Confidential — Acquisition Brief
The Deal Sheet · Feb 2026
Business-Level Analysis — Deal #108
Winter Garden, FL Wildlife Removal Company: $1.48M Revenue Acquisition Brief
Full acquisition analysis: financials, market context, valuation, risk assessment, and 100-day integration plan.
View Original Listing ↗ Conditional A durable Florida niche at 2.63x reported SDE. A $230K gap vs. benchmark SDE, a lease expiring 11/30/2026 and unverified licensing must be resolved before an LOI.
$1,478,855
2024 Revenue
$378,046 reported / Est. $608,022 benchmark
Est. SDE
2.4x-2.8x reported SDE
Est. Fair Multiple
Est. $925,000
Est. Fair Value
01 — Business Overview
At a Glance
Founded 2012, this Winter Garden wildlife removal and exclusion firm has 6 FTEs serving homeowners, PMs and HOAs. Revenue $1.48M, reported SDE $378K (25.6%). Ask $995K plus $7.5K inventory.
5.0
Revenue Quality
Diversified commercial + residential mix with strong recurring base
6.0
Market Position
Las Vegas: extreme heat demand, population boom, construction surge
4.0
Information Quality
Limited public data — full financials behind NDA; requires verification
Key Strengths
- 14-year operating history (est. 2012) with stated referral-driven, loyal customer base
- Reported SDE margin of 25.6% ($378,046 / $1,478,855) is healthy for a field-service business
- Asking price is 2.63x reported SDE ($995,000 / $378,046), in line with small-business norms
- Reported-basis DSCR of 2.61x ($378,046 / $145,001); 1.78x after a $120K GM salary
- Strategic appeal to pest, roofing and restoration buyers, which supports exit optionality
- Short Est. 8-day cash conversion cycle; $90K FF&E included in price
Key Questions
- Reported SDE is $378K vs. Est. $608K at benchmark costs. Which costs run above benchmark? Provide 3 years of tax returns and P&Ls.
- Will the landlord extend the lease expiring 11/30/2026, and at what rent vs. the current $2,972/mo?
- What is the owner's role (sales, estimating, field work)? Will they commit to a 90+ day transition?
- Does the company hold an FDACS Chapter 482 license? Is any rodent work done with rodenticides?
- Are roof, soffit or structural repairs performed? If so, under what contractor license?
- What share of revenue comes from PMs, HOAs and warranties vs. one-time residential calls?
- What exclusion warranties are outstanding? What were callback and warranty costs over the last 3 years?
- Why is the owner selling, and are any key employees related parties?
- Which channels drive leads (Google LSA, SEO, referrals), and who owns those accounts?
02 — Financial Analysis
Reconstructed P&L
Estimated Income Statement
| Line Item | Amount | % Revenue | Benchmark |
|---|---|---|---|
| COGS (Materials) | –$295,771 | 20.0% | Industry avg: 20.0% |
| Direct Labor | –$517,599 | 35.0% | Industry avg: 35.0% |
| Gross Profit | $665,485 | 45.0% | Calculated |
| Vehicle / Fleet | –$44,366 | 3.0% | Industry range: 2-5% |
| Insurance (GL, WC, Auto) | –$36,971 | 2.5% | Industry range: 2-4% |
| Office / Admin / Software | –$29,577 | 2.0% | Industry range: 1-3% |
| Marketing | –$14,789 | 1.0% | Industry range: 0.5-3% |
| Rent / Facilities | –$29,577 | 2.0% | Industry range: 1-4% (actual lease $35,664/yr = 2.4%) |
| Other Overhead | –$22,183 | 1.5% | Industry range: 1-3% |
| Depreciation | –$5,915 | 0.4% | Industry range: 0.3-0.5% |
| Est. Net Operating Profit | $482,107 | 32.6% | Calculated: $665,485 - $183,378 opex |
| EBITDA (Est.) | $488,022 | 33.0% | Benchmark: 15–20% healthy |
| Estimated SDE | ~$608,022 | 41.1% |
SBA Financing Model
Estimated SDE of ~$608,022 can support SBA 7(a) debt service on a $995,000 acquisition. Assuming 10% down ($99,500) and a 10-year term at ~10.5% SBA rates, annual debt service is approximately $145,001. Estimated pre-tax income to owner: ~$463,021+ after debt service.
03 — Working Capital & Seasonality
Cash Flow Reality Check
Est. $118,308
Est. Working Capital Needed
Est. $165,631
Peak Capital Requirement
Medium
Seasonality Risk
Monthly Revenue Seasonality (1.0 = Average Month)
Jan
0.50x
Feb
0.55x
Mar
0.85x
Apr
1.15x
May
1.35x
Jun
1.40x
Jul
1.40x
Aug
1.30x
Sep
1.10x
Oct
0.85x
Nov
0.60x
Dec
0.50x
Cash Conversion Cycle
Days Receivable
28 days
Days Payable
20 days
Net Cash Cycle
8 days
Assessment
Healthy: short cash cycle
Working Capital Recommendations
- Fund Working Capital at Close: Include ~$165K of working capital in the SBA loan or hold equivalent reserves. Jan-Feb run near 50% of the $123K average month.
- Warranty Reserve: Hold a separate $10K-$25K reserve or seller escrow for callbacks on pre-close exclusion warranties.
- Smooth the Off-Season: Sell prepaid annual inspection plans and schedule attic restoration work in Nov-Feb to level labor utilization.
- Line of Credit: Secure a $75K-$100K revolver to cover payroll in slow months without straining SBA debt service.
04 — Revenue Quality
How Sticky Is the Revenue?
Revenue Breakdown by Type
Residential trapping and removal (One-Time) 40%
Exclusion, repair and cleanup (One-Time) 30%
Property manager, HOA and commercial accounts (Repeat) 20%
Warranty renewals and inspection plans (Recurring) 10%
Customer Concentration (Est.)
Top 1 Customer
~6%
Top 5 Customers
~18%
Top 10 Customers
~28%
Concentration Risk: Low — Residential base is diffuse, but PM/HOA clients could exceed benchmarks. Verify that no single management company controls more than 10% of revenue.
Revenue Retention Estimate: Est. 30% repeat/recurring revenue; the remainder depends on lead flow. Est. 85-90% revenue retention in year 1 with a structured owner transition.
Estimated percentage of revenue retained after an ownership transition, based on industry benchmarks and business characteristics.
Churn Risk Factors
Referral and PM relationships tied to the owner personally (High likelihood)
Mitigation: 90-day paid transition, joint client visits and a 5-year non-compete
Lead technician departure taking customers or know-how (Medium likelihood)
Mitigation: Retention bonuses vesting over 12-24 months; document exclusion procedures
Review or ranking loss during the GBP/LSA handover (Medium likelihood)
Mitigation: Transfer account ownership at close and keep business name and phone numbers
Pest firms bundling wildlife services into recurring plans (Medium likelihood)
Mitigation: Sell annual inspection plans; partner with pest firms that lack wildlife capability
03 — Valuation Assessment
What's This Business Worth?
Valuation Triangulation
| Method | Low | Mid | High |
|---|---|---|---|
| Reported SDE Multiple (2.25x / 2.6x / 3.0x x $378,046) | $850,604 | $982,920 | $1,134,138 |
| Adj. EBITDA Multiple (3.0x / 3.5x / 4.0x x $258,046 = $378,046 - $120K GM) | $774,138 | $903,161 | $1,032,184 |
| Revenue Multiple (0.5x / 0.6x / 0.7x x $1,478,855) | $739,428 | $887,313 | $1,035,199 |
Blended Fair Value
Est. $788,000 - $1,067,000 (simple average of 3 methods; midpoint $924,465)
Premium Factors
Florida population growth and development pushing into wildlife habitat
8%
14-year operating history and referral reputation
7%
Strategic appeal to pest, roofing and restoration consolidators
7%
Short Est. 8-day cash conversion cycle
6%
Discount Factors
Lease expires 11/30/2026, roughly one month after publication
9%
Reported SDE $230K below benchmark reconstruction; cost structure unexplained
8%
Predominantly one-time, call-driven revenue with low recurring mix
7%
Owner involvement and reason for sale undisclosed
7%
Licensing scope (FDACS, contractor) unverified
6%
04 — Market Context
Market & Comparable Transactions
Winter Garden: median HHI $106.5K, home values $476K (+11.2% YoY in 2024), 65.7% ownership. Development keeps pushing into habitat, and the pest sector is consolidating via PE roll-ups.
| Comparable | Revenue | Multiple | Location |
|---|---|---|---|
| South Florida pest control, 3,200+ active accounts, diversified residential/commercial/termite mix, management in place | $1.6M SDE | 6.0x SDE | South Florida |
| Residential pest operator with 70%+ recurring contract revenue and multi-route management structure | $1M+ EBITDA | 7.0x-10.0x EBITDA | Tampa Bay / Central Florida |
| Commercial-heavy pest control business with customer concentration risk | Not specified | 5.0x-8.0x EBITDA | Florida regional average |
| Est. owner-operated wildlife removal firm, mostly one-time revenue, sub-$500K SDE (main-street benchmark) | Est. $0.8M-$1.5M revenue | Est. 2.3x-3.0x SDE | Southeast US |
Bull Case
Lease renewed and SDE verified at $378K+. Attic restoration and FDACS licensing add Est. $250K revenue. A $450K SDE platform at 3.5x exits near $1.6M to a strategic.
Bear Case
Revenue falls 15% after transition. Lost gross profit of Est. $99.8K cuts SDE to $278K. After a $120K GM salary, $158K remains vs. $145K debt service: DSCR 1.09x.
06 — Competitive Landscape
Who You're Up Against
12-18 operators in the Winter Garden service area; 40-60+ pest and wildlife providers across Orange County
Est. Local Competitors
Consolidating
Market Structure
Moderate. National brands (Critter Control, Orkin, Terminix) are present, but the wildlife niche remains largely independent.
Franchise Penetration
Key Local Competitors
| Company | Type | Est. Revenue | Threat Level |
|---|---|---|---|
| Critter Control (Orlando) | Franchise | Est. $1M-$3M local territory | Direct wildlife specialist owned by Rollins; brand and marketing scale |
| Orkin (Rollins) | Franchise | Est. $3B+ parent revenue | National brand; active Florida acquirer that can bundle rodent and wildlife services |
| Terminix (Rentokil) | Franchise | Est. $1B+ US revenue | Termite and rodent focus; strong marketing budget; limited dedicated wildlife capability |
| Drake Lawn & Pest Control | Independent | Est. $10M-$20M | 4.7 stars on 1,157+ reviews; strong local share of wallet with homeowners |
| Proforce Pest Control | PE-Backed | Est. $20M+ platform | Regional platform in Orange County; could add wildlife via acquisition |
| Fox Pest Control | Franchise | Est. $3M-$6M local | Expanding in Central Florida with aggressive door-to-door sales |
| Pest Pro | Independent | Est. $2M-$5M | Local since 1988, FDACS-certified, deep Winter Garden ties |
Competitive Advantages
Specialized wildlife exclusion expertise vs. general pest firms
Moderate
14-year local reputation and referral network
Moderate
PM and HOA account relationships
Moderate
Turnkey crew and equipment for 6-person field operations
Weak
Moat Assessment
Narrow moat. Reputation and exclusion know-how matter, but low capital barriers and pest firms adding wildlife lines limit durability. Reviews and PM ties are the key assets.
05 — Risk Assessment
Risk Scores & Due Diligence
8.0
Market Risk
Low — HVAC is essential in Las Vegas
3.0
Operational Risk
High — Labor + owner dependency unknown
5.5
Financial Risk
Medium — Estimated financials only
Due Diligence Priorities
- 1. Quality of Earnings: Reconcile the $378K reported SDE to tax returns and bank deposits for 2023-2025. Identify why costs exceed benchmark by ~$230K. Consider a sell-side QoE.
- 2. Lease Security: Lease ends 11/30/2026. Require a signed 5-year extension or assignable lease as a closing condition, or budget relocation (Est. $15K-$30K).
- 3. Licensing and Regulatory Scope: Confirm FDACS Ch. 482 status, rodenticide use, FWC Rule 68A-9.010 compliance (incl. bat maternity season) and contractor licensing for repairs.
- 4. Owner Dependency: Map the owner's hours across sales, estimating and field work. Lock in a 90-day paid transition and non-compete. Interview the lead technician.
- 5. Revenue Mix and Concentration: Pull CRM data on repeat vs. one-time jobs and PM/HOA share. Test top-10 concentration against benchmarks (top-1 ~6%, top-10 ~28%).
- 6. Warranty Liability: Quantify open exclusion warranties and historical callback cost. Negotiate an escrow or price credit for pre-close warranty obligations.
08 — Transfer Checklist
What Needs to Transfer
Est. $36K-$79K one-time, excluding ~$42K-$73K in annual insurance premiums
Total Estimated Transfer Cost
60-90 days
Estimated Time to Complete
Deal Transfer Checklist
✗
License FDACS Chapter 482 pest control license (if held or required) Critical
Cost: Est. $400-$1,000 Time: 30-60 days Ownership change triggers a new application and requires a Certified Operator in charge
✗
License Winter Garden / Orange County business tax receipts
Cost: Est. $100-$300 Time: 1-2 weeks Re-issue under the new entity
✗
License Contractor license for roof, soffit or structural repairs Critical
Cost: Est. $500-$2,500 Time: 30-90 days Verify scope; unlicensed repair work creates liability
✓
Regulatory FWC Rule 68A-9.010 nuisance wildlife compliance review Critical
Cost: Est. $1,000-$2,500 legal Time: 2 weeks Covers release/euthanasia rules, protected species and the Apr 15-Aug 14 bat maternity ban
✗
Insurance General liability ($1M+ recommended) Critical
Cost: Est. $12K-$20K/yr Time: 2-4 weeks New policy bound at close; FDACS minimums apply if licensed
✗
Insurance Workers' compensation Critical
Cost: Est. $20K-$35K/yr Time: 2-4 weeks Elevated class rates for attic work, ladders and animal exposure
✗
Insurance Commercial auto (fleet) Critical
Cost: Est. $10K-$18K/yr Time: 2 weeks Run MVRs on all drivers
✗
Contract Facility lease (1,521 sq ft, $2,972/mo, expires 11/30/2026) Critical
Cost: Est. $6K-$9K deposit + $1.5K legal Time: 2-6 weeks New 5-year lease or assignment required as a closing condition
✓
Contract PM, HOA and commercial service agreements Critical
Cost: Est. $1K-$3K legal Time: 2-4 weeks Review assignment and termination-for-convenience clauses
✓
Contract Outstanding customer exclusion warranties Critical
Cost: Est. $10K-$25K reserve Time: At close Negotiate escrow or price credit for pre-close obligations
✓
Operational Phone numbers, domain, Google Business Profile, LSA and reviews Critical
Cost: Est. $0-$500 Time: 1-2 weeks Primary lead engine; transfer admin ownership at close
✓
Operational Vehicle and equipment titles ($90K FF&E)
Cost: Est. $500-$1,500 Time: 1-3 weeks Inspect vehicles; confirm no liens
✓
Operational Key technician retention Critical
Cost: Est. $15K-$30K bonuses Time: At close At-will staff; field skill is hard to replace in a tight labor market
✓
Operational CRM, scheduling software and customer data
Cost: Est. $0-$2K Time: 1-2 weeks Confirm data export and license transfer
Potential Deal Breakers
- No lease extension or viable relocation secured before close
- Tax returns fail to support at least $330K SDE
- Owner is the sole estimator or rainmaker and refuses a 90-day transition
- Material unlicensed regulated activity (rodenticides, contractor work) with uninsurable liability
06 — Post-Acquisition Plan
100-Day Integration Playbook
Phase 1
Stabilize (Days 1-30)
Protect revenue, staff and reputation during handover.
- Sign retention agreements with lead technicians
- Transfer phone numbers, Google Business Profile and LSA accounts
- Bind GL, workers' comp and auto coverage at close
- Co-sign customer and PM/HOA introduction letters with the seller
Phase 2
Systematize (Days 31-90)
Install controls and visibility over pricing and warranties.
- Implement or clean up the CRM and warranty tracking
- Audit pricing against Orlando-market rates
- Set up job costing by service line
- Begin a Certified Operator pathway if FDACS licensing is pursued
Phase 3
Grow Core (Months 4-12)
Add higher-ticket and repeat services.
- Launch attic restoration and insulation replacement
- Sell annual inspection and exclusion-renewal plans
- Pitch PM and HOA portfolio inspection contracts
- Add one technician ahead of the May-August peak
Phase 4
Expand (Year 2+)
Build recurring revenue and geographic reach.
- Obtain an FDACS license to add recurring general pest routes
- Expand into Lake, Osceola and Seminole counties
- Evaluate tuck-in acquisitions of sub-$500K wildlife operators
Value Creation Waterfall (3-Year Outlook)
Acquisition Price
$2.2M
+ Organic Revenue Growth (15%/yr)
+$2.1M Rev
+ Margin Expansion (to 20% EBITDA)
+$250K EBITDA
+ Multiple Expansion (3.5x → 5.5x)
+$2.0M uplift
Est. Enterprise Value (Year 3)
$5.5M – $7.0M
07 — Final Recommendation
Our Verdict
Verdict: Conditional — Proceed to LOI
Pursue at or below $875K only after tax returns confirm SDE of at least $350K, a 5-year lease (or relocation plan) is signed, and licensing and owner role are verified. Otherwise, pass.
Recommended Next Steps
- Execute an NDA and request 3 years of tax returns, P&Ls, bank statements and the CRM job export
- Contact the landlord via the broker about extension terms before any LOI
- Request owner time allocation, reason for sale and an employee roster with tenure and pay
- Verify FDACS license status and Winter Garden/Orange County business tax receipts
- Obtain SBA lender pre-qualification on a $700K loan
- Submit an LOI conditioned on QoE, lease, licensing and a 90-day transition
Suggested Offer Structure
$875,000 (2.31x reported SDE): $700K SBA 7(a), $87.5K buyer equity, $87.5K seller note on standby. Inventory at cost. Conditional on a new 5-year lease and 90-day transition.
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Related Resources
Sources
BizBuySell listing #2532231 · Florida Statutes Chapter 482 / FDACS Pest Control licensing · FWC Rule 68A-9.010, Taking Nuisance Wildlife · SBA SOP 50 10 (7(a) program terms) · U.S. Census ACS: Winter Garden, FL · Industry benchmark cost percentages (Deal Sheet model) · Florida pest control M&A comparables (broker-reported)