Buying and Selling an HVAC Business with Patrick Lange
What to consider when buying or selling an HVAC, or heating and air, small business. Patrick Lange, an HVAC business broker, shares his insights and experiences in the industry and his journey as an entrepreneur.
Patrick Lange with Business Modification Group specializes in the sale and acquisition of heating and air companies. Patrick has been an entrepreneur his entire life buying, growing, and selling businesses in multiple industries, including owning a residential heating and air company.
Patrick is considered an expert in the field of business brokerage having earned multiple awards for transactions and dollar volume of businesses sold.
Patrick decided several years ago to focus exclusively on heating and air companies after seeing a need for someone with specific knowledge of the industry as well as the ability to market these businesses in an effective manner to help his clients achieve predictable results. Since he made that transition, he has sold more heating and air companies than any other broker.
In addition to facilitating the sale of heating and air companies, Patrick also provides valuations for those who are interested in learning the current value of their business in the market as well as strategies to increase the potential selling price.
Patrick lives in Horseshoe Beach, Florida.
Topics and questions covered on this episode of The How of Business podcast:
- Please briefly introduce the types of services typically provided by an HVAC business.
- What are some common misconceptions about the heating and air business or industry?
- What are the typical expected profit margins and selling multiples for HVAC businesses?
Buying a business:
- Why should someone consider buying an HVAC small business?
- In addition to the typical things I should consider and evaluate with any business (i.e. financials, reputation, assets, transition) – what are some of the unique considerations with HVAC businesses?
- Do I need HVAC experience? Who is a good fit for owning an HVAC business?
- What should I consider when determining the value of the small business, and if the asking price makes sense?
- What are your thoughts on HVAC business franchises as an option to consider?
Selling a business:
- What are some common characteristics of HVAC small businesses that sell best?
- What do I need to do first to get my HVAC business ready for sale?
- What are some common mistakes you observe when owners try to sell their business?
- How do I determine the potential sales price of my business?
- What is your role as the broker?
- What are the fees for your services?
- What should I do next if I am interest in selling or buying a heating and air company?
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
Books mentioned in this episode:
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- Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
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