The real value of a construction business is its know-how, know-who and reputation.
Once or twice a year I get a call from some contractor’s accountant asking for guidance on evaluating the worth of his client’s business. Usually it’s because the contractor is looking to sell the business either to retire or do something else.
(Pardon this digression, but accountants aren’t the best people to arrange the sale of your business. CPAs may be good at counting beans, but most don’t have a clue about selling anything. You wouldn’t call your accountant to help sell your home, you’d go to a realtor. With a business, you’d be better off recruiting a business broker.)