Scored electrical listings.

01 · Upper band

Commercial electrical contractor, service contract book, two master licenses

Observed: Commercial maintenance contract revenue at 44% of trailing revenue with documented renewal rates above 88%. Two W-2 master electricians on staff independent of owner. EV infrastructure pipeline normalized out of SDE — not used to support asking price.

Outcome: Signed at 4.1× SDE. Lender-adjusted DSCR 1.27× after owner-labor normalization. Closed without repricing.

02 · Mid-band

Residential service contractor, owner holds master license, one journeyman

Observed: Owner performs 28 billable hours per week. Single master electrician license held by owner. Backlog schedule provided but includes unsigned letters of intent. Service calls and project revenue co-mingled at 55%/45% split.

Outcome: Initial ask 3.9× stated SDE. After replacement-labor normalization, buyer repriced to 3.1× adjusted SDE. Lender required written license-continuity plan before credit approval. Closed at 3.1× with 90-day post-close license transition structure.

03 · Lower band

Project-focused electrical contractor, single owner-held license, large project distorting SDE

Observed: One $620,000 commercial buildout project in trailing 12 months inflated revenue 58% above prior-year run-rate. Owner holds the only master license. No recurring service agreement revenue. Percentage-completion reconciliation showed 22% gap.

Outcome: Buyer submitted LOI at 3.2× trailing SDE. After project normalization and owner-labor add-back, adjusted SDE dropped 61%. Deal terminated — repriced multiple on adjusted SDE exceeded 8×, outside any fundable structure.