Project Maple

A confidentiality attestation for this project was completed on 2026-09-15.

Maple Crest Heating & Cooling operates in the heating and cooling, or HVAC, service type. The business model is transactional, serving a mixed customer base. The owner has been with the business for over 10 years and is seeking a planned transition over three to five years. The primary goal is growth, with a sale open on the right terms. The deal kind sought focuses on HVAC service and tune-ups. The business employs between 11 and 25 individuals. For the latest period, the business generated $7,400,000 in revenue. The valuation for the business is based on a final multiple of 3.52x.

The business model is transactional, catering to a mixed customer type. This approach allows for flexibility in service delivery and customer engagement.

For valuation purposes, the business can be compared to multi-location heating and cooling (HVAC) companies with a mixed customer base in Ontario, operating in the mid-market segment.

The business generates a total monthly revenue of $152,303 from its priced services. A significant portion of this revenue, between 25% and 50%, comes from contractual or subscription arrangements.

The recurring revenue is primarily derived from auto-renewing contracts, providing a stable and predictable income stream. This is further supported by a strong repeat customer rate of 60.0%.

The company employs a total of 26 full-time equivalent staff members. This team supports the operational needs and service delivery of the business.

The business demonstrates strong efficiency in its labor utilization, generating $418 in revenue per labor hour. On average, there are 6.4 staff members on the floor at any given time, ensuring adequate coverage for customer needs.

The business benefits from a strong repeat customer rate, with 60.0% of its clientele returning for additional services. This high retention rate underscores customer satisfaction and loyalty.

Service delivery is standard with options, allowing for some customization while maintaining operational efficiency. This approach balances customer needs with scalable service offerings.

The company demonstrates significant pricing power, as it is expected that under 10% of customers would leave in response to a 10% price increase. This is further supported by a Competitive Moat pillar score of 75, indicating a strong market position and reduced competitive pressure.

The business currently allocates $14,000 to monthly marketing spend, which contributes to acquiring 60 new customers each month. This results in a customer acquisition cost of $233, with a payback period of 8.23 months.

The company also leverages a structured referral program and has identified 1 referral partner. For example, Mineola Plumbing is a referral partner, as plumbers often identify failing HVAC systems, and the business can reciprocate by referring plumbing issues encountered during HVAC installations. Another strategy involves deploying win-back email sequences for past customers to generate immediate service bookings.

SOP documentation level: Core processes documented.

SOP documentation level

Core processes documented

SOP storage location

A shared drive, loosely organized

Role definitions

Partially

SOPs documented

No

SOPs stored centrally

No

Roles written

No

Owner-only tasks

Minor hit

Key person risk flagged

No

Cost to replace the owner with a manager (annual)

$95,000

Largest supplier share of spend

Under 25%

Backup supplier qualified

Yes

Conveying assets documented

No

The business operates in the hvac industry.

Industry

hvac

Benchmark source

src/core/industry-data/catalog.ts#hvac@v1

The most recent period on file (FY2025) reports revenue of $7,400,000.

Drawn from 3 years on file, growing 7.1% a year, starting from FY2025. Growth is slowed each year as the business gets bigger, and the profit margin and the multiple are held where they are today. The pace is also held near what this industry itself is growing at.

Projected from

FY2025

EBITDA margin held across the projection

21.8%

FY2026 EBITDA

$1,729,864

FY2026 worth, plus or minus 12%

$6,771,359

FY2028 EBITDA

$1,981,710

FY2028 worth, plus or minus 20%

$7,757,182

FY2030 EBITDA

$2,269,349

FY2030 worth, plus or minus 28%

$8,883,117

Owner market rate reference

$95,000

Personal expense add-backs

$18,000

How owner pay was treated

Only the amount of owner compensation above a market wage was added back.

Add-back disclosure (Q31)

140000

Add-back disclosure (Q32)

18000

When customers pay

At delivery

Owner confirmation of the figures

Owner attested the figures; bank statements not available

Factors affecting earnings credibility

record_keeping; reconciliation_not_checked; comp_confidence_low

Bookkeeping practice (Q13)

Accountant-reviewed

The business's estimated worth centers around $6,324,420, based on its most recent completed valuation.

Final valuation multiple

3.52x

Normalized earnings

$1,678,685

Market approach value

$5,908,971

Income approach value

$9,274,503

Asset floor value

$1,200,000

Currency

CAD

Valuation as of

2026-10-10

The business carries an institutional credit grade of AAA (prime).

Institutional credit grade

AAA

Grade status

PRIME

Financial grade

A

SBA financing tier

EXCEPTIONAL

Institutional note

Exceptional. Banks will compete for this ~ expect their best rates and terms.

Financial period used

FY2025

Annual debt service used

$133,200

Down payment assumed

20.0%

Overall risk resilience score

73.65 out of 100

Market research also shows 3 gaps competitors are leaving unserved. 1 referral partner has been shortlisted.

The seller's primary goal for this sale: growth first, with a sale open on the right terms.

What conveys in a sale

Equipment / tangible assets, Client list, Contracts, Brand, Team

Planned exit timing

a planned transition over three to five years

Primary goal for the sale

growth first, with a sale open on the right terms

Benchmark industry

hvac

Benchmark region

default

Benchmark source

src/core/industry-data/catalog.ts#hvac@v1

Unit economics period

FY2025

Credit tier

Tier 2

Financial grade

A

Lender grade

A

Cash flow grade

B

Labour grade

A

Prepared by

Michael Mallette, Principal

Firm

Lift & Exit Advisory

Phone

(555) 014 2200

Email

advisor@liftandexit.com

Website

https://liftandexit.com

How the process works

1. 1Indication of interest. You tell Lift & Exit Advisory in writing what you would pay, how you would fund it and the timetable you want. Nothing is binding at this stage.
2. 2Letter of intent. The buyer and the owner sign a letter that sets the price, the structure of the deal and a period of exclusivity.
3. 3Data room and full due diligence. You get access to the full records and the time to verify everything in this memorandum before closing.

Lift & Exit Advisory manages the process throughout and sets the timetable for each stage.

Important notice

The information in this memorandum was believed to be accurate on the date it was prepared. It came from the owner of the business and from public sources, and it has not been independently audited.

Businesses and their markets change every day, so the figures here will move. No representation or warranty, express or implied, is given as to the accuracy or completeness of anything in this memorandum, and neither Lift & Exit Advisory nor the owner accepts liability for a decision taken in reliance on it.

A buyer must carry out its own due diligence and take its own legal, tax and accounting advice. Only the statements written into a signed purchase agreement will bind the owner.

This memorandum is a summary. It is not an offer to sell and it is not a solicitation of an offer to buy. The confidentiality terms and the non-disclosure agreement you accepted before opening it continue to apply to every copy of it and to every note taken from it.