Established in 1979 and with a team of 20 core people in place, there is no shortage of trained professionals at hand, including office staff, project managers, and foremen. There are also 30-50 union laborers, who are contracted as needed, turning the owner’s responsibilities into oversight only. This excellent team provides work for some of the largest clients in NYC, including the NYC DOT, Department of Parks & Recreation, NY & NJ Port Authorities, and the Board of Education. The proof is in the performance with this NYC business as they have never defaulted on a project in their 43 year history. This NYC-based multi-service commercial paving business has $21M in backlog to be completed by early 2023 and includes assets worth $7M+ which includes $3.6M in working capital. This company is frequently selected for both standard and unique paving projects for multiple government organizations, resulting in repeat clientele. Their services include concrete, excavation, asphalt, and paving work.
The current owners are ready to retire but have a vested interested in the continuing success of this business. Any potential owner can feel confident knowing they will receive ample training on the ins-and-outs of this successful NYC paving business. While owner one is passive, he will continue his favorite part of the job- checking in on work sites in his truck for about an hour a day- for 3+ months after selling. Owner two currently works about 30 hours a week, and will provide training on administrative duties, such as approving financials and payroll, to get the new owner up to speed over the course of 2 to 3 years. Both owners started out on the project team and have worked their way up to ownership in the company, so they will be able to provide any and all pertinent knowledge of company operations. Again, their work speaks for itself, recently winning an award for their restorative work at one of NYC’s greatest parks! Their pride and eye for detail has led to a stellar reputation & allowed them to soar above competition over the years.
At a purchase price of $5,700,000, a buyer would expect to see a return of $447,248 in the first year after debt payments. With natural growth opportunities available and a highly-trained core staff, there is no limit to what this business could do!