Trade Benchmarks · Registry v1
Every multiple, risk read, and recurring-revenue call MSO publishes for HVAC, electrical, plumbing, pest control, remodeling, roofing, landscaping, garage door, and restoration renders from one record, command/registry/MSO_Trade_Benchmarks_v1.md. A figure with a source is stated as fact. A figure without one is marked VERIFY, in the open, never guessed.
Registry version v1, status dated 2026-06-27. The most recent approved-source data pull ran 2026-07-18, resolving the per-trade median for 5 of 9 trades directly from BizBuySell's own published category pages.
A new BizBuySell Insight Report release (quarterly) or an SBA FOIA corpus update bumps the registry to the next version; every resolved VERIFY flag moves to a citable value and this page inherits the update in the same change. This page is a display and credibility mirror of that corpus only: nothing here is read by the valuation engine, and no figure on this page ever moves a Keystone score or multiple.
These three reads are fixed inputs the Keystone valuation engine computes against, sourced to the spec, not to a registry pull. A registry version bump updates the trade-granular cells below; it never touches this block.
| SDE band | SDE multiple range |
|---|---|
| Under $100K SDE | 1.3x – 2.3x |
| $100K – $250K SDE | 1.9x – 2.5x |
| $250K – $500K SDE | 2.4x – 3.2x |
| $500K – $1M SDE | 2.9x – 3.9x |
| $1M+ SDE | 3.5x – 4.5x |
Source: MSO_Keystone_Spec_v3_1.md, Step 1 Base Multiple table, calibrated against 10 years of BizBuySell closed transactions (2016–2026). All-industry median runs about 2.0x to 2.5x SDE (about 2.2x for a $100K to $250K business).
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: MSO_Keystone_Spec_v3_1.md, Step 1b (Industry Risk Tier), read against the SBA 7(a) FOIA dataset: 1,610,065 loan-level records (FY2000–present), a seasoned resolved cohort of about 756,000 (FY2003–2016), corroborated by the approximately 227,000-record SBA 504 corpus.
An owner-dependent service business trades near 1.65x SDE. An owner-light one trades near 3.5x SDE. That is a $555,000 gap on a $300,000-SDE business, from the one lever the owner controls.
Source: Site-wide canon, MSO_Keystone_Spec_v3_1.md.
86% of owners have no professional valuation of their business, or only a rough estimate.
Source: BizBuySell 2024 owner survey.
Jump to a trade for its full record. Each row states what is resolved and what stays an open VERIFY flag, at a glance.
| Trade | Registry § | NAICS | Median SDE multiple | Recurring revenue |
|---|---|---|---|---|
| HVAC | §2.1 | 238220 | 2.82x | Decent, and a genuine value-mover. |
| Electrical | §2.2 | 238210 | 2.99x | Lifted where the mix runs commercial. |
| Plumbing | §2.3 | 238220 | 3.02x | Set by the service-versus-new-construction mix. |
| Pest Control | §2.4 | 561710 | 2.42x | High, the highest of the nine trades. |
| Remodeling | §2.5 | 236118 | VERIFY | Low and lumpy: project-based, with no contract book. |
| Roofing | §2.6 | 238160 | VERIFY | Low and project-based. |
| Landscaping | §2.7 | 561730 | 2.54x | Split, and a genuine value-mover on the maintenance side. |
| Garage Door | §2.8 | 238350 (residential); 238290 (commercial) | VERIFY | Low: a project and service-call mix. |
| Restoration | §2.9 | 562910 (remediation); 236118 (building restoration) | VERIFY | Semi-recurring, through carrier and program relationships and referral networks that are program-held, not customer contracts. |
Registry §2.1 · NAICS 238220
Service-bucket SDE multiple by band (see the canon table above). A typical $500K to $2M owner-operator HVAC business lands in the low single digits on SDE, not the 7x to 12x EBITDA multiple quoted for private-equity roll-ups.
Median 2.82x SDE (range 1.72x–3.73x) BizBuySell, verified by direct retrieval 2026-07-18, BizBuySell HVAC valuation-benchmark page
VERIFY HVAC within-Service premium or discount rationale, and the per-NAICS 238220 SBA charge-off level.
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon: Keystone Step 1b.
VERIFY HVAC SBA 7(a) charge-off level, pulled by NAICS 238220 from the SBA FOIA dataset.
The maintenance-agreement book and the replacement-job pricing the owner carries in his head. The owner’s judgment on big-ticket replacement quotes, and his personal hold on the recurring maintenance relationships, are the most expensive form of owner-dependence in the trade.
Source: MSO_Cluster_I_Industry_Playbooks_Plan_v1.md §4.
Decent, and a genuine value-mover. Maintenance and service agreements are a real recurring book that lifts the multiple when they transfer with the business.
Source: Direction: canon-consistent.
VERIFY HVAC recurring or maintenance-agreement revenue share, by BizBuySell category.
Registry §2.2 · NAICS 238210
Service-bucket SDE multiple by band. An owner-operator electrical contracting business lands in the low single digits on SDE, not the EBITDA multiple quoted for platform roll-ups.
Median 2.99x SDE (range 2.33x–3.73x) BizBuySell, verified by direct retrieval 2026-07-18, BizBuySell Electrical & Mechanical Contractor valuation-benchmark page
VERIFY Electrical within-Service premium or discount rationale, and the per-NAICS 238210 SBA charge-off level.
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon Step 1b.
VERIFY Electrical SBA 7(a) charge-off level, by NAICS 238210.
Master-license dependence. The business may legally hinge on the owner’s license, so the first thing a buyer or successor has to solve is whether the qualifying license transfers.
Source: MSO_Cluster_I_Industry_Playbooks_Plan_v1.md §4.
Lifted where the mix runs commercial. Commercial service contracts raise the recurring share; purely project or new-construction work does not.
Source: Direction: canon-consistent.
VERIFY Electrical commercial-service-contract revenue share, by BizBuySell category.
Registry §2.3 · NAICS 238220
Service-bucket SDE multiple by band. An owner-operator plumbing business lands in the low single digits on SDE, not the platform EBITDA multiple.
Median 3.02x SDE (range 2.00x–3.94x) BizBuySell, verified by direct retrieval 2026-07-18, BizBuySell Plumbing valuation-benchmark page
VERIFY Plumbing within-Service premium or discount rationale, and the per-NAICS 238220 SBA charge-off level.
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon Step 1b.
VERIFY Plumbing SBA 7(a) charge-off level, by NAICS 238220.
Emergency-dispatch dependence. The owner is the after-hours decision-maker, and the business runs on his judgment about which calls to take, who to send, and what to charge under pressure.
Source: MSO_Cluster_I_Industry_Playbooks_Plan_v1.md §4.
Set by the service-versus-new-construction mix. Service-heavy plumbing carries more repeatable demand than new-construction-heavy plumbing.
Source: Direction: canon-consistent.
VERIFY Plumbing service-versus-new-construction revenue share, by BizBuySell category.
Registry §2.4 · NAICS 561710
Service-bucket SDE multiple by band. An owner-operator pest control business lands in the low single digits on SDE, against the 10x to 15x EBITDA multiple quoted for platform roll-ups.
Median 2.42x SDE (range 1.32x–3.29x) BizBuySell, verified by direct retrieval 2026-07-18, BizBuySell Pest Control valuation-benchmark page
VERIFY Pest Control within-Service premium rationale, and the per-NAICS 561710 SBA charge-off level.
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon Step 1b.
VERIFY Pest Control SBA 7(a) charge-off level, by NAICS 561710.
Route density and recurring-contract retention. The value engine is the recurring book and route efficiency, not the owner, so the dependence risk is whoever holds the customer relationships and route knowledge. It is the strongest recurring-revenue story of the nine trades.
Source: MSO_Cluster_I_Industry_Playbooks_Plan_v1.md §4.
High, the highest of the nine trades. Recurring-contract share and route density are the primary multiple drivers.
Source: Direction: canon-consistent (strongest recurring story).
VERIFY Pest Control recurring-contract revenue share, by BizBuySell category.
Registry §2.5 · NAICS 236118
Service-bucket SDE multiple by band. An owner-operator remodeling business lands in the low single digits on SDE, and the multiple story is about de-risking lumpy, owner-run project flow, not selling a contract book.
VERIFY Remodeling within-Service SDE level, by BizBuySell category (no dedicated BizBuySell benchmark page exists for this trade).
Service and construction sit at the low-to-moderate risk end. Lumpier cash flow raises a buyer’s margin-of-safety ask.
Source: Canon Step 1b (Service).
VERIFY Remodeling and residential-construction SBA 7(a) charge-off level, by NAICS 236118.
Owner as estimator, project manager, and client-relationship holder. The owner is the estimating engine and the client trust, and there is no recurring book, so transferable value means documenting how he estimates and manages projects and moving the client relationships off him.
Source: MSO_Cluster_I_Industry_Playbooks_Plan_v1.md §4.
Low and lumpy: project-based, with no contract book. The value work is documenting the estimating and project-management system and transferring client trust, not a recurring-revenue narrative.
Source: Direction: canon-consistent (the deliberate low-recurring exception).
VERIFY Remodeling repeat or referral revenue share, by BizBuySell category.
Registry §2.6 · NAICS 238160
Service-bucket SDE multiple by band. An owner-operator roofing business lands in the low single digits on SDE, not the higher EBITDA multiple quoted for private-equity roll-ups.
VERIFY Roofing within-Service SDE premium or discount, by BizBuySell Insight Reports category (no dedicated BizBuySell benchmark page exists for this trade).
Service and construction sit at the low-to-moderate risk end. Storm-cyclical, insurance-driven revenue raises a buyer’s margin-of-safety read.
Source: Canon: Keystone Step 1b.
VERIFY Roofing SBA 7(a) charge-off level, by NAICS 238160.
Owner as estimator and the insurance-adjuster close. The owner inspects, prices the job through the carrier negotiation, and juggles crews against the weather. The estimating judgment and the carrier relationships are the most expensive owner-dependence in the trade.
Source: Qualitative, real (NAICS confirmed: 238160 Roofing Contractors).
Low and project-based. Demand is storm-and-insurance-driven, with some repeatable repair, maintenance, and commercial re-roof-cycle work, but not a contract book.
Source: Direction: canon-consistent.
VERIFY Roofing repair or maintenance recurring share, by BizBuySell category.
Registry §2.7 · NAICS 561730
Service-bucket SDE multiple by band. An owner-operator landscaping business lands in the low single digits on SDE, not the platform EBITDA multiple.
Median 2.54x SDE (range 1.44x–3.44x) BizBuySell, verified by direct retrieval 2026-07-18, BizBuySell Landscaping & Yard Service valuation-benchmark page
VERIFY Landscaping within-Service premium or discount rationale, and the per-NAICS 561730 SBA charge-off level.
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon Step 1b.
VERIFY Landscaping SBA 7(a) charge-off level, by NAICS 561730.
Owner-held client book and crew routing. The owner prices the bids and leads the crews, so margin and quality slip the day he is off-site. The maintenance-contract relationships and route and crew knowledge are the dependence.
Source: Qualitative, real (NAICS confirmed: 561730 Landscaping Services).
Split, and a genuine value-mover on the maintenance side. Recurring maintenance and mowing contracts are a real book, a route-density story like pest control, while design-build and install work stays lumpy. The recurring maintenance base is the primary driver.
Source: Direction: canon-consistent.
VERIFY Landscaping maintenance-contract versus design-build revenue share, by BizBuySell category.
Registry §2.8 · NAICS 238350 (residential); 238290 (commercial)
Service-bucket SDE multiple by band. An owner-operator garage-door business lands in the low single digits on SDE, not the platform EBITDA multiple.
VERIFY Garage Door within-Service SDE premium or discount, by BizBuySell category (no dedicated BizBuySell benchmark page exists for this trade).
Service anchors the low-risk end of the SBA Industry Risk Tier ordering. Its through-cycle charge-off reference runs about 14.1% on 7(a) loans and 11% on 504 loans, against an all-industry 7(a) average of about 15.2%.
Source: Canon Step 1b.
VERIFY Garage Door SBA 7(a) charge-off level, by NAICS 238350 (residential installation) or 238290 (commercial).
Owner-held estimates, builder and GC accounts, and dispatch. The owner writes the estimates, holds the builder and general-contractor accounts the repeat work rides on, and runs dispatch and the trickier installs. Those relationships and the pricing judgment are the dependence.
Source: Qualitative, real (NAICS: residential 238350 Finish Carpentry Contractors; commercial 238290 Other Building Equipment Contractors).
Low: a project and service-call mix. Repeat work rides on builder and GC accounts that are relationship-held, not contracted, plus break-fix service demand, not a contract book.
Source: Direction: canon-consistent.
VERIFY Garage Door service or repeat revenue share, by BizBuySell category.
Registry §2.9 · NAICS 562910 (remediation); 236118 (building restoration)
Service-bucket SDE multiple by band. An owner-operator restoration business lands in the low single digits on SDE, not the platform EBITDA multiple.
VERIFY Restoration within-Service SDE premium, by BizBuySell category (no dedicated BizBuySell benchmark page exists for this trade).
Service and remediation-construction sit at the low-to-moderate risk end. Insurance-program-driven cash flow and carrier concentration raise a buyer’s margin-of-safety ask.
Source: Canon Step 1b.
VERIFY Restoration SBA 7(a) charge-off level, by NAICS 562910 (remediation) or 236118 (building restoration).
Owner-held carrier, TPA, and adjuster relationships, plus the estimate. The work flows from carrier and referral relationships the owner personally holds, and the owner writes the estimates. Both have to transfer for the business to sell.
Source: Qualitative, real. The Restoration Industry Association is petitioning for a dedicated emergency-restoration NAICS code; the split classification above applies until then.
Semi-recurring, through carrier and program relationships and referral networks that are program-held, not customer contracts. Direct-to-consumer work stays event-driven and lumpy.
Source: Direction: canon-consistent.
VERIFY Restoration carrier-program or referral revenue share, by BizBuySell category.
Every resolved multiple traces to one of three approved sources: BizBuySell's Insight Reports and per-category valuation-benchmark pages, the SBA 7(a) FOIA loan dataset, and the BizBuySell 2024 owner survey. 5 of 9 trades have a dedicated BizBuySell benchmark page and carry a resolved median; the remaining 4 carry the canon Service-bucket range with the trade-specific median flagged VERIFY, not guessed.
VERIFY marks a figure MSO has not yet pulled from an approved source. It is never filled with a broker-site multiple or an estimate: the cell states the gap and names exactly what pull would close it, so a reader always knows what is fact and what is open.
On a version bump to the underlying registry: a new BizBuySell Insight Report release or an SBA FOIA corpus update. The current registry is v1 (2026-06-27), with data most recently pulled 2026-07-18. Cite the trade anchor (for example /benchmarks#hvac) and the registry version together.
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