ITM (inspection, testing, and maintenance)

Definition

NFPA standards set inspection, testing, and maintenance on fixed schedules; codes adopt them as law.

Why It Matters

This is revenue a building owner cannot legally stop buying, which makes it the most durable income in any of the trades and the single biggest driver of the multiple. Ask for the inspection base by building with the next due date, not a revenue total, because that list is the asset. Then check who else could service it: a base held by relationships is worth less than one held by the schedule and the records.