Underwritten
Edition No. 7 · No. 01 of 5 · Free edition

Custom blinds & window treatments

Santa Clara County, CA · name withheld in the free edition Why no names?

PROCEED WITH CONDITIONSProceed, with three conditions.Cheaper than 50% of 4 similar businesses.
Asking price$250kas listed
Revenue$497kas listed
SDE$146kas listed, a 29% margin
If a manager runs it$137kto$261kour rebuild, about 5 hrs a week
Hours with a manager~5 hrsa week, our estimate
Price over SDE1.7xsimilar listings: 1.9x
Contents

1What you're buying

  1. The dealer seat where the brand pays you.

    No franchise fee, no royalty, no ad fund - Hunter Douglas's dealer program is free and pays a volume rebate. A franchisee in this trade pays $89,950 up front plus royalties for a worse seat.

  2. Thirty years on one of the Peninsula's busiest roads.

    A one-person dealership selling design consultations, measuring, and made-to-order window treatments to some of the wealthiest homeowners in the country.

  3. Our rebuild came out ABOVE the seller's claim.

    Strip out the royalty a benchmark would impose (there is none) and the staff wages (there are none): our normalized view of owner earnings is $203,999 against the $146,325 stated.

2Two ways to own it

If you run it
$201kto$326k
~51 hrs / week · your own week, our estimate
Someone else runs it
$137kto$261k
~5 hrs / week · after paying a $65k manager

The manager case prices one full-time selling seat at $64,900, sized to the owner's actual week. If diligence shows the owner also installs, add subcontract install costs - the listing does not say.

Both ranges are our estimate, not the seller's figure. Each starts at its careful end.

3What the listing doesn't tell you

  1. The business has a name and an address.

    We resolved the storefront, its brand program, and two candidate owner names - subscribers get all of it.

  2. The profit number depends where you read it.

    Two platforms, two SDEs, 18% apart. The listing mentions neither the other version nor the gap.

Two of 6 findings. The rest are in the full file.

4The price and the verdict

1.7x the seller's SDE; the middle of similar listings is 1.9x.

Based on asking prices, not completed sales. A thin peer set: indicative, not a distribution.

PROCEED WITH CONDITIONS3 conditions before an offer

+In the full file

Premium opens these for every deal in this edition and the four before it.

The 3 conditions before an offerPremium

Each one written out, with what would close it before an offer.

The desk's notePremium

What we like and what worries us, then the business, the earnings, the price, the risks and what to do this week.

The name and the listingPremium

Resolved by the desk to a name and an address; the original listing and the broker are in the member file. Why no names?

Questions for the brokerPremium

Written from the conditions and the open checks, in the order we would ask them.

What we could not establishPremium

What no document we found decides, and the document that would.

The model and the research trailPro

Five-year projections per basis with the downside, the scenario workbook, and every check with its evidence.

The full file

The name, the three conditions, and the questions for the broker.

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1,000 listings screened, 5 published · Edition No. 7, 12 August 2026. We have no stake in whether any deal closes.

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