Nine trades. One versioned source for every figure.

1. SDE multiple (Main Street, not EBITDA)

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.

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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.

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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.

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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.

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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).

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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).

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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).

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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.

2. SBA-default risk tier

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.

3. The #1 owner-independence driver

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).

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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).

2. SBA-default risk tier

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).

3. The #1 owner-independence driver

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).

4. Recurring-revenue benchmark

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.

1. SDE multiple (Main Street, not EBITDA)

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).

2. SBA-default risk tier

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).

3. The #1 owner-independence driver

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.

4. Recurring-revenue benchmark

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.