I’m looking to sell my HVAC company in North Carolina”, if that sentence is on your mind, then we understand.
Selling HVAC companies has more particularities than other businesses and making a deal with inexperienced buyers can be tricky.
Many potential buyers have no idea of what a successful company in this industry looks like and are reluctant to acquire any business.
And since North Carolina is the 6th state with most HVAC staff in the US, it’s a big market with many competitors and business sales going on.
If you want a piece of that pie for yourself, check out the 4 steps below.
We’ll give you the rundown on how to sell your North Carolina HVAC company for a fair price!
Step One: Draft up a finance report for your potential clients
People that buy businesses have one question on their minds: “is it profitable?”
And the best way to prove that is with a finance report. Create a document with your monthly sales, profits, and growth history.
If you can go back 5 years in this report even better, because this will provide clients with more data and make it trustworthy.
Don’t forget to include the number of clients on service agreements too, since this is a recurring investment for the HVAC company and provides a predictable cash flow to buyers.
Buyers can expect to inherit these clients once they purchase your company.
Step Two: Check the price on North Carolina HVAC companies for sale
You’re not going to sell your HVAC company if it’s overpriced. And you’ll have trouble finding good buyers if it’s underpriced (they’ll think it’s a scam or a shady company).
That’s why you need to research the price HVAC companies are selling for in North Carolina.
You can find prices on websites such as BizQuest and BizBuySell — during the writing of this article we checked out both websites and HVAC companies were selling from $300k to more than $5 million!
That’s a huge price range, so it’s hard to evaluate what price tag to put on your company. An HVAC broker can take a look at your business and provide an adequate price tag.
Step three: License an employee of trust at your HVAC company
HVAC companies need licensed employees to run. And unfortunately, many companies only have a single member (usually the owner) with an HVAC license.
If this is the case at your company, get one of your most trustworthy employees to be licensed. They’ll take on the helm after you leave when the business is sold.
Most HVAC buyers don’t have a license and expect a member of staff to have one. So if your company doesn’t, you’re at a major disadvantage — make one of your employees get an HVAC license as soon as possible!
Step four: Get in touch with a North Carolina HVAC broker
If you want to make sure your HVAC company sells for how much it’s worth, you need an HVAC broker with experience in the North Carolina market.
North Carolina is the 6th biggest HVAC market in the US according to the Bureau of Labor Statistics, with 13,800 employees.
Such a big market means a lot of business deals are going on — and the best deals are done with experienced HVAC brokers.
Our broker, Patrick Lange, has sold more HVAC companies in the US than any other broker in the past 12 months.
Get in touch with him now to sell your HVAC business in North Carolina!