Selling your company is almost always an asset sale. So one of the discussions I always have with owners is about understanding and paying off debt when you sell. Getting your financials in order is part of getting ready to sell, of course, and a buyer must have a clear understanding of any outstanding debt or loans before the final sale price is negotiated. It may be more complex than it seems at first glance. A good example is the [...]
All transitions come with their challenges, but you can take steps to minimize those challenges. As you prepare for your HVAC company to change hands to the next owner, some thoughtful tips can help make the conversion as seamless as possible. Some business-savvy individuals shared their tips for a successful transition below. Patrick Grayson Founder and CEO, Paramount Property Buyers. Establish a Detailed Transition Plan In order to ensure a smooth and successful handover of your HVAC business, it's important [...]
Whether you plan to sell your HVAC business in a few weeks, months, or years, there are some items you should cross off your task list before listing for sale. HVAC businesses are unique, and there are certain things you can do to make it as attractive as possible before you begin your marketing-to-sell process. Here are five tips for boosting the selling price of your HVAC business: 1. Cultivate a Solid Team for Your HVAC Business Half the battle [...]
The buyer is not the enemy I’ve written before about what a seller’s responsibility is during the sale. As a broker, my job is to market the business, find a qualified buyer, help the seller navigate and negotiate the process, and keep the deal moving. The seller is responsible for making financial documentation available, responding to questions and issues, and making sure the buyer and their team have everything they need to make a decision and close the deal. But [...]
I’ve gotten several questions on the differences between selling a franchise HVAC business and one that you’ve built yourself. The principles of selling the two kinds of companies are the same, but the pool of buyers will be different. Here’s what you need to know. The key factor in getting full price for your business is getting it in front of as many serious buyers as you can. The only way to truly understand its market value is to get [...]
Perhaps you’ve heard the term ‘private equity’ thrown around as a buzzword within the HVAC industry, but you’re unsure what it means. What Does Private Equity Mean? A Private Equity (PE) firm invests in businesses by taking controlling stakes and increasing their value to make a meaty profit when they sell. PE firms accumulate a stockpile of independent companies that will eventually sell and make a profit. Why HVAC? PE firms continue to grow, as reported in Forbes Advisor last [...]
Your chest is getting heavy, and your stress level rises daily. You know you're ready to sell your HVAC business, but you have no idea where to start. Whenever you think about it, you want to curl in a ball and deal with it later. We get it. Selling a business is a big deal. It can be scary, overwhelming, and confusing. That's why an HVAC business broker can be your saving grace while selling your HVAC business. They can [...]
While you’ve made the momentous decision to hand over the reins to your business, it can feel like you’re handing over your child. You don’t entrust its wellbeing and care to anyone. It’s crucial to select an HVAC business broker that fits your interests. But how do you know who will represent you and your business the best for you? These business brokers give some helpful tips for selecting the right broker for your goals. Brandon Ward Business Broker, Vested [...]
"You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself." - Samuel Levenson In a previous post, I told the story of selling the first business I built. I was 35, burned out, and miserable. I took the first (and only) offer I got, and in the process, left money on the table and put myself at tremendous risk. Here are some more things I did wrong as a seller. [...]
“Experience is merely the name men gave to their mistakes.” ― Oscar Wilde I was 35 years old when I sold the first business I’d built. I became a broker eventually because I wanted to help other business owners avoid all the mistakes I made.in the process. My first business – the one I thought was my life’s work – was a financial advising practice. I was good at it, and I was proud of how much it had grown. [...]
