VERIFIED
Financial Roll-Through · current model
The financials, end to end
Every input and every output, in the order the money actually moves: the dials we set, the lean startup, the year-by-year build, the exit, and what David and Steve each walk away with. Figures are live from the roll-up model.
1
The dials we set
the inputs
Acquisition leverage
~55% debt/notes
Shops acquired
9 3/trade × 3
Buy multiple
~4× ~$300k EBITDA
Fleet at scale
57 36 acq + 21 built
Blended margin
12% at scale
Profit split
55 / 45 David/Steve
2
The lean startup — prove it + land the first firm
Stage 1
Prove the system
$461k
Build The Verified System, Adrian's truck, lean office, Sarah + crew, estimator, entity/insurance. Under half a million.
First firm (equity)
$660k
A ~$1.1M electrical shop, ~$550k carried by a seller note → ~$660k equity after diligence + integration.
David equity · Stage 1
$1.121M
+ $550k seller note. Proves the model and puts the first firm on the system before the big waves.
3
The build — buy, integrate, buy the next
capital called as deals close
| Year | Shops | Fleet | Revenue ($M) | EBITDA ramp | Margin | EBITDA ($M) | Equity called | Cumulative |
|---|
| Year 1 | 1 | 6 | $2.5 | | 3% | $0.08 | $1.09 | $1.09 |
| Year 2 | 2 | 17 | $7.4 | | 5% | $0.37 | $2.08 | $3.17 |
| Year 3 | 2 | 29 | $13.4 | | 7% | $0.94 | $2.28 | $5.45 |
| Year 4 | 2 | 41 | $21.4 | | 9% | $1.92 | $2.28 | $7.73 |
| Year 5 | 1 | 49 | $30.4 | | 11% | $3.34 | $1.38 | $9.11 |
| Year 6 | 1 | 57 | $37.4 | | 12% | $4.49 | $0.89 | $10.0 |
| At scale | 9 | 57 | $37.4 | | 12% | $4.49 | — | $10.0M |
Capital is called year by year as deals close — not a lump. Each wave is gated on the prior integrations proving out. Later-year buildout increasingly self-funds from platform cash flow, so David's cumulative call holds at exactly $10.0M. Founder + corporate salaries sit inside the margin (shown separately on the model), so they don't add to the equity called.
4
The exit — where the multiple does the work
Year 6
Adj. EBITDA
$5.49M
$4.49M + ~$1M normalized owner-comp add-back.
×
Enterprise value
$46.6M
At the 8.5× platform multiple (bought in at ~4×).
−
Less net debt
$7.0M
Acquisition debt not yet amortized at exit.
=
Equity proceeds
$39.6M
Split through the waterfall below.
5
What each side walks away with
pref, then 55 / 45
David — the capital partner
$28.1M
on $10.0M in — every dollar of pref and profit accounted for
Return of capital$10.0M
Accrued 10% preferred$4.1M
55% of profit pool$14.0M
Steve — operator carry
$11.5M
45% of the profit pool — the amplified version of a revenue bonus, riding the 8.5× exit
Salary through the hold$200k → $350k
Carry at exit$11.5M
Where the real money isthe carry
The downside floor — if we prove it but don't acquire
Strip out every acquisition and let Verified grow organically to five divisions. Smaller, slower, but still real — and it's the floor the whole plan stands on. The roll-up is the upside earned by putting the capital to work.
Illustrative model, not a guarantee or an offer. Outputs are live from Verified-RollUp-Model.xlsx and move with the inputs above. Exit assumes a whole-platform sale at ~8.5× adjusted EBITDA; actual results depend on execution, integration, and market conditions. Not investment, legal, or tax advice.