Looking to exit your plumbing & HVAC Business?
Well, so are thousands of other business owners in the next 5-10 years. Of the over 200,000 plumbing contractors in the U.S., I would say (and this is an educated guess based on our exposure to the current market) a solid half of them are owned by baby boomers that will be looking to exit in the near future.
We don’t sell or market plumbing businesses.
We make plumbing businesses sellable to buyers who are willing to pay the multiples you’re dreaming of.
The tragedy is most of the businesses that become for sale and will be for sale are worth nothing more than asset value to anyone else other than a family member or an employee. This means thousands of people will have worked 20, 30, 50 years and the pot of gold at the end of rainbow is full of some used vans, old inventory, and a lifetime of memories.
“But I have thousands of loyal customers, and make a darn good living…certainly my business is worth something to someone else,” you proclaim.
It may be, but here is the challenge you face- the person who will be buying your business likely isn’t like you. You built your business one client at a time with gumption, 7-day workweeks, sacrifices, and a whatever-it-takes attitude. People with that type of DNA are few and far between nowadays. This is a cold hard truth that you must face if you want a big payday.
One of the first rules in sales I learned was: Know what you’re selling and whom you’re selling to. If you want to get paid a fair price for your life’s work, you have to make sure your life’s work is something that someone wants to buy. Take a look at the younger generations; these are the people who will likely be buying your business. Think to yourself, what do they want?
In my experience working on the buy side of a plumbing business acquisition, buyers looking to acquire plumbing and HVAC businesses are willing to pay a lot of money for cash cow businesses that don’t require a lot of work to run.
On the other hand, they are willing to pay little to nothing for cash cow businesses that require 70 hours a week of switching between wearing the technician, bookkeeper, warehouse, call taker, and business owner hat. Often the only difference in the two examples above is one business owner put effort into getting his or her business ready to sell, and the other did not.
We work hand-in-hand with entrepreneurs, investors, and the future of this industry everyday. We know what they are looking for and can help you square up your business to attract the type of buyers that are willing to pay for success in the market today.
Sure, it may be a little bit of work on your end and I get it- its the 4th quarter of your carrier. But let me ask you… are you willing to do a little bit of squaring up that will add hundreds of thousands, maybe even millions of dollars to your retirement?
You got here with blood, sweat, tears, and hard work. Don’t let a little polishing stand in the way of your golden years being dressed in gold.
Maybe your business is highly marketable as it is today, and perhaps it’s not. Either way you have nothing to lose by getting in touch and having a conversation with us. If your business is squared up and ready to hit the market at that huge multiple you’re dreaming of, we will be as excited to tell you that as you are to hear it.