This is Wayne’s story.
How to sell a roofing business at the right time, to the right buyer, for the right price is the question Wayne had been turning over for almost three years before he picked up the phone. When the right time came, he called CGK Business Sales. Wayne ran a $5.8M commercial and industrial roofing operation outside a major Texas metro: 34 employees including roofing crews, two estimators, project managers, and the office staff that ran the storm-response side of the business. He had eight trucks, two cranes for hoisting roof equipment up to commercial flat roofs, a hot-asphalt kettle that mostly sat now that single-ply membrane work had taken over, and a yard full of TPO and EPDM rolls. The book ran 75 percent commercial roofing on healthcare campuses, schools, warehouses, and property-management portfolios, with the remaining 25 percent in storm-response residential work that spiked after every major weather event. He was 62. His foreman of eighteen years had a heart attack the year before and made it back, but the scare had landed differently than Wayne expected. His wife wanted to be closer to their grandchildren in Florida. He came to us in early 2024 because he was thinking about what the next ten years of his life needed to look like and did not know who else to talk to about how to sell a roofing business this size. This page is what happened next, and what could happen for you. Wayne is a composite, not a single real CGK seller, but the patterns and details are pulled from real roofing engagements.
The night before Wayne called us.
Most owners who decide to sell a roofing business have been thinking about it quietly for a year or two before they pick up the phone. Wayne was no different. He was 62. For 24 years he had been the name on the GAF Master Elite certification, the bidder on every commercial roof replacement over $200,000, the person who walked every property manager around their flat roof himself because his estimators were good but the customers trusted him personally. The business did $5.8 million in annual revenue, had 34 employees including the commercial roofing crews and the smaller storm-response team that scrambled after every named weather event. The yard ran eight trucks, two cranes, a hot-asphalt kettle that he kept around mostly for old-time’s sake, and pallets of TPO and EPDM membrane that turned over fast.
Why owners decide to sell a roofing business
His son had built a career in software in Seattle and was not coming home to climb roofs. His daughter taught at a small private school. His wife had been retired for two years and had been quietly insistent for the last six months that they needed to be closer to their grandchildren in Florida. The bigger thing was his foreman, Alvaro, who had been with him for eighteen years. Alvaro had a heart attack the previous March on a Saturday afternoon, recovered well, came back to work limited duty, but the scare had landed on Wayne in a way he did not expect. He had been approached three times in the prior fourteen months: once by a regional commercial roofing roll-up that had been calling all the independents in the metro, once by a national storm-response franchise that wanted his residential book, and once, almost casually, by a 38-year-old roofer he knew from industry events whose father had built a roofing business in an adjacent metro and who had quietly been looking at expanding through a single acquisition. He did not know what his business was actually worth, did not know whether the buyers calling were the right buyers, did not know what he would do with himself if he sold, and did not have a single peer in his life who had ever sold a business at this size.
That is the night he found CGK and submitted the form. We called him back at 9:02 the next morning.
The conversation we had on the first call.
The first call was 44 minutes. We did most of the listening.
Wayne talked about Alvaro, his foreman of eighteen years, and what the heart attack had reframed for him. He talked about the GAF Master Elite certification renewal that had just come through, the property management firm that accounted for almost a fifth of his commercial book, the storm-response team that he had been building up for ten years and was now starting to wonder if he should keep selling alongside the commercial work or carve out as a separate book. He talked about the OSHA safety record he had spent two decades protecting and the fall-protection inventory that filled most of his back room. We asked about the business in the way you would ask if you were trying to understand it, not in the way you would ask if you were trying to win the engagement. What we were listening for was not just the financials. We were listening for whether Wayne was actually ready to sell, what he was working toward, and whether his expectations on price were grounded in what the market would actually support.
At the end of that call, we set up a working session: an in-person conversation where one of our Managing Directors would walk Wayne through our valuation model and tell him honestly what his business was likely to command. We did not promise him a written report. Written valuations involve substantially more work, and we charge for those when a seller actually needs one for estate planning, a partner buyout, a divorce, or another documentary purpose. The walkthrough was free because Wayne was clearly thinking seriously about selling, the way someone thinks about it before they actually do it. Whether that ends up being in a year, three years, or longer, we make the same call.
The valuation session was the following Tuesday at 6:30 a.m. at his yard, before the crews rolled out and before the heat made the conference room unusable.
Wayne was not ready to sell a roofing business yet. He went home and waited ten months.
The valuation session showed Wayne that his business was worth meaningfully less than he had been hoping, but for reasons that surprised him. Two issues were dragging the number down. The first was the storm-response segment. It produced real revenue and real cash, but it was lumpy, weather-dependent, and tied heavily to insurance billing patterns that sophisticated buyers underwrote at a discount. The second was the customer concentration on the commercial side. The top property management firm at almost 19 percent of commercial revenue made buyers nervous, and the loss of that one account would meaningfully change the value of the business. There was also a related labor-bench question after Alvaro’s heart attack, since Alvaro had been the principal foreman on the largest commercial accounts and the buyers wanted to see redundancy.
We told Wayne honestly: he could go to market now and accept the discount, or he could spend nine to fifteen months separating the storm-response book reporting so a buyer could clearly see and value the commercial-only side, deliberately diversifying the commercial concentration by chasing two or three new property management relationships, and elevating one of his crew leads into a deputy foreman role under Alvaro to add bench depth on the largest accounts. We said the second path would likely command a meaningfully better number from a wider range of buyers, including the second-generation operator-buyers and regional roofing strategics that pay premiums for institutionally clean commercial roofing assets.
This is the part most brokers skip. Most brokers would have signed Wayne that day, taken him to market, and made the commission whether or not the deal was the best one for him. We told him to wait, even though it meant we did not get paid for ten months and might never get paid at all if he changed his mind.
Wayne went home and waited. He spent the next ten months separating the storm-response P&L from the commercial P&L so each could be valued on its own terms, intentionally winning two new mid-sized property management contracts that brought the top-customer concentration down meaningfully, elevating his strongest crew lead into a deputy foreman role under Alvaro, and tightening the financials so they would tell a clean story under buyer scrutiny. He read up on what active acquirers were paying for roofing contractors through resources like the National Roofing Contractors Association. He called us back in early 2025 and said he was ready to sell a roofing business that was finally in the shape it needed to be in.
What we did when Wayne came back.
What it takes to sell a roofing business properly
When an owner is ready to sell a roofing business with CGK, the speed surprises them. We took Wayne’s business to market in two and a half weeks once he got us his updated financials, separate commercial and storm-response P&Ls, customer concentration breakdown by segment, GAF Master Elite certification documentation, OSHA safety record summary, equipment and fall-protection inventory, and crew roster with foreman bench depth notes. The blind teaser went out to 72 buyers we had pre-qualified across five buyer types: regional commercial roofing roll-up platforms (some PE-backed, some independent), second-generation operator-buyers in adjacent metros looking to expand geographically through a single acquisition, strategic acquirers from adjacent commercial trades (large mechanical contractors and large general contractors looking to internalize roofing), regional financial buyers seeking stable commercial cash flow, and national storm-response franchises looking for territory expansion in the Sun Belt.
Fifty-one of those buyers signed NDAs and received the full Confidential Information Memorandum. Thirty-four entered our structured data room. Twenty submitted Indications of Interest. Ten advanced to Letters of Intent. We narrowed to six for management presentations. Three re-submitted refined LOIs after the management meetings.
Wayne decided between two of the top LOIs. They were materially different. One was a higher headline price from a PE-backed commercial roofing roll-up platform, with a conventional escrow structure, an earnout tied to commercial customer retention over three years, and a fund hold horizon of five to seven years before the platform itself would likely be sold to a larger sponsor. The other was a slightly lower headline price from a 38-year-old second-generation operator who ran a successful roofing business in an adjacent metro, had inherited it from his father, and had been quietly looking to expand geographically through a single acquisition. He had personal capital plus a relationship with a regional bank, planned to operate Wayne’s business as a sister branch under his existing brand, and was buying for a 15-to-20-year hold horizon, not a fund timer. We walked Wayne through what each would actually deliver to him under realistic and pessimistic scenarios, including what the cultural continuity would look like for Alvaro and the crews under each owner. The operator-buyer deal was the better one for Wayne. The cash position day one was meaningfully stronger, the structure was a clean buyout with a small seller note rather than a multi-year earnout babysitting situation, and the cultural fit with another operator-family who would actually run the business mattered to him deeply. He took it.
Through the whole process, the same CGK Managing Director who had taken Wayne’s first call ten months earlier was the person walking him through every conversation.
What the deal actually looked like.
How the deal looks when you sell a roofing business with CGK
Wayne’s deal closed roughly five months after we restarted the engagement. The buyer was a 38-year-old roofer who ran a successful commercial and residential roofing business in an adjacent Texas metro, inherited from his father a decade earlier and meaningfully grown under his ownership. He bought Wayne’s business with personal capital plus debt arranged through a regional bank that had financed his family’s operation for two generations. The deal was structured as a stock sale, with the operator-buyer planning to run Wayne’s business as a sister branch under his existing brand for at least the next 15 to 20 years.
The headline price was slightly below the competing roll-up offer, but the structure was meaningfully better. About 87 percent of it came as cash at closing, funded by the buyer’s personal equity plus the bank financing. About 8 percent was held back in escrow for 18 months to cover indemnification claims, the working capital adjustment, and a separate reserve for any storm-response insurance billing disputes that could surface during the transition. About 5 percent was a seller note paid back over four years at a competitive interest rate, secured by the business and acting as a financial bridge that gave the buyer near-term cash-flow flexibility and gave Wayne continued connection to the business through the foreman transition. There was no rollover equity, which is how operator-buyer deals typically structure: a clean buyout, no minority equity overhang. Wire hit on a Wednesday morning in May.
Wayne stayed on as a paid advisor to the buyer for four months after closing, which let him introduce Alvaro and the deputy foreman, his commercial property management contacts, and his GAF Master Elite paperwork to the new owner on his terms. He worked the certification renewal bridge with the buyer during that period. After four months, Wayne stepped off the advisor role and kept a small consulting retainer for major-customer introductions through the end of the calendar year.
What happened to Wayne’s people.
Wayne cared most about Alvaro, the foreman of eighteen years who had come back from the heart attack and was now sharing principal-foreman duties with the deputy foreman Wayne had elevated during the wait period. He cared about the storm-response team that he had built deliberately and was nervous about handing to a buyer who would either consolidate it or sell it off. The operator-buyer was another roofer-by-trade running another roofing family business, which made the people part substantially cleaner than it would have been under a PE roll-up that needed to optimize headcount inside the first year. We had screened buyers partly on this dimension from the start: we excluded one early bidder whose track record on integration suggested he would absorb the storm-response book into the parent platform’s larger insurance-billing operation and lay off most of Wayne’s storm crew.
The buyer Wayne chose kept all 34 employees, honored the existing pay structure across the commercial roofing crews and the storm-response team, and committed to running the storm-response side as its own coordinated branch under his broader operation rather than absorbing it. Alvaro was confirmed in his role with the new title of Director of Field Operations, the deputy foreman became the principal foreman on the largest commercial accounts, and both received meaningful comp bumps. The GAF Master Elite certification transferred cleanly to the buyer’s branch, and the property management customer concentration that had been a diligence concern actually held flat through the transition because the buyer made the personal introductions Wayne walked him through during the four-month advisory period.
Wayne’s son in Seattle flew home for closing weekend. His daughter took him to dinner. His wife pulled the Florida real-estate listings she had been quietly bookmarking for a year and started narrowing them down for real. They closed on a small place in St. Petersburg in October and were in the same time zone as their grandchildren by Thanksgiving.
What Wayne told us afterward.
Why owners who sell a roofing business with CGK keep coming back
About five months after closing, Wayne called the Managing Director who had run his deal. He said two things that the Managing Director still tells new sellers about.
The first was about the ten-month wait. He said: “I had two brokers tell me they could take me to market in three weeks. The reason I sold with you is that you told me the truth about my customer concentration, the truth about how the storm-response book was actually being valued by buyers, and the truth about what Alvaro’s heart attack had done to the bench-depth conversation in any sophisticated buyer’s diligence. You told me what would happen to the price if I went out without fixing those things. I would have left a real number on the table.”
The second was about who he sold to. He said: “I almost signed with the PE roll-up because the headline price was bigger and the firm sounded institutional. The fact that you walked me through what each buyer would actually do with Alvaro and the storm crew, who would still be there in three years, and how an operator-buyer’s hold horizon was structurally different from a fund timer, is a conversation I never even thought to have until you raised it. I sold to another roofing family who is going to keep this business on the road my family put it on.”
This is what we mean when we say we sit with you in the decision, not just the transaction. Wayne is one composite story, but the pattern is real. The owners we work with who decide to sell a roofing business usually find their way to us through versions of Wayne’s situation, and the relationships start with a long listening session and a free walkthrough, not a pitch.
Ready to sell a roofing business? Where are you in Wayne’s story?
If you are starting to think about how to sell a roofing business, we should talk. There is no commitment and no pressure. The first conversation is free. The valuation walkthrough that follows is free when you are seriously thinking about selling, whether that is in a year, five years, or longer. We only charge for formal written valuations, and only when you actually need one for estate planning, a partner buyout, or another documentary purpose. Submit the form and a senior CGK Managing Director will reach out within one business day.
If you are Wayne at month 1: just exploring
You are not sure if you want to sell yet. Your foreman just had a health scare, your kids are not coming home to climb roofs, you are curious about how a buyer would value your storm-response book against your commercial book, or you have just been approached by a roll-up or another operator and want to understand what you might actually have. Most of our best engagements start here. Submit the form and we will schedule a working session. You walk away with a real number and a clear sense of what to do next, with no obligation to do anything.
If you are Wayne at month 10: ready to go
You have done the work to clean up the business. The financials are tight. Your storm-response and commercial P&Ls are clearly separated. Your top-customer concentration is meaningfully reduced. Your foreman bench has real depth. Your GAF Master Elite or other certifications are documented. Maybe a buyer has been calling you. You want to run a real process. Submit the form and we will be in touch within a business day to talk about timing, scope, and what your first 30 days as a CGK seller would look like.
If you are not sure where you are
Most owners are not sure. Submit the form and start with the conversation. We will figure out together where you are. We are equally happy to tell you to wait twelve months as we are to take you to market in three weeks.
Or call us directly at (888) 858-7191.
Start your own story
A senior CGK Managing Director will respond within one business day. Strictly confidential. For owners of roofing businesses doing $1.5M+ in annual revenue. The first conversation and the valuation walkthrough that follows are free for any seller seriously thinking about selling, on any horizon.
Confidential. No obligation. Direct routing to a named CGK business broker, not a junior screener.
One of these eight people would lead your engagement.
When you decide to sell a roofing business with CGK, one named senior Managing Director stays with you from the first call through the wire transfer, just like Wayne’s Managing Director stayed with him for ten months and then for the engagement that followed. Our Managing Directors come from Wall Street investment banks, hedge funds, Fortune 500 corporate finance, and operating-business leadership. Cornell MBA. U Chicago Booth MBA. CFA. CMT. Naval Academy. Goldman Sachs. Merrill Lynch. Deutsche Bank. AIG. T. Rowe Price.
What sellers say after they sell a roofing business (and other businesses) with CGK
I could not be happier with the experience I had selling my business with CGK. Greg did a detailed analysis of my business and helped me price and position it right for the market. After receiving multiple offers at full asking price, the rest of the process went very smoothly, and we closed in less than two months.
Hanna M.Selling my business was a once-in-a-lifetime experience, and I’m incredibly grateful to have had Wes by my side throughout the process. He brought perspective, pushed when necessary, and always had my best interests in mind. His experience and strategic approach allowed me to maximize the sale price while minimizing long-term risk and obligations. If I had to do it all over again, I wouldn’t hesitate to choose him as my broker.
Adam NevilleDerik located multiple interested strategic buyers that produced more than one serious offer. The negotiations were tough but Greg and Derik’s experience helped us overcome. We got a great result for our employees and for the owners. We would recommend them without reservation.
Bob TaylorWe sold a business that was 47 years old and being run by second generation within a year of working with Wes. CGK has a system that attracts serious prospects to review opportunities. Wes was able to make the overwhelming feeling of selling easy and to a certain extent enjoyable. I never felt alone or in the dark throughout the entire process.
Jennifer WilliamsWe decided to sell our company in 2025. Talked to another M&A company in the Houston area. We felt very comfortable with Greg and Matthew at CGK. Could not have made a better choice. From day 1 till final closing and even after 30+ days, they have been here helping us with documents and support during the transition. Thanks can not be said enough.
Rickey ThomasInside the Blueprint, on Bloomberg TV and Fox Business News.
Wayne’s wife is the one who first sent him a clip of CGK on Bloomberg. She had been watching the segment one morning while she was already half-packed for a Florida house-hunting trip and recognized the firm name from a trade-association magazine article about how to sell a roofing business she had read months earlier. She sent him the link with a note that read “Wayne, finally.” CGK Business Sales is featured on Inside the Blueprint, the syndicated business television series. Our episode aired on Bloomberg TV and Fox Business News. Watch the segment, then start a confidential conversation.
The CGK office Wayne called was in his local Texas market. Yours might be one of these.
When you sell a roofing business with CGK, whichever office you reach, you get the entire firm. Wayne worked with a CGK Managing Director based out of his local Texas market, but his deal benefited from a buyer pool we sourced firm-wide, including the second-generation operator-buyer from a neighboring metro who ultimately won. Click any city to learn about our local presence and the named Managing Director leading that market.
Other Questions Wayne and Other Roofing Sellers Ask Us
Practical answers to what comes up before, during, and after the kind of engagement Wayne went through, when you sell a roofing business with CGK.