Two Oaks Investments, LLC
How we got $40.1M
Based on its 36 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 63% 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
▲ 53% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 36 | $11.6M |
| 2020 | Form 5500 | 31 | $10.0M |
| 2021 | Form 5500 | 34 | $10.9M |
| 2022 | Form 5500 | 63 | $20.3M |
| 2023 | Form 5500 | 59 | $19.0M |
| 2024 | Form 5500 | 57 | $18.3M |
| 2025 | Form 5500 | 55 | $17.7M |
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.
What we know
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| TWO OAKS INVESTMENTS, LLC this business | $23.2M | — |
| Metlife Tulsa | $815K | 0.3 mi |
| Goodman-Baker Insurance Agency Tulsa | $815K | 0.5 mi |
| Statefarm Tulsa | $815K | 0.6 mi |
| Alo Insurance Tulsa | $815K | 0.9 mi |
| Oxylink Tulsa | $815K | 0.9 mi |
| Michael Mares Tulsa | $815K | 0.9 mi |
The full calculation
| Employees reported to the SBA | 36 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $19.2M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $21.5M |
| Estimate: the two combined (geometric mean) | $23.2M |
| EBITDA margin (industry, adjusted for size) | 22% |
| EBITDA = revenue × margin | $5.1M |
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 | $40.1M |
| Multiple for this size and industry | 7.8× |
| Value range | $21.1M – $54.8M |
| Revenue range | $15.2M – $26.4M |
| EBITDA range | $3.4M – $5.9M |
| Industry (NAICS) | Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292) |
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
Advisors
- BankingFirst Oklahoma 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
| First Oklahoma Bank PPP 2020 | All 695 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/13/2020 | first | $525K | 36 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Two Oaks Investments, LLC
Two Oaks Investments, LLC is an insurance agencies company in Broken Arrow, Oklahoma. It is owned by Michael L. Spurgeon. Its estimated annual revenue is about $23.2M, with roughly $5.1M of EBITDA. It has about 55 employees. Its estimated business value is $40.1M (likely range $21.1M–$54.8M).
Common questions
- Who owns Two Oaks Investments, LLC?
- Two Oaks Investments, LLC is owned by Michael L. Spurgeon, according to public sources such as the company's website or filings.
- How much revenue does Two Oaks Investments, LLC make?
- SeeBITDA estimates Two Oaks Investments, LLC's annual revenue at about $23.2M (likely between $15.2M and $26.4M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Two Oaks Investments, LLC worth?
- About $40.1M, roughly 7.8× its estimated EBITDA of $5.1M, typical for a insurance agencies company its size. Likely range: $21.1M–$54.8M.
- How many employees does Two Oaks Investments, LLC have?
- About 55, from its 2025 retirement-plan filing.