What's Cooking Ltd
How we got $1.5M
Based on its 18 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 31 years (since 1995)
- Founder still runs it after 31 years
- 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
What's Cooking offers carryout meals to go and catering in a range of cuisines, serving customers for corporate events and family gatherings. It is based in Oklahoma City.
From the company's website. Industry: Perishable Prepared Food Manufacturing.
Estimated value over time
▲ 8% 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.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| WHAT'S COOKING LTD this business | $5.3M | — |
| DO FAMILY INVESTMENTS LLC Oklahoma City · 13 employees | $4.6M | 3.6 mi |
| CALLEYCO LLC Oklahoma City · 1 employees | $438K | 3.8 mi |
| VITALITY MEAL PREP & FITNESS Oklahoma City · 1 employees | $629K | 4.0 mi |
| WAFFLE CHAMPION Oklahoma City · 23 employees | $11.1M | 4.9 mi |
| NEIGHBORS QUALITY HOUSE COFFEE Oklahoma City · 11 employees | $7.4M | 4.9 mi |
| MARIPOSA COFFEE ROASTERY Oklahoma City · 7 employees | $4.5M | 5.2 mi |
The full calculation
| Employees reported to the SBA | 18 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $6.0M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $3.5M |
| Estimate: the two combined (geometric mean) | $5.3M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $486K |
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 | $1.5M |
| Multiple for this size and industry | 3× |
| Value range | $767K – $2.0M |
| Revenue range | $3.5M – $6.0M |
| EBITDA range | $320K – $554K |
| Industry (NAICS) | Perishable Prepared Food Manufacturing (311991) |
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. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“Sheli Adler started What’s Cooking in 1995 and we have been serving people with delicious food ever since.”
Advisors
- BankingBOKF, National AssociationPPP / 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
| BOKF, National Association PPP 2020, PPP 2021 | All 2,399 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/29/2020 | first | $73K | 16 |
| 2/3/2021 | second | $103K | 18 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About What's Cooking Ltd
What's Cooking Ltd is a perishable prepared food manufacturing company in Oklahoma City, Oklahoma, in business since 1995. It is owned by Sheli Adler (Founder). Its estimated annual revenue is about $5.3M, with roughly $486K of EBITDA. It has about 18 employees. Its estimated business value is $1.5M (likely range $767K–$2.0M).
Common questions
- Who owns What's Cooking Ltd?
- What's Cooking Ltd is owned by Sheli Adler (Founder), according to public sources such as the company's website or filings.
- How much revenue does What's Cooking Ltd make?
- SeeBITDA estimates What's Cooking Ltd's annual revenue at about $5.3M (likely between $3.5M and $6.0M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is What's Cooking Ltd worth?
- About $1.5M, roughly 3× its estimated EBITDA of $486K, typical for a perishable prepared food manufacturing company its size. Likely range: $767K–$2.0M.
- How many employees does What's Cooking Ltd have?
- About 18, as reported on its PPP loan.
- When was What's Cooking Ltd founded?
- What's Cooking Ltd has been in business since 1995.
- Is What's Cooking Ltd for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 31 years (since 1995); founder still runs it after 31 years; no family successor named on its website.