// The rollout · phased & gated

Verified — The Timeline

An acquisition-led rollout, one trade at a time. Year 1 establishes and proves Electric — The Verified System is built in the opening weeks while Steve is under contract (near-zero burn), the panel-upgrade hook gets the first truck rolling, and the ~$1.121M Stage-1 startup lands the first electrical firm. Year 2 acquires more electrical firms and starts Plumbing; Year 3 deepens Electric, acquires Plumbing, and starts HVAC; Year 4 adds Civil, the last trade. Deep in one trade, then the next — ~9 firms consolidated into ~57 trucks (~19 per trade). Every wave is gated: capital only moves as deals close and prior integrations prove out. This is the cadence, not a fixed calendar.

Fleet & platform revenue by year — trucks added through acquisition
Year 1
Establish + prove
6
trucks · ~$2.5M rev
Year 2
Acquire electric · start plumbing
17
trucks · ~$7.4M rev
Year 3
Deepen electric · acquire plumbing · start HVAC
29
trucks · ~$13.4M rev
Year 4
Acquire HVAC · add Civil
41
trucks · ~$21.4M rev
Year 5
Deepen all trades
49
trucks · ~$30.4M rev
Year 6
Exit-ready
57
trucks · ~$37.4M rev
The gated acquisition wave. Growth comes from acquisitions, released in waves — the next wave of capital only moves when three things line up: the sellable system is proven and running, prior integrations have proven out, and target deals are underwritten and closing. The firm goes deep in one trade before starting the next: establish and prove Electric, then acquire electrical firms while starting Plumbing, then deepen and acquire Plumbing while starting HVAC, then Civil last. Capital never runs ahead of proof.
The phases
Year 1 · Establish & prove

Build The Verified System, prove Electric, land the first firm

The Verified System — AI back office, JobTread, a standardized iPad / phone / network field kit, playbooks, business management, and the Verified estimation process — is built in the opening weeks while Steve is under contract, at near-zero burn, with an estimator on early (estimating is the trades' profit lever). Verified Electric runs the panel-upgrade hook (first crew, first wrapped used cargo van) sold with an outside customer-financing partner, and Construction (Icarus, reactivated) stands up as the licensed KB-1 GC carrying the firm's umbrella insurance policy. The prove phase is less than half a million (~$461k); the full ~$1.121M Stage-1 startup also lands the first electrical firm before any scale capital moves.

Capital · Stage-1 startup ~$1.121M · prove ~$461k + first firm
Year 2 · Acquire & widen

Acquire more electrical firms · start Plumbing

With the system proven and the first firm in, Verified acquires more electrical shops — moving each owner onto The Verified System, meshing their estimating into the standardized process, and buying them out (come onto our system, we buy you out). The fleet steps from 6 to ~17 trucks. In parallel, Plumbing stands up on its low-price sewer-scope + hydrojetting hook to get a truck rolling and the licensed entity in place — the bridge until the first plumbing firm is acquired.

Wave gate: system proven & running · prior integration on track · electrical targets underwritten & closing. Capital · gated wave ~$2.0M equity (+ acq. debt / seller notes)
Year 3 · Deepen & widen

Deepen Electric · acquire Plumbing · start HVAC

Electric keeps consolidating toward its ~19-truck target while Verified acquires plumbing shops onto the system and buys them out. HVAC stands up on the clean-and-service tune-up hook — the highest-ticket in-home service in Phoenix — getting a truck rolling under its license until the first HVAC firm is acquired. Fleet reaches ~29 trucks.

Wave gate: Electric integrations proving out · capital wave available · plumbing targets closing · HVAC QP secured. Capital · gated wave ~$2.2M equity (+ acq. debt / seller notes)
Year 4 · Acquire HVAC · complete the firm

Acquire HVAC · add Civil last

Verified acquires HVAC shops onto the system while Electric and Plumbing deepen. Verified Civil — the final trade — activates under Steve's A engineering license on dig-and-replace jobs that Plumbing's sewer scope turns up plus site work off GC bids, then grows by acquiring civil contractors. All five divisions live; fleet reaches ~41 trucks.

Wave gate: prior integrations proving out · capital wave available · HVAC & civil targets closing. Capital · gated wave ~$2.0M equity (+ acq. debt / seller notes)
Year 5 · Scale to depth

Deepen every trade toward ~19 trucks each

With all five divisions running on one system, the focus is same-trade consolidation — buying owner-operators at ~4×, moving them onto The Verified System, and re-rating them at the platform multiple. Fleet reaches ~49 trucks on ~$30.4M revenue.

Wave gate: integrations proving out · capital wave available · targets closing. Capital · gated wave ~$1.7M equity
Year 6 · Exit-ready

~57 trucks · ~$37M platform

The platform reaches ~9 acquired firms consolidated into ~57 trucks (~19 per trade), ~$37M revenue and ~$4.5M EBITDA — a scaled, systematized, self-performing building firm with recurring service revenue. Exit optionality: sell the whole firm, carve by division, or keep operating.

Capital · final wave ~$1.0M equity · ~$10M total called
Team & capital, aligned to the ramp

Team & comp

Steve — Founder & CEO (staged)$150k → $350k
Steve — bonus & carry5% annual bonus · 45% carry (~$11.5M)
Sarah — back office (Day 1)$60k + $10k/division
Estimator · Integration Mgr~$80k · ~$130k
Division leads (Adrian + TBD)~$140k + 5% equity

David's capital

Committed capacity~$10M
Equity called in gated waves~$10M (1.1 · 2.0 · 2.2 · 2.0 · 1.7 · 1.0)
Acquisition debt / seller notes~$6M
Base-case return to David~2.8× / ~33% IRR (~$28M)
Ownership & base case. Equity splits 55 David / 45 Steve; capital returns first, then a 10% preferred, then 55/45. The acquisition-led base case consolidates ~9 firms into ~57 trucks (~19 per trade) at ~$37M platform revenue and ~$4.5M EBITDA (~12%) by Year 6. The value engine is multiple arbitrage — buy shops at ~4×, sell the platform at a blended ~8.5× on scale and recurring service revenue — plus leverage, for ~$47M enterprise value → ~$40M equity. Capital: ~$10M committed / ~$10M equity called in gated waves as deals close, plus ~$6M acquisition debt / seller notes. David's base-case return ~2.8× / ~33% IRR (~$28M); Steve's carry ~$11.5M plus salary and bonus over the plan. Leverage amplifies returns and risk, and integration is the central risk — managed staged, deep-in-one-trade-first, with a funded M&A/integration team and gated waves. The organic-only plan (~$16M revenue, ~1.8×) is the floor, not the headline. Timeline is illustrative and cadence-based, not a fixed calendar; capital deploys only behind proven milestones and closing deals; every figure confirmed with CPA and lender. Not investment, legal, or tax advice.