Est. Dallas–Fort Worth
A house built for operators
Volume 02 · Confidential
The Operator Partnership · An Invitation
Own your book.
Build the brand.
Ride the exit.
A holding-company partnership built for the few salespeople good enough to run their own roofing business — without leaving to start one.
Prepared for a top operator · By invitation only
01 / 12
A Letter · From the Founder
The best salespeople in this industry deserve to own something.
You already run a business. You source the lead, you close the homeowner, you protect the relationship for years. The only thing missing is the equity — and that has always gone to someone else.
We built Vaquero to fix that. Not with a higher commission split. Not with a pseudo-partnership that disappears the day you leave. With a real operating company, a real cap table, and a real exit — one we are building toward on purpose, with a clock on the wall and a number in mind.
You bring the book. We bring the holding company. The carry is yours.
Vaquero Roofing · Founder & CEO
The Offer · At a Glance
A partnership, not a paycheck.
Three numbers that do not exist anywhere else in this industry.
What you own
40–80%
Majority stake in your own operating book — richest for early seats.
What Vaquero owns
20–60%
Management services, brand, capital, infrastructure.
Targeted exit window
5–7 yrs
Roll-up sale to a strategic or PE buyer.
How It Works · The Structure
Three entities.
One outcome.
You operate as an independent business owner with a holding-company parent that does the work no salesperson should have to do — and writes you onto the cap table for it.
I
Your OpCo
Your name, your book, your team. A single-member LLC where you hold the majority. You sell, you serve, you keep the relationship.
II
Vaquero Management Services
Estimating, production, supply, insurance escalation, legal, marketing, accounting, payroll, software, brand. You stop running a back office.
III
The HoldCo
Vaquero Holdings is the parent. Each operator OpCo rolls up. The HoldCo is the entity that is eventually sold.
Schematic
Each OpCo majority-owned by the operator. Vaquero holds the minority interest plus the management services agreement.
The Cap Table · Early Adopter Tiers
The earlier you sign, the more of the house you own.
We are intentionally onboarding the program in cohorts of ten. Equity terms get less generous with every seat we fill. This is not a marketing trick. It is how a holding company is built — and it is the reason a Seat 01 partner makes a fundamentally different exit than Seat 09.
The first three seats may never be offered again.
Seat 01
Seat 02
Seat 03
Seats 04–06
Seats 07–10
After 10
All seats subject to mutual fit & founder approval
The Multiple Arc · Why Early Matters
One operator is a job.
Ten is an asset.
A single-operator roofing business trades for ~5× EBITDA. A regional holding company with ten high-performing operators, recurring builder relationships, and a real management layer trades for 9×–11× — sometimes higher.
That gap — the multiple expansion — is the prize. Your equity stake compounds against a rising number AND a rising multiple. That is two engines, not one.
Illustrative HoldCo Valuation
Internal model · Not a forecast
$4M
1
operator
$14M
3
operators
$31M
5
operators
$56M
7
operators
$99M
10
operators
Target multiple · 1 op
~5×
Target multiple · 10 ops
9–11×
Multiple expansion
~2×
A Seat 01 Scenario
Your OpCo runs $1.2M EBITDA by year three. You hold 80% of your OpCo and 20% of the founding-cohort HoldCo equity pool. At a 10× HoldCo exit, the math is plainly life-changing — and that is before any retention package the acquirer brings.
The Division of Labor
You stay in your zone of genius.
We handle the rest.
What you do
The Operator
- 01Source and close your own homeowners & builders
- 02Hire and lead your sales team
- 03Own the client relationship for life
- 04Set your own goals and growth pace
- 05Carry the equity and the exit upside
What we do
Vaquero Management Services
- 01Estimating, production, scheduling, supply
- 02Insurance escalation & Lloyd's-trained guidance
- 03Marketing, brand, lead-gen infrastructure
- 04Legal, accounting, payroll, software stack
- 05Capital, credit lines, M&A and exit prep
Plate III · The Operator
Day One · Before vs. After
What changes the morning you sign.
The Exit · It's Not an If
We are building this to sell.
Vaquero Holdings is being assembled with a single, deliberate endgame: a strategic or private-equity sale of the parent company inside a five-to-seven-year window. The structure, the operating cadence, the management layer, the financial reporting — every system is being purpose-built to clear an institutional buyer's diligence on day one.
When that sale happens, every operator on the cap table gets liquidity on their HoldCo shares — and a market for the OpCo equity that, until that moment, did not exist.
The Five Conditions of a Premium Sale
- 1.≥ $10M HoldCo EBITDA with two clean years of audited financials.
- 2.Geographic moat in DFW and a second metro foothold.
- 3.Recurring builder accounts as the revenue floor.
- 4.Operator-led OpCos that survive the founder's exit.
- 5.Management services layer that an acquirer can plug into.
Targeted close
Year 5 — Year 7
The Exit · Real Numbers
What your book is actually worth at the table.
Three revenue scenarios. One assumption: a clean 15% EBITDA margin — the floor of what a well-run operator book produces inside our model.
We show you two outcomes. The first is what the book is worth sold alone. The second is what the same book is worth when it rolls up with nine other operators just like you, into the HoldCo we are building to sell.
Model assumptions
- EBITDA margin · 15%
- Your OpCo ownership · 80% (Seat 01)
- Founding HoldCo grant · 1.5%
- Solo trade multiple · 5×
- HoldCo trade multiple (10 ops) · 11×
Operator take-home at HoldCo exit · pre-tax, post-debt
What ten of you build together
At $2.5M revenue per operator × ten operators, the HoldCo lands at $3.75M EBITDA — well above the $10M threshold institutional buyers underwrite at premium multiples.
HoldCo EBITDA
$3.75M
HoldCo valuation @ 11×
$41.3M
Your share (Seat 01)
$3.92M
Same revenue. Same EBITDA. Same hours in the truck. 2.6× the exit — because you are no longer selling a roofing business, you are selling a piece of a platform.
Why now · Why this · Why you
The window is small on purpose.
01
You are already the product.
Your name closes the deal. You should be paid like the founder you already are.
02
Roofing is consolidating.
PE buyers are aggregating residential roofing right now. Inside a HoldCo, you are an attractive asset. Outside one, you are a 1099.
03
Solo is hard, public is harder.
The middle path — operator-owned with institutional backing — is the rarest and best risk-adjusted bet in this trade.
04
The first cohort wins twice.
Better equity terms and a longer ownership period before the multiple expands. Two compounding tailwinds.
The Invitation
Let's see if we're a good match.
If you're inside the top 10 of your market and you've ever wondered what your book would be worth if it were yours — this is that conversation.