The numbers
As stated by the listing on August 20, 2026.
- Asking price
- $454,999
- SDE
- $303,271
- Gross revenue
- $1,123,226
- Multiple
- 1.50x
- Established
- 2022
- Employees
- 3
Why we like it
A house cannot pass a final inspection without insulation meeting the R-value the adopted energy code requires, and every Texas city that has taken up the International Energy Conservation Code sets that minimum before a certificate of occupancy is issued. That turns insulation into a code checkpoint on nearly every new build and most remodels, so the phone rings off the building permit cycle rather than off word of mouth. This Dallas company installs for both residential and commercial jobs with a crew of three plus the owner, doing the work builders and general contractors need done before drywall goes up. The business has only existed since 2022, so its entire revenue history sits inside one construction cycle, and the standard question for a subcontractor like this is how much of that revenue traces to a handful of builder relationships the seller personally holds versus an account base that would keep calling regardless of who owns the company. Insulation work batches around the framing schedule of whatever developments a crew is tied into, so growth here usually means adding trucks and crews to run more jobs inside the same builder pipeline, or breaking into new pipelines entirely, rather than winning one-off retail jobs. The multiple on offer is unusually low for a business claiming this level of profitability, which is worth running down before assuming it is simply an underpriced deal.
No personal licence needed
Texas does not license general contractors or insulation installers at the state level, so no personal trade credential is legally required to own or run this business. If the crew applies spray polyurethane foam, manufacturers sometimes require installer certification to honor product warranties, but that is a private requirement, not a government license. If any work involves removing older insulation that could contain asbestos, that specific task requires a separate Texas asbestos abatement license, so confirm this business's scope never touches that category.
What worries us
- Thin operating historyThe company was established in 2022, so every figure in the listing describes performance inside a single construction cycle, with no track record through a housing slowdown to test whether revenue holds up.
- Builder relationship concentrationA three-person insulation crew working ahead of drywall typically depends on a small number of general contractor or builder accounts, and those relationships often belong to the owner personally rather than to the company, so the buyer should find out how many customers make up most of the revenue and whether the seller has personally guaranteed those relationships continue.
- Unusually low multipleA 1.50x multiple on stated SDE is well below what a profitable service business with this coverage would normally command, and that gap is either a genuine bargain or a sign of a problem the numbers alone do not show, such as backlog running out or a key account already lost.
The callWorth pursuing only if diligence confirms builder relationships and revenue survive a change of owner, not a fit for a buyer with no construction network.
Our calculations
Our standard SBA 7(a) acquisition structure applied to the asking price. Assumptions below.
Sources
| SBA 7(a) loan | $430,501 |
| Seller standby note | $23,917 |
| Buyer cash at close | $23,917 |
| Total sources | $478,335 |
Uses
| Purchase price | $454,999 |
| Closing costs (est.) | $13,650 |
| SBA guaranty fee | $9,686 |
| Total project | $478,335 |
- Monthly payment
- $5,453
- Annual debt service
- $65,441
- DSCR
- 2.58xSTRONG
- Injection check
- Meets 10% ($47,834 against $47,834 required)
- Closing costs estimated at 3% of asking price
- Owner salary of $120,000, loaded
- Rate of Prime + 2.25% = 9.00%
- 10-year term, fully amortizing
- Injection split half cash, half seller standby note
How we would go about buying it
The order matters. Every step below is free until the last one, and each is a chance to walk away before it costs you anything.
- 1
Call the broker, not the bank
The listing is brokered, so the broker is the gate. Ask for the CIM and the last three years of tax returns, and expect to sign an NDA first. Do this before you talk to a lender: no lender will size a loan without the numbers, and the broker will not release them to a lender you have not engaged.
Open the listing - 2
Ask these before you spend anything
Specific to this business, from our read of the listing. The answers decide whether the numbers above survive contact.
- What share of revenue in the last two years came from new home builders versus remodel or retrofit work versus commercial jobs, and how many customers make up the top 20 percent of revenue?
- Can the seller produce tax returns and bank statements that reconcile to the stated $1,123,226 revenue and $303,271 SDE, and what specifically makes up the addbacks given the company is only a few years old?
- Do any builder or general contractor relationships depend on the seller personally, and will those accounts sign on with the business under new ownership before closing?
- What insulation materials does the crew install, does any of it include spray foam, and if so what certifications or manufacturer training does the current crew hold that would need to transfer or be replaced?
- Why is the asking price only 1.50x SDE, is there a known reason such as a lost contract, pending litigation, or a backlog that is thinner than trailing revenue suggests?
- 3
Take it to lenders who do this size
Talk to more than one. Rate is the least of it: the lender who has done fifty of these in Texas will close, and the one who has done two will waste your quarter. Below are the lenders whose typical deal size actually fits this one.
- 4
Structure the offer around the coverage
Our structure clears the floor at 2.58x, and a lender will run its own version with its own add-backs. If the earnings come back lower than stated, the price has to come down or the seller note has to grow. Model both before you make an offer.
Model it yourself
Who we would call
Active Texas acquisition lenders whose typical deal size fits this one.
- Huntington National Bank
142 loans in TXmedian $422,000median rate 9.25%~32 days to first disbursement
- Live Oak Banking Company
133 loans in TXmedian $825,000median rate 9.00%~20 days to first disbursement
- First Internet Bank of Indiana
45 loans in TXmedian $980,000median rate 9.75%~23 days to first disbursement
Loan counts and medians are that lender’s change-of-ownership loans in Texas, FY2025 to FY2026 Q3. Funding speed is the lender’s national median from approval to first disbursement. Names link to our data profile for each lender.
The fine print
The statements this write-up makes about the trade and its rules, as opposed to the figures, were checked against public sources on August 18, 2026. 2 claims were checked.
Run your own numbers
The deal analyzer models price, seller note, equity injection, and DSCR under current SBA terms, with every assumption adjustable.
Open the deal analyzerListing facts as stated by the listing on August 20, 2026, not independently verified. Structure, payment, DSCR, and injection figures are our own computation under the assumptions above, using the Prime rate as of August 13, 2026. Lender shortlist from the SBA 7(a) FOIA file, FY2025 to FY2026 Q3, as of June 30, 2026. Methodology. See an error? Email us and we will correct it.