St. Louis Resurfacing, Inc.
Acquisition Analysis — St. Charles / Wentzville, MO (St. Louis Metro)
36-year-old pebblestone epoxy pioneer with zero debt, $89K cash, and strong brand equity — but revenue is declining 17% YoY and the P&L is clouded by personal owner expenses. Significant marketing upside if acquired at the right price.
Company Snapshot
St. Louis Resurfacing positions itself as the first mover in pebblestone epoxy flooring in the Midwest. With 36 years of operation and BBB A+ accreditation since 1991, this is one of the longest-tenured players in the St. Louis decorative concrete market. The business covers driveways, patios, pool decks, garage floors, and commercial surfaces. Revenue derives from both new installations and repair/reseal work.
Profit & Loss — FY 2025
| Line Item | Amount | % of Revenue | Assessment |
|---|---|---|---|
| 200 · Income (Installs + Service) | $309,442.00 | 98.6% | Core revenue |
| 201 · Repair and Reseals | $5,550.00 | 1.8% | Down 51% from 2024 |
| 210 · Refunds | -$1,000.00 | -0.3% | New in 2025 |
| Total Income | $313,992.00 | 100.0% | Down 17.2% YoY |
| 215 · Materials | $83,954.01 | 26.7% | Primary COGS — reasonable |
| 310 · Wages | $97,096.15 | 30.9% | Includes owner salary |
| 235 · Auto Expense | $32,259.14 | 10.3% | Includes personal use* |
| 225 · Advertising | $25,976.57 | 8.3% | Includes owner personal + health ins* |
| 265 · Office Expense | $18,419.06 | 5.9% | High — investigate |
| 253 · Insurance — Medical/Shareholder | $16,510.56 | 5.3% | Owner health insurance (add-back) |
| 285 · Taxes Payroll | $8,725.50 | 2.8% | Standard |
| 290 · Telephone | $7,315.79 | 2.3% | Includes owner phones* |
| 220 · Accounting | $5,774.48 | 1.8% | Up 57% YoY |
| 250 · Entertainment | $5,252.49 | 1.7% | Includes "Cindy's Health INS"* |
| 280 · Supplies | $4,506.67 | 1.4% | Standard |
| 254 · Insurance (Business) | $3,232.73 | 1.0% | Down 47% (good) |
| 240 · Bank Charges | $1,800.79 | 0.6% | Standard |
| 300 · Travel | $1,206.43 | 0.4% | Minimal |
| 261 · Freight | $1,183.20 | 0.4% | Down 62% |
| Other (Misc, Postage, Selling, Tax, Interest) | $1,779.95 | 0.6% | Minimal |
| Total Expense | $314,993.52 | 100.3% | Exceeds revenue |
| Net Income (Reported) | -$1,001.52 | -0.3% | Operating loss |
The owner marked several expense lines as containing personal items: Advertising includes "Cindy's Health INS" and personal charges. Entertainment includes "Cindy's Health INS." Telephone includes "owners phones." Auto includes personal vehicle use. These personal expenses inflated total expenses and depressed net income. See SDE section for full add-back reconstruction.
Owner's handwritten notes indicate $13,877 in completed jobs not yet collected: $7,528 in cash deposits not yet deposited + $6,619.31 in accounts receivable. Per the owner: "Jobs DONE that still need to pay, will pay in JANUARY. This amount can be added to income." Adjusted net income: -$1,001.52 + $13,877 = $12,875.48. Additionally, the owner notes "AFTER TAX returns are done the Income/Profit will go up when [expenses are] reflected for ENT EXP."
P&L Year-over-Year — 2025 vs 2024
| Line Item | 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| 200 · Income | $309,442 | $353,957 | -$44,515 | -12.6% |
| 201 · Repair & Reseals | $5,550 | $11,400 | -$5,850 | -51.3% |
| 340 · Miscellaneous Income | $0 | $13,954 | -$13,954 | -100% |
| Total Income | $313,992 | $379,311 | -$65,319 | -17.2% |
| 215 · Materials | $83,954 | $80,359 | +$3,595 | +4.5% |
| 310 · Wages | $97,096 | $111,414 | -$14,318 | -12.9% |
| 235 · Auto Expense | $32,259 | $32,149 | +$110 | +0.3% |
| 225 · Advertising | $25,977 | $18,915 | +$7,061 | +37.3% |
| 265 · Office Expense | $18,419 | $16,974 | +$1,445 | +8.5% |
| 253 · Insurance — Medical | $16,511 | $14,143 | +$2,368 | +16.7% |
| Total Expense | $314,994 | $320,932 | -$5,938 | -1.9% |
| Net Income | -$1,002 | $58,379 | -$59,380 | -101.7% |
Revenue fell $65K (-17.2%), with the owner attributing the drop to a decline in installation ("SALES INSTALL") work. Installation income dropped $44.5K (-12.6%), repair/reseal dropped $5.9K (-51.3%), and miscellaneous income of $14K from 2024 did not recur. Importantly, expenses only decreased $5.9K (-1.9%) — the business did not cut costs proportionally to the revenue decline, which swung net income from +$58K to -$1K. Material costs actually increased 4.5% despite lower revenue, suggesting either price inflation or waste.
Balance Sheet — as of Dec 31, 2025
| Category | Item | Amount |
|---|---|---|
| Current Assets | Cash — Checking | $89,640.60 |
| Fixed Assets | 119 · Fixed Assets (fully depreciated) | $0.00 |
| 124 · Auto (net of $93.9K depreciation) | $3,554.04 | |
| 127 · Leasehold Improvements (net) | $12,839.05 | |
| Total Fixed Assets | $16,393.09 | |
| TOTAL ASSETS | $106,033.69 | |
| TOTAL LIABILITIES | $0.00 | |
| Equity | Common Stock | $200.00 |
| Retained Earnings | $48,456.41 | |
| *Retained Earnings (prior) | $58,378.80 | |
| Net Income (2025) | -$1,001.52 | |
| TOTAL EQUITY | $106,033.69 |
This business has zero liabilities. No loans, no credit lines, no accounts payable on the books. The entire $106K asset base is equity-financed. The $89.6K in cash represents 28.5% of annual revenue — a very strong liquidity position. Combined with no debt service, this means 100% of operating cash flow is available for operations or distribution. This is uncommon and highly favorable for an acquisition.
Key Performance Indicators
2024 Performance (Prior Year)
SDE Calculation & Owner Add-Backs
The P&L contains significant owner personal expenses that must be added back to arrive at true Seller's Discretionary Earnings. The owner's handwritten annotations identify specific personal items within business expense lines.
2025 SDE Reconstruction
| Component | Amount | Basis |
|---|---|---|
| Net Income (Reported) | -$1,001.52 | P&L bottom line |
| Owner Salary (est. from Wages) | +$65,000 | S-Corp reasonable comp; wages dropped $14K with lower revenue |
| Medical-Shareholder Insurance | +$16,510.56 | Owner health insurance (S-Corp perk) |
| Entertainment (Personal) | +$5,252.49 | Owner notes: "Cindy's Health INS" |
| Advertising (Personal Portion) | +$5,000 | Owner notes: personal + "Cindy's Health INS" + "village" |
| Telephone (Personal Portion) | +$2,500 | Owner notes: "owners phones Also" |
| Auto (Personal Portion) | +$5,000 | Conservative — some personal auto in $32K line |
| Estimated 2025 SDE | $98,262 | 31.3% of revenue |
| + Uncollected Receivables | +$13,877 | Jobs done, payment expected Jan 2026 |
| Adjusted 2025 SDE | $112,139 | 35.7% of revenue |
2024 SDE Reconstruction (Estimated)
| Component | Amount | Basis |
|---|---|---|
| Net Income (2024) | $58,378.80 | P&L comparison |
| Owner Salary (est.) | +$70,000 | Higher wage year ($111K total) |
| Medical-Shareholder Insurance | +$14,142.81 | Per P&L comparison |
| Personal Expenses (combined est.) | +$12,500 | Entertainment + Ad + Phone + Auto personal |
| Depreciation | +$2,551.00 | Non-cash — recorded in 2024, not 2025 |
| Estimated 2024 SDE | $157,573 | 41.5% of revenue |
Owner salary of $65K is estimated — the actual split between owner and employee wages within the $97K Wages line must be confirmed. The personal expense add-backs are based on the owner's own handwritten annotations, but exact dollar amounts for each personal vs. business split require documentation. The $5K advertising add-back is conservative given the owner flagged multiple personal items in that line. A buyer should request a detailed breakout of every flagged expense category.
Industry Benchmarks — Concrete Resurfacing
Comparison against published concrete contractor and specialty flooring industry standards from IBISWorld, BizBuySell, Peak Business Valuation, and trade associations.
| Metric | Industry Range | St. Louis Resurfacing | Position |
|---|---|---|---|
| Materials as % Revenue | 25% – 40% | 26.7% | Efficient — low end |
| Labor as % Revenue | 20% – 35% | 30.9% | Mid-high (includes owner) |
| Net Margin (Specialty Concrete) | 6% – 15% | -0.3% (2025) | Below range (loss year) |
| Net Margin (Prior Year) | 6% – 15% | 15.4% (2024) | Top of range |
| SDE as % Revenue | 25% – 40% | 31.3% – 35.7% | Within range |
| SDE Multiple (Concrete Contractors) | 2.23x – 3.03x | Applied in Valuation | |
| SDE Multiple (Specialty Contractors) | 2.84x – 3.28x | Premium for niche expertise | |
| Revenue Multiple (Concrete) | 0.38x – 0.73x | Applied in Valuation | |
| EBITDA Multiple | 3.40x – 3.78x | Applied in Valuation | |
Materials at 26.7% of revenue is near the low end of the 25-40% industry range, indicating efficient procurement and minimal waste. This is consistent with a mature operation that has optimized its supply chain over 36 years. The 2024 year showed a healthy 15.4% net margin at the top of the industry range, confirming that when revenue is at normalized levels, this business performs well financially.
Valuation Range
Estimated Fair Value Range
The broker listing (Saint Louis Group, Deal #3394LS) did not include an asking price in the financial package. Before negotiating, confirm the seller's expectations. Given the revenue decline and loss year, a buyer has leverage to negotiate toward the lower end of the range. If the seller anchors above $350K, the declining trend and unverified add-backs provide strong counter-arguments.
Equipment Inventory
Complete equipment list as of January 17, 2026. The fleet and tools are consistent with a full-service concrete resurfacing operation. Key concern: the two primary vehicles are 20+ years old with 170K-203K miles.
Vehicles & Trailer
- 2006 Ford 450 Box Truck — 203,197 mi
- 2002 Ford 250 Van — 170,000 mi
- 2009 Doolittle Trailer
Heavy Equipment
- Caterpillar Forklift GC25
- Generac Generator RS5500
- Power Washer Generac 3100PSI (x2)
- Propane Tanks (x2)
Mixing Equipment
- Mixers (x3) — 1 needs a small part
- Mixer Top & Bottom Drum Set
- Mixer Motor
Power Tools
- Bosch Hammer Drill 11316 EVS (x2)
- Bosch Bulldog Extreme Hammer Drill
- DeWalt Grinder DW840 7" (x3) — 2021
- Craftsman Angle Grinder 4.5" (x2) — 2021
- DeWalt Impact Drill 20V — 2021
- Impact Drill Porter Cable
- Circular Saw DeWalt + Skil
Finishing Tools
- Trowel Marshelltown 18"x4" (x1)
- Trowel 20"x4" (x1)
- Trowel 20"x4" Goldblatt (x1)
- Trowel 18"x4" Goldblatt (x1)
- Trowel small Marshelltown (x2)
- Corona Sidewalk Edger
- Caulk Guns (x3)
General & Site Equipment
- Husqvarna 125 BVX Blowers (x3)
- Heater Wands, Socket/Wrench Sets
- Chains, Kobalt Shovels (x5), Wheelbarrows (x2)
- Shop Vacs (x2), Floor Scraper, Brooms
- Extension Cords, Tarps (x3), Tie Downs (x5)
- Home Show Display Booth
- Freezer Thompson, Sawhorses
- Big Rolling Metal Toolbox
The 2006 Ford 450 Box Truck (203K miles) and 2002 Ford 250 Van (170K miles) are the primary work vehicles. At 20-24 years old, both are well past typical service life. A buyer should budget $40K-$80K for fleet replacement within 1-2 years of acquisition. The 2009 trailer is in better shape. Most power tools were purchased in 2021, so they have useful life remaining.
Online Presence Scorecard
Comprehensive audit of St. Louis Resurfacing's digital footprint across all major platforms. Overall Score: 4.0 / 10. The website is professional but all other channels are weak or absent.
Website Analysis — stlresurfacing.com
Score: 7/10. Professional WordPress/Elementor build with modern design, gallery pages, video testimonials (Vimeo), and a blue/white color scheme. Responsive layout. Missing: pricing information, blog/content strategy, live chat, strong CTAs, and landing pages for specific services. No FAQ schema or location pages for service areas.
Yelp — Strong Visual Documentation
Score: 6/10. Listed at yelp.com/biz/st-louis-resurfacing-st-charles with 244 photos uploaded. This is a significant asset — proves the quality of work visually. The photo library alone is marketing gold for social media and website content.
BBB — Outstanding
Score: 8/10. A+ rating. Accredited since August 5, 1991 — that's 35 consecutive years of BBB accreditation. This is an exceptional trust signal and a major differentiator versus newer competitors and franchises.
Social Media & Gap Analysis
Instagram: 0/10. Zero presence. For a decorative concrete business with 244 Yelp photos, this is the single biggest marketing miss. Before/after shots of pebblestone epoxy installations are perfect Instagram content. LinkedIn: 0/10. No company page. Missing the commercial/B2B lead generation channel entirely. Facebook: 3/10. Claimed on website but minimal activity and hard to find via search.
A buyer inherits 244 professional-quality project photos on Yelp. These can immediately be repurposed for Instagram, Facebook, Google Business posts, and website gallery expansion. This is months of content ready to deploy on day one.
St. Louis Concrete Resurfacing — Competitive Landscape
The St. Louis metro has 10-15+ active concrete resurfacing and epoxy flooring companies. The market is fragmented with mostly family-owned locals and several newer national franchise entrants.
| Company | Est. | Type | Notable | |
|---|---|---|---|---|
| Decorative Concrete Resurfacing | 1983 | Local | 5.0 | 39+ years; 100+ national awards; SUNDEK certified; "Best Concrete Contractor" STL Magazine |
| Epoxy Stone Inc. | 1990 | Local | 4.4 | ~100 reviews; 2M+ sq ft resurfaced; 20-year garage warranty |
| StoneCraft Epoxy Resurfacing | ~2006 | Local | 5.0 | "The Concrete Doctor"; A+ BBB; STL + Columbia + IL coverage |
| GatorGuard of St. Louis | ~2020 | National | 4.9 | Multi-state franchise; lifetime warranty; premium pricing; aggressive marketing |
| Garage Force (STL West) | Franchise | National | Mixed | Polyaspartic focus; franchise model; some quality complaints |
| Epoxy Pro St. Louis | ~2000 | Local | N/A | 25+ years; strong website SEO |
| Epoxy Flooring St. Louis | N/A | Local | N/A | Exact-match domain SEO play (epoxyfloorstlouis.com) |
GatorGuard and Garage Force are national franchise brands that have entered the St. Louis market since ~2020. They bring significant marketing budgets, lifetime warranty programs, and polyaspartic coating systems that cure in one day. St. Louis Resurfacing's pebblestone epoxy niche is differentiated, but the franchises are capturing the broader "garage floor coating" keyword space and consumer mindshare. A buyer should evaluate whether to expand into polyaspartic coatings to compete head-on or double down on the pebblestone epoxy niche.
Concrete Resurfacing Industry Trends (2025–2026)
Key Trends
| Trend | Data Point | Relevance |
|---|---|---|
| Polyaspartic/Polyurea Systems | 10x durability vs. traditional epoxy; UV stable; 1-day cure | Competitive threat — must evaluate product line expansion |
| Decorative Concrete Growth | Stamped concrete 40% of revenue; floor installs at 6% CAGR | Core market growing — tailwind for pebblestone epoxy |
| Home Renovation Tailwinds | Median home age 41 years; post-pandemic improvement spend continuing | Aging homes drive resurfacing demand |
| Labor Shortage | 500K unfilled construction positions industry-wide | Barrier to entry; pricing power for established operators |
| Tariff Risk (2025) | Import tariffs creating epoxy resin price volatility | Material cost uncertainty — margin pressure |
| Midwest Construction Peak | Nonresidential peaks at $145.5B in 2025, moderates to $126.9B in 2026 | Commercial demand may soften |
SWOT Analysis
Strengths
- 36 years in business — exceptional brand longevity
- BBB A+ accredited since 1991 (35 years) — rare trust signal
- "Pioneer leader" in Midwest pebblestone epoxy — first-mover advantage
- Zero debt, $89.6K cash — exceptionally clean balance sheet
- Strong material efficiency (26.7% of revenue vs. 25-40% industry)
- 244 professional project photos on Yelp — instant content library
- Established customer base and repeat business (repair/reseal revenue)
- DOT registered — full compliance for material transport
Weaknesses
- Revenue declining 17.2% YoY — installation work dropping
- 2025 operating loss (-$1,002 net) after $58K profit in 2024
- Owner personal expenses heavily mixed into P&L — true profitability unclear
- Aging fleet — 20+ year old vehicles with 170K-203K miles
- No Instagram or LinkedIn — massive digital gaps for a visual business
- Pebblestone epoxy is a narrowing niche vs. polyaspartic trends
- Owner-dependent (Sean is referenced personally in reviews)
- Fixed assets nearly fully depreciated ($16K net on books)
Opportunities
- Instagram launch with 244 existing photos = immediate engagement
- Google review acquisition strategy — 36 years of customers to ask
- Product line expansion into polyaspartic/polyurea coatings
- Commercial market penetration (currently appears residential-heavy)
- SEO/content marketing — blog, location pages, FAQ schema
- Home show marketing already has a display booth asset
- Repair/reseal recurring revenue model (only $5.5K in 2025 — underutilized)
- Google Ads for high-intent local keywords ($3-10 CPC range)
Threats
- National franchises (GatorGuard, Garage Force) entering STL with marketing muscle
- Polyaspartic coatings making traditional epoxy seem outdated
- Competitors with 5.0 Google ratings and 100+ reviews (Epoxy Stone, StoneCraft)
- Decorative Concrete Resurfacing (est. 1983) has 100+ national awards
- Tariff-driven material cost volatility on epoxy resins
- Midwest construction cycle peaking — 2026 moderation expected
- Exact-match domain competitors capturing SEO traffic
- Owner transition risk — customer relationships may not transfer
Risk Factors & Due Diligence Items
Revenue dropped 17.2% from $379K to $314K. The owner attributes this to a decline in installation work. Is this a market issue, a pricing issue, or a sales effort issue (owner scaling back before exit)? Request 3 years of revenue data minimum to establish the trend. If 2023 also shows declining revenue, this is a structural problem, not a one-year blip.
The owner's own annotations flag personal expenses in at least 5 expense categories (Advertising, Entertainment, Telephone, Auto, Insurance-Medical). The SDE reconstruction adds back ~$34K in personal expenses — but these are estimates. A buyer must request detailed bank/credit card statements to verify the actual personal vs. business split. If add-backs are overstated, SDE drops and the valuation compresses.
Both primary vehicles are 20-24 years old with 170K-203K miles. Budget $40K-$80K for fleet replacement within the first 1-2 years. A new Ford E-450 box truck is $45K-$65K; a new Transit cargo van is $40K-$55K. This is a hidden acquisition cost that should be factored into the effective purchase price.
Sean has been the face of this business for 36 years. How dependent is the customer pipeline on his personal network and reputation? What percentage of revenue comes from referrals vs. marketing? A transition plan with Sean staying on for 3-6 months post-close is recommended. Angi reviews reference Sean by name.
The industry is shifting toward polyaspartic and polyurea coating systems. These offer 10x durability, UV stability, and 1-day cure times. Pebblestone epoxy remains a valid niche, but the addressable market may shrink if the company doesn't expand its product line. Due diligence: what percentage of inbound leads specifically request pebblestone vs. generic "garage floor coating"?
The owner's notes mention "Cindy's Health INS" in both the Advertising and Entertainment lines. If Cindy is a family member (spouse/dependent) on the company's health plan, those are personal add-backs. If Cindy is an employee, the health insurance is a legitimate business expense. This distinction affects SDE by $5-10K. Clarify in due diligence.
90-Day Growth Playbook
If acquired, the following actions represent the highest-ROI marketing and operational improvements, organized by priority and timeline. The core insight: this business has 36 years of brand equity and 244 project photos with zero modern marketing. The upside is enormous.
Launch Instagram & Repurpose Yelp Photos
- Create @stlresurfacing Instagram account
- Post 244 Yelp photos as before/after project showcases (3x/week)
- Use hashtags: #epoxyfloors #concreteresurfacing #stlouis #garagemakeover
- Add project descriptions, surface types, and location tags
- Cross-post to Facebook — rebuild that presence simultaneously
Google Review Blitz
- Email/text 36 years of past customers asking for Google reviews
- Create a review link shortcut and QR code for job sites
- Target: 50+ reviews within 60 days (aim for 4.8+ rating)
- Respond to every review (positive and negative) within 24 hours
- This alone will dramatically improve local search visibility
Website SEO & Content Strategy
- Add service-specific landing pages: garage floors, driveways, pool decks, patios, commercial
- Add location pages: St. Louis, St. Charles, Wentzville, O'Fallon, Chesterfield, etc.
- Implement FAQ schema for "how much does epoxy flooring cost" type queries
- Start a blog: project showcases, maintenance tips, epoxy vs. polyaspartic comparisons
- Target keywords: "concrete resurfacing St. Louis," "pebblestone epoxy," "garage floor coating STL"
Google Ads — Local Service Ads
- Launch Google Local Service Ads (pay-per-lead, $15-30 per lead)
- Run search ads for high-intent keywords ($3-10 CPC range)
- Target: 20-30 qualified leads per month within 60 days
- BBB A+ badge and 36-year track record as ad differentiators
- Expected ROI: 4:1+ given average job value of $3,000+
Evaluate Polyaspartic Product Line Expansion
- Research polyaspartic/polyurea coating suppliers (Penntek, Polyurea Direct)
- Train crew on 1-day polyaspartic installations
- Offer as premium tier alongside existing pebblestone epoxy
- This directly counters GatorGuard and Garage Force competition
- Polyaspartic jobs command $7-12/sqft vs. $3-7/sqft for standard epoxy
With a dedicated marketing effort, adding 3-5 new jobs per month through Google Ads + Instagram + reviews could increase revenue by $100K-$150K annually. Combined with polyaspartic product expansion and reactivation of the repair/reseal revenue stream (which dropped 51% YoY), a $450K-$500K revenue run rate within 12-18 months is achievable for an engaged operator. That would put SDE in the $150K-$200K range — a significant return on a $225K-$350K acquisition.
Recommendation
Deal Verdict: Proceed with Caution
If Pursuing This Deal
| Factor | Guidance |
|---|---|
| Target Price | $225K – $350K (composite of SDE multiple and revenue multiple). If cash ($89.6K) is included, adjust upward accordingly. Negotiate toward lower end given revenue decline and unverified add-backs. |
| Revenue History | Request 3-5 years of P&Ls. If 2023 also shows declining revenue, the trend is structural. If 2025 is an anomaly (e.g., owner scaling back pre-exit), the picture improves significantly. |
| Add-Back Verification | Require bank statements and credit card records to verify personal vs. business split for Advertising, Entertainment, Telephone, and Auto. Clarify who "Cindy" is (family vs. employee). |
| Fleet Replacement | Budget $40K-$80K for vehicle replacement within 12-18 months. Deduct this from your effective offer or negotiate seller financing to cover it. |
| Transition Plan | Negotiate 3-6 month transition period with Sean. His 36-year customer relationships, supplier contacts, and operational knowledge are critical to a smooth handover. |
| Growth Thesis | This deal only makes sense for a buyer who will actively invest in marketing and product expansion. The brand equity and 36-year track record are the platform; the growth has to come from the new owner. |
This is a brand acquisition, not a cash flow acquisition. You're buying 36 years of reputation, BBB A+ trust, a professional website, 244 project photos, a trained crew, a complete equipment set, and a Midwest pioneer position in decorative epoxy — all with zero debt. The 2025 P&L makes the business look worse than it is (personal expenses, receivables timing, installation cycle dip). At the right price ($225K-$300K range), with a clear marketing plan and polyaspartic product expansion, this business has a path to $500K+ revenue within 18 months. But if the revenue decline continues in 2026 without intervention, the brand's value erodes quickly. Time the acquisition right and invest aggressively in growth on day one.