High-Growth Utah General Contractor

Business Overview:

A high-growth, asset-light Utah general contracting business with deep relationships across the state's premier homebuilder community. Founded in 2022 and operated full-time since 2025, the Company has scaled revenue approximately 3.9× over three years — reaching $2.77M in FY2025 and $2.87M on a trailing-twelve-month basis (through May 2026) — while generating exceptional margins for the construction sector. The business operates a capital-light, subcontractor-driven model: the owner manages direct client relationships, project estimating, scheduling, and quality oversight while deploying a vetted network of 50–75 subcontractors for execution. Fixed assets are minimal and the balance sheet is clean — approximately $529K in cash, $164K in receivables, zero accounts payable, and a single vehicle note (~$55K) as the only long-term liability. Revenue concentrates in Salt Lake County (~60%) and the Wasatch Back — Heber, Midway, and Park City (~30%) — with selective overflow into Utah and Davis counties. Services span homebuilder support, general contracting, HOA exterior projects, and insurance restoration. The founder brings approximately 20 years of Utah construction experience, including senior leadership at one of the state's largest homebuilders. The seller is seeking a majority-interest buyer and openly recognizes that continued growth — supported by a strong secured pipeline entering the second half of 2026 — will require additional management talent. This is a unique opportunity for an operator or platform acquirer to step in alongside a motivated founder, leverage an already-built project base, and immediately apply the operational infrastructure the business has outgrown. • Owner-constrained upside — revenue reached $2.77M in 2025 with a single operator wearing every hat. Growth has been capped by one person's bandwidth, not by market demand, leaving clear headroom for a buyer who adds management and sales capacity. • Exceptional cash conversion — FY2025 net income of ~$846K and SDE of ~$1.17M (~42% SDE margin) from an asset-light, subcontractor-driven model with minimal capital requirements. • Margin expansion at scale — gross margin expanded from 25.9% in 2024 to 45.1% in 2025 as the business moved up-market into homebuilder and large-project work. • Recurring builder relationships — established, repeat-engagement accounts with premier Utah production homebuilders provide a reliable base of project flow. • Rotating anchor accounts — customer concentration is real but the anchors rotate year-to-year; top-customer share eased from 53.8% (FY2025) to 46.2% (LTM) as the roster broadened. • Clean balance sheet — ~$529K cash, $164K A/R, zero A/P, and only ~$55K in long-term debt (vehicle note); transactions are structured on a cash-free, debt-free basis. • Strong Utah market tailwinds — Utah is the #3 fastest-growing state in the U.S. (2020–2024), with a $10B+ construction GDP and a structural deficit of housing supply along the Wasatch Front.

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