Benex, Inc.
- Harry HanigPresident · Company website
- Susan McGinnisVice President · Company website
- Brent HansenSigns company filings · Form 5500 (2022)
How we got $1.8M
Based on its 5 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 29 years (since 1997)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
BenEx is a full-service insurance agency that supports companies in providing employee benefits packages. It serves businesses of all sizes in Oklahoma and surrounding states.
From the company's website. Industry: Insurance agencies.
Estimated value over time
▲ 30% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 20% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 5 | $896K |
| 2020 | Form 5500 | 4 | $717K |
| 2021 | Form 5500 | 5 | $896K |
| 2022 | Form 5500 | 4 | $717K |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| BENEX, INC. this business | $1.7M | — |
| Will Franklin Insurance Agency Tulsa | $806K | 0.0 mi |
| GARNER ENTERPRISES INC Tulsa · 5 employees | $1.3M | 0.3 mi |
| AAA Oklahoma - Bixby Insurance/Membership Only Tulsa | $806K | 0.3 mi |
| Farmers Insurance - Clayton Constien Tulsa | $806K | 0.3 mi |
| CLARENCE ZITTERKOB INSURANCE AGENCY, INC. Tulsa · 2 employees | $513K | 0.4 mi |
| Derby Insurance Solutions - Tulsa Health Insurance Agency Tulsa | $806K | 0.4 mi |
The full calculation
| Employees reported to the SBA | 5 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $886K |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $2.4M |
| Estimate: the two combined (geometric mean) | $1.7M |
| EBITDA margin (industry, adjusted for size) | 30% |
| EBITDA = revenue × margin | $490K |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $1.8M |
| Multiple for this size and industry | 3.6× |
| Value range | $928K – $2.4M |
| Revenue range | $1.1M – $1.9M |
| EBITDA range | $322K – $559K |
| Industry (NAICS) | Insurance Agencies and Brokerages (524210) |
Low confidence: the employee-based and payroll-based estimates differ by more than 2×.
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
“Since 1997, BenEx founders, Harry Hanig and Susan McGinnis, have focused on providing superior personal service and an outstanding array of employee benefit options to businesses of all sizes in Oklahoma and surrounding states.”
Advisors
- BankingGrand BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Grand Bank PPP 2020 | All 407 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/15/2020 | first | $103K | 5 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Benex, Inc.
Benex, Inc. is an insurance agencies company in Tulsa, Oklahoma, in business since 1997. It is owned by Workplace Safety. Its estimated annual revenue is about $1.7M, with roughly $490K of EBITDA. It has about 4 employees. Its estimated business value is $1.8M (likely range $928K–$2.4M).
Common questions
- Who owns Benex, Inc.?
- Benex, Inc. is owned by Workplace Safety, according to public sources such as the company's website or filings.
- How much revenue does Benex, Inc. make?
- SeeBITDA estimates Benex, Inc.'s annual revenue at about $1.7M (likely between $1.1M and $1.9M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Benex, Inc. worth?
- About $1.8M, roughly 3.6× its estimated EBITDA of $490K, typical for a insurance agencies company its size. Likely range: $928K–$2.4M.
- How many employees does Benex, Inc. have?
- About 4, from its 2022 retirement-plan filing.
- When was Benex, Inc. founded?
- Benex, Inc. has been in business since 1997.