Bluewater Plumbing Co.
Seller Discretionary Earnings Recast — FY2023 to FY2025
Recast from seller P&Ls and tax returns · Every add-back cited to its source line
Recast Summary
Reported net income of $312K recasts to $487K SDE after seven verified add-backs: owner salary normalization ($96K), personal vehicle leases ($18.4K), and a one-time legal settlement ($31K), each tied to the source line item. One claimed add-back — $22K in consulting fees to a family member — could not be verified against any invoice and is excluded.
Recast Snapshot
Reported Net Income (FY25)$312,400
Verified Add-Backs$174,800
Recast SDE$487,200
Buyer note: At the $1.6M ask, verified SDE puts the multiple at 3.3x — not the 2.9x shown in the listing package.
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Cedar Ridge Apartments
A Multifamily Investment Opportunity — Charlotte, NC
Presented by Meridian Capital Partners · Confidential — For Accredited Investors Only
The Opportunity in Plain English
We are acquiring a 124-unit apartment community in Charlotte at a price 55% below what the prior owner paid two years ago. The building is already 90% occupied and generating income from day one.
Deal Snapshot
Purchase Price$11,500,000
Total Equity Raise$4,750,000
Target IRR (Base)projected22.5%
What this means for you: On a $250K investment, ~$14,500/yr in distributions plus ~$425K total return at sale.
Projections based on stated assumptions, not verified historicals.
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Acme Trading LLC
February 2026 Bank Statement Reconciliation
Reconciled to First Republic Statement #4521 · 312 transactions reviewed
Reconciliation Summary
All February activity matched against the operating ledger. Three discrepancies require attention: a $3,840 ACH that posted twice, two vendor payments without matching invoices on file, and a Stripe payout off by $112 against the deposit batch.
Period Totals
Total Inflows$284,300.41
Total Outflows$267,540.18
Net Movement$16,760.23
Action required: Three items must be resolved before close — see Section 4 (page 5).
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Hilltop HVAC Services
Proof of Cash — Trailing Twelve Months
Tied across 3 operating accounts · 14 source documents reviewed
What the Numbers Show
Reported revenue of $2.41M ties to actual bank deposits within 0.4%. Two gaps surfaced: $38,200 in December deposits with no matching invoices, and a $12,900 customer refund recorded as revenue. Both flagged with statement page references.
Tie-Out Summary
Reported Revenue (TTM)$2,412,000
Verified Bank Deposits$2,402,300
Unexplained Variance0.4%
Diligence note: Variance is within tolerance, but the December deposit gap should be resolved before LOI — see Section 3 (page 4).
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Verde Apparel Co.
Pre-LOI Revenue Tie-Out — FY2025
Seller P&L cross-referenced against 12 monthly bank statements · 1,840 transactions reviewed
What the Numbers Show
The seller’s reported FY2025 revenue of $1.423M ties to verified deposits at $1.380M. The $43K gap traces to two items: a $28K one-time equipment sale booked as operating revenue, and $15K in invoices issued but never collected. Both cited to statement and ledger pages.
Tie-Out at a Glance
Reported Revenue (FY25)$1.423M
Verified Operating Revenue$1.380M
Items Requiring Reclassification2
Bottom line: The adjusted revenue base lowers defensible SDE by $43K — price the LOI off verified numbers.
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Project Magnolia
Roll-up Acquisition Memo — Confidential
Prepared for: M Holdings LP · Internal use only
The Opportunity in Plain English
Three HVAC service businesses across Tampa, Sarasota, and Lakeland — same vertical, complementary territories. Combined trailing revenue $4.8M, EBITDA $1.1M. All three sellers are motivated by retirement timelines within the next 18 months.
Deal Snapshot
Combined Enterprise Value$5.5M
Blended EBITDA Multiple5.0x
Equity Required (30%)$1.65M
Synergy thesis: Shared dispatch and consolidated bookkeeping should lift blended EBITDA margin from 23% to ~28% within 18 months post-close.
Projections based on stated assumptions, not verified historicals.
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