 | $203,308 | 47% |
Base recurring revenue minus MAK contract labor (additional services pass through, rebilled to the client). Non-MAK accounts (Arrive, NexGen, D&G, Nest, Lodi) are served outside MAK and shown in concentration only.
Adjusted EBITDA bridge · annualized run-rate QuickBooks P&L · normalized run-rate · 353d old · update
| Revenue | $5,589,000 |
| COGS | ($2,142,000) |
| Gross profit · 61.7% | $3,447,000 |
| SG&A / overhead | ($1,029,000) |
| EBITDA · 43.3% | $2,418,000 |
| + Owner compensation (Matt + Nash) | $43,000 |
| Adjusted EBITDA · 44.0% | $2,461,000 |
Edit add-back schedule and multiples
Annualized from 4 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.