R&S Family of Companies — Ownership & Valuation Report (Updated Feb 14)

Total Portfolio Value

$95,061,550

Operating Entities

Individual Owners

📖 How to Read This Report

Ownership %: Your share of a company. If you own 26.35% of a company, you own 26.35% of its value.
Indirect Ownership: When you own shares in a company that owns shares in another company, you have indirect ownership. For example, if you own 26.35% of Company A, and Company A owns 69.99% of Company B, then your indirect ownership of Company B is 26.35% × 69.99% = 18.44%.
Total Value: The dollar amount your ownership stake is worth, based on each company's current book value.
Book Value: The total value of a company based on its financial statements — assets minus liabilities. These values come directly from company records and reflect cross-company investments already.

📐 How Ownership Value Is Calculated

Each person's value is calculated by multiplying their ownership percentage by the company's book value. Here's a real example:

Kevin Smith owns 26.35% of R&S Erection, Inc.

R&S Erection, Inc. owns 69.99% of R&S Manufacturing, Inc.

So Kevin's indirect ownership of Manufacturing = 26.35% × 69.99% = 18.44%

Manufacturing's book value = $21,887,885

Kevin's stake in Manufacturing = 18.44% × $21,887,885 = $4,036,644

This same method is applied across all 23 operating entities for every individual owner. Company book values already account for cross-company investments, so we calculate each person's share without double-counting.

🏆 Individual Rankings

	Name	Total Value	Holdings	% of Portfolio
#1	Kevin Smith	$11,688,400.63	19	12.3%
#2	William Lawrence	$11,315,366.04	11	11.9%
#3	Gerald Trask Sr.	$5,272,747.90	4	5.55%
#4	Shawn Trask	$3,420,610.68	7	3.6%
#5	Ken Gotelli	$3,287,089.63	3	3.46%
#6	David Arrighi	$1,916,658.68	4	2.02%
#7	Gerald Trask Jr.	$1,808,088.16	8	1.9%
#8	Dana Thompson	$1,782,505.47	2	1.88%
#9	Ray Zarodney	$1,034,200.00	2	1.09%
#10	Eugene Radin Sr.	$1,011,695.01	4	1.06%
#11	Mike Fleck	$928,379.14	4	0.98%
#12	Paul Jones	$684,661.27	4	0.72%
#13	Leslie Robinson	$645,237.59	2	0.68%
#14	Jeff Hoffmann	$566,921.66	2	0.6%
#15	Martin Stevenson	$424,761.66	2	0.45%
#16	Theresa Ratto	$205,464.48	3	0.22%
#17	Jason Diers	$21,521.66	1	0.02%

👤 Individual Holdings Detail

Each person's ownership broken down by company. "Indirect" means ownership flows through R&S Erection, Inc.

#1 Kevin Smith $11,688,400.63

Company	Ownership %	Value
R & S Manufacturing, Inc.	18.44% (indirect)	$4,036,643.73
R & S Erection, Tri-County, Inc.	16.27% (indirect)	$1,138,609.85
R & S Overhead Garage Door, Inc.	10.79% (indirect)	$1,079,032.50
R & S Erection of San Francisco, Inc.	17.22% (indirect)	$1,000,238.09
R & S Erection of Concord, Inc.	14.18% (indirect)	$851,052.30
R & S Erection of Southern Alameda County	8.96% (indirect)	$537,381.90
R & S Erection of San Mateo, Inc.	13.18% (indirect)	$527,000.00
R & S Erection of Santa Clara County, Inc.	13.18% (indirect)	$461,125.00
R & S Erection of Vallejo, Inc.	22.71% (indirect)	$445,071.88
R & S Erection of Richmond, Inc.	8.39% (indirect)	$259,588.42
R & S Overhead Doors and Gates of Sacramento, Inc.	13.25% (indirect)	$242,299.32
R & S Overhead Doors of San Diego, Inc.	21.61% (indirect)	$216,055.00
R & S Overhead Doors of South Bay, Inc.	7.18% (indirect)	$183,693.42
R & S Automation, Inc.	13.47% (indirect)	$163,954.18
R & S Erection of Santa Rosa, Inc.	15.69% (indirect)	$151,953.66
R & S Wholesale Doors, Inc.	9.27% (indirect)	$122,060.76
R & S Overhead Doors of Commerce, Inc.	7.18% (indirect)	$104,519.58
R & S Manufacturing of Southern California, Inc.	5.10% (indirect)	$101,974.50
R & S Overhead Doors of Inland Empire, Inc.	7.18% (indirect)	$66,146.53

#2 William Lawrence $11,315,366.04

Company	Ownership %	Value
R & S Manufacturing, Inc.	30.01%	$6,568,554.43
R & S Erection, Tri-County, Inc.	18.52%	$1,296,400.00
R & S Erection of Southern Alameda County	17.01%	$1,020,600.00
R & S Overhead Garage Door, Inc.	9.10%	$910,000.00
R & S Manufacturing of Southern California, Inc.	19.68%	$393,600.00
R & S Erection of San Mateo, Inc.	8.67%	$346,760.00
R & S Automation, Inc.	28.30%	$344,588.64
R & S Wholesale Doors, Inc.	11.73%	$154,404.30
R & S Overhead Doors of South Bay, Inc.	5.68%	$145,384.58
R & S Overhead Doors of Commerce, Inc.	5.68%	$82,722.26
R & S Overhead Doors of Inland Empire, Inc.	5.68%	$52,351.83

#3 Gerald Trask Sr. $5,272,747.90

Company	Ownership %	Value
R & S Overhead Garage Door, Inc.	25.02%	$2,502,000.00
R & S Erection of Southern Alameda County	33.99%	$2,039,400.00
R & S Erection, Tri-County, Inc.	8.64%	$604,800.00
R & S Erection of Richmond, Inc.	4.09%	$126,547.90

#4 Shawn Trask $3,420,610.68

Company	Ownership %	Value
R & S Overhead Garage Door, Inc.	24.93%	$2,493,000.00
R & S Erection of San Mateo, Inc.	16.13%	$645,160.00
R & S Overhead Doors of South Bay, Inc.	3.41%	$87,230.75
R & S Overhead Doors of San Diego, Inc.	8.17%	$81,670.00
R & S Overhead Doors of Commerce, Inc.	3.41%	$49,633.36
R & S Wholesale Doors, Inc.	2.47%	$32,505.47
R & S Overhead Doors of Inland Empire, Inc.	3.41%	$31,411.10

#5 Ken Gotelli $3,287,089.63

Company	Ownership %	Value
R & S Erection of Concord, Inc.	30.78%	$1,846,800.00
R & S Erection of San Francisco, Inc.	20.13%	$1,169,286.55
R & S Erection of Vallejo, Inc.	13.83%	$271,003.08

#6 David Arrighi $1,916,658.68

Company	Ownership %	Value
R & S Erection North Peninsula, Inc.	27.27%	$1,636,200.00
R & S Overhead Doors of South Bay, Inc.	5.68%	$145,384.58
R & S Overhead Doors of Commerce, Inc.	5.68%	$82,722.26
R & S Overhead Doors of Inland Empire, Inc.	5.68%	$52,351.83

#7 Gerald Trask Jr. $1,808,088.16

Company	Ownership %	Value
R & S Erection of Southern Alameda County	15.01%	$900,600.00
R & S Erection of Richmond, Inc.	18.98%	$587,256.51
R & S Overhead Doors of South Bay, Inc.	3.41%	$87,230.75
R & S Overhead Doors of San Diego, Inc.	8.17%	$81,670.00
R & S Overhead Doors of Commerce, Inc.	3.41%	$49,633.36
R & S Wholesale Doors, Inc.	3.70%	$48,764.79
R & S Overhead Doors of Inland Empire, Inc.	3.41%	$31,411.10
R & S Erection of Santa Rosa, Inc.	2.22%	$21,521.66

#8 Dana Thompson $1,782,505.47

Company	Ownership %	Value
R & S Erection of Santa Clara County, Inc.	50.00%	$1,750,000.00
R & S Wholesale Doors, Inc.	2.47%	$32,505.47

#9 Ray Zarodney $1,034,200.00

Company	Ownership %	Value
R & S Erection of Concord, Inc.	15.39%	$923,400.00
R & S Manufacturing of Southern California, Inc.	5.54%	$110,800.00

#10 Eugene Radin Sr. $1,011,695.01

Company	Ownership %	Value
R & S Erection of San Francisco, Inc.	14.52%	$843,419.81
R & S Overhead Doors of South Bay, Inc.	3.41%	$87,230.75
R & S Overhead Doors of Commerce, Inc.	3.41%	$49,633.36
R & S Overhead Doors of Inland Empire, Inc.	3.41%	$31,411.10

#11 Mike Fleck $928,379.14

Company	Ownership %	Value
R & S Erection, Tri-County, Inc.	11.11%	$777,700.00
R & S Overhead Doors of San Diego, Inc.	8.17%	$81,670.00
R & S Automation, Inc.	3.90%	$47,487.48
R & S Erection of Santa Rosa, Inc.	2.22%	$21,521.66

#12 Paul Jones $684,661.27

Company	Ownership %	Value
R & S Erection of Richmond, Inc.	10.76%	$332,923.08
R & S Overhead Doors and Gates of Sacramento, Inc.	10.06%	$183,981.56
R & S Erection of Santa Rosa, Inc.	8.89%	$86,086.63
R & S Overhead Doors of San Diego, Inc.	8.17%	$81,670.00

#13 Leslie Robinson $645,237.59

Company	Ownership %	Value
R & S Overhead Doors of So-Cal, Inc.	18.52%	$563,567.59
R & S Overhead Doors of San Diego, Inc.	8.17%	$81,670.00

#14 Jeff Hoffmann $566,921.66

Company	Ownership %	Value
R & S Erection North Peninsula, Inc.	9.09%	$545,400.00
R & S Erection of Santa Rosa, Inc.	2.22%	$21,521.66

#15 Martin Stevenson $424,761.66

Company	Ownership %	Value
R & S Erection of San Mateo, Inc.	10.08%	$403,240.00
R & S Erection of Santa Rosa, Inc.	2.22%	$21,521.66

#16 Theresa Ratto $205,464.48

Company	Ownership %	Value
R & S Automation, Inc.	8.00%	$97,410.22
R & S Wholesale Doors, Inc.	4.94%	$65,010.95
R & S Erection of Santa Rosa, Inc.	4.44%	$43,043.32

#17 Jason Diers $21,521.66

Company	Ownership %	Value
R & S Erection of Santa Rosa, Inc.	2.22%	$21,521.66

🏢 Entity Valuations

All 23 operating entities with current book values. Share counts are "Outstanding" (excludes treasury shares).

Company	Book Value	Shares Outstanding	Price Per Share
R & S Manufacturing, Inc.	$21,887,885.47	11,168	$1,959.88
R & S Overhead Garage Door, Inc.	$10,000,000.00	1,099	$9,099.18
R & S Erection, Tri-County, Inc.	$7,000,000.00	81	$86,419.75
R & S Erection of Concord, Inc.	$6,000,000.00	6,966	$861.33
R & S Erection North Peninsula, Inc.	$6,000,000.00	1,100	$5,454.55
R & S Erection of Southern Alameda County	$6,000,000.00	353	$16,997.17
R & S Erection of San Francisco, Inc.	$5,808,676.35	6,060	$958.53
R & S Erection of San Mateo, Inc.	$4,000,000.00	992	$4,032.26
R & S Erection of Santa Clara County, Inc.	$3,500,000.00	900	$3,888.89
R & S Erection of Richmond, Inc.	$3,094,080.64	4,648	$665.68
R & S Overhead Doors of So-Cal, Inc.	$3,043,265.00	10,800	$281.78
R & S Overhead Doors of South Bay, Inc.	$2,558,768.69	4,400	$581.54
R & S Manufacturing of Southern California, Inc.	$2,000,000.00	3,049	$655.95
R & S Overhead Garage Door of Texas, Inc.	$2,000,000.00	5,500	$363.64
R & S Erection of Vallejo, Inc.	$1,960,080.43	5,222	$375.35
R & S Overhead Doors and Gates of Sacramento, Inc.	$1,828,842.53	895	$2,043.40
R & S Erection of Monterey Bay, Inc.	$1,500,000.00	7,000	$214.29
R & S Overhead Doors of Commerce, Inc.	$1,455,911.86	4,400	$330.89
R & S Wholesale Doors, Inc.	$1,316,544.14	4,050	$325.07
R & S Automation, Inc.	$1,217,627.70	1,000	$1,217.63
R & S Overhead Doors of San Diego, Inc.	$1,000,000.00	9,999	$100.01
R & S Erection of Santa Rosa, Inc.	$968,474.59	90	$10,760.83
R & S Overhead Doors of Inland Empire, Inc.	$921,392.16	4,400	$209.41
Total Portfolio	$95,061,549.56

📎 Addendum: R&S Erection, Inc. (Holding Company)

R&S Erection, Inc. is a holding company — it owns shares in 19 of the 23 operating entities. Its value is derived from those stakes, not independent. It is not included in the portfolio total to avoid double-counting.

Implied Value

$42,722,060

Shares Outstanding

54,470

Implied Price/Share

$784.32

Ownership of R&S Erection, Inc.

Owner	%	Shares
Kevin Smith	26.35%	14,353
United R&S Partners, LLC *	73.65%	40,117
Total	100.00%	54,470

* United R&S Partners, LLC is a shareholder vehicle only — not an operating entity. Its members are operating companies, and its value is already reflected in those companies' book values. It holds no independent valuation.

R&S Erection's Stakes in Operating Entities

Company	Ownership	Company Value	Attributed Value
R & S Manufacturing, Inc.	69.99%	$21,887,885.47	$15,319,331.04
R & S Erection, Tri-County, Inc.	61.73%	$7,000,000.00	$4,321,100.00
R & S Overhead Garage Door, Inc.	40.95%	$10,000,000.00	$4,095,000.00
R & S Erection of San Francisco, Inc.	65.35%	$5,808,676.35	$3,795,969.99
R & S Erection of Concord, Inc.	53.83%	$6,000,000.00	$3,229,800.00
R & S Erection of Southern Alameda County	33.99%	$6,000,000.00	$2,039,400.00
R & S Erection of San Mateo, Inc.	50.00%	$4,000,000.00	$2,000,000.00
R & S Erection of Santa Clara County, Inc.	50.00%	$3,500,000.00	$1,750,000.00
R & S Erection of Vallejo, Inc.	86.17%	$1,960,080.43	$1,689,077.35
R & S Erection of Richmond, Inc.	31.84%	$3,094,080.64	$985,155.28
R & S Overhead Doors and Gates of Sacramento, Inc.	50.28%	$1,828,842.53	$919,542.02
R & S Overhead Doors of San Diego, Inc.	51.00%	$1,000,000.00	$510,000.00
R & S Erection of Santa Rosa, Inc.	51.11%	$968,474.59	$494,998.12
R & S Wholesale Doors, Inc.	35.19%	$1,316,544.14	$463,228.69
R & S Automation, Inc.	36.30%	$1,217,627.70	$441,998.86
R & S Manufacturing of Southern California, Inc.	19.35%	$2,000,000.00	$387,000.00
R & S Overhead Doors of South Bay, Inc.	5.68%	$2,558,768.69	$145,384.58
R & S Overhead Doors of Commerce, Inc.	5.68%	$1,455,911.86	$82,722.26
R & S Overhead Doors of Inland Empire, Inc.	5.68%	$921,392.16	$52,351.83
Total Implied Value			$42,722,060.03

Individual Stakes in R&S Erection, Inc.

Name	Effective %	Implied Value
Kevin Smith	26.35%	$11,257,262.82

📋 Data Sources & Corrections

This report was updated on February 14, 2026 with corrections based on feedback from Shawn Trask and a full audit against source records.

Data Sources

Ownership structure: "Copy of R&S Ownership" spreadsheet (Ownership by shop tab)
Entity valuations: Shawn Trask's email (Feb 10, 2026) with balance sheet attachments
Share counts: "Total Shares Outstanding" from company records (excludes treasury shares)
Price per share: Calculated as Book Value ÷ Shares Outstanding

Corrections Applied

R&S Manufacturing, Inc.
Shares: 11,268 → 11,168 (was using Issued count including 300 treasury shares)
Price Per Share: $11,942.48 → $1,959.88 (data entry error in original)
Total Value: $21,887,885.47 (unchanged — was correct)

R&S Automation, Inc.
Shares: 1,100 → 1,000 (was using Issued count including 178 treasury shares)

R&S Erection of Richmond, Inc.
Shares: 4,838 → 4,648 (was using Issued count including 1,348 treasury shares)

R&S Overhead Doors of Commerce / Inland Empire / South Bay
Shares: 4,650 each → 4,400 each (was using Issued count including 1,500 treasury shares)

R&S Wholesale Doors, Inc.
Shares: 4,200 → 4,050 (was using Issued count including 250 treasury shares)

R&S Overhead Doors of So-Cal, Inc.
Value: $2,000,000 → $3,043,265 (early estimate replaced with actual book value per Shawn)

United R&S Partners, LLC
Previously listed as an entity with $15,375,000 value
Removed per Shawn: "This LLC is a Shareholder only in R&S Erection Inc. The value of the investment is reflected in the valuations of the shops that bought in."

Methodology Change
Previous report used complex chain resolution that inflated values by double-counting cross-company investments
Now uses simple ownership tracing: each person's value = their ownership % × company book value. Company book values already reflect cross-company investments (per Shawn: "All of the cross company ownership has been taken into consideration in the valuations of each company already").