The No. 1 trait needed to complete the purchase of another business might just be patience. Here is an inside look at how HVAC owners have successfully approached the acquisition process — from the initial conversation to after the sale finally closes.
According to industry experts, it’s all too common for contractors to make the mistake of waiting until they’re desperate to sell before properly assessing their company’s value and working to make it attractive to potential buyers.
Family businesses have long been a mainstay of the industry, and multigenerational companies are proud of their HVACR heritages. And, in spite of the challenges, many contractors have successfully passed the torch to succeeding generations and are now planning for future transitions.
More and more homeowners are gravitating toward the control and convenience offered by new thermostats, which are designed to make managing energy easier than ever before. But, despite all the bells and whistles, consumers are most often looking for simple solutions because their time is valuable — and most don’t want to spend a lot of time tracking their energy use.
While there are still misperceptions that deter some in the small-building market from investing in building management systems (BMS), many expect small-building owners and operators to continue to invest in BMS.