The Thos. Somerville Co. was founded in 1861. Doug Riley started with the company as a temporary worker in 1985. His meteoric rise reached its ceiling in 2015, when he was named CEO and president.
“If you’re not passionate about this industry, go find one you are passionate about,” Quinn said. “Passion seems to be the biggest differentiator between those who do really well in the industry and those who do not.”
Following five years of death and destruction that led him through four deployments — three to Afghanistan and one to Iraq — Griffin’s chaotic lifestyle flip-flopped. Literally.
Regardless which path an owner picks, his or her exit will likely be the largest transaction he or she will ever conduct — one that should be handled with extreme care. Here are some tips from a group of advisors who are well-versed in helping HVACR distributors make crucial business decisions, including exit planning.
"Contrary to popular belief, I think that we really do work in a cool industry," Munch said. "It checks a lot of boxes for an industry that fuels enthusiasm, such as technology-focused product segments, rapid growth, networking-focused industry organizations, etc. All these things promote excitement and engagement, and I think that shows.”
For many wholesalers, HVACR distribution runs in their blood. This is evident by the ample number of second-, third-, and fourth-generation owners leading wholesale distributors nationwide.
“I feel like I learned this industry through trial and error with no one paying attention to everything around me," Miller said. "The industry has changed so much, and I don’t think anything is the same as it was 17 years ago.”
“Some of my customers are the nicest people in the world and would seriously give you the shirt off their back," Lohrbach said. "Even if I change positions or were to go somewhere else, these guys would always be considered friends.”