For decades, family-owned HVACR companies have had succession plans established by birthright. When the current leadership retired, the predestined next in line, whether one relative or a few, took up the mantle for a smooth transition. Much has changed. Many millennials and Gen Zers are not looking to become the heir apparent to the family business in an industry known for working long hours and outdoors, regardless of weather conditions, and the need to be on call for emergencies.
There are over 50,000 independently owned HVACR businesses in the U.S., and many don’t have succession plans. So what comes next? Selling successfully with the knowledge that you are in an industry that grows right alongside the population, because everyone needs places to live that have climate control systems. And the opportunities are boundless, because HVACR spans multiple sectors of residential, industrial, and commercial. Service will increase while always being in demand, as maintenance is necessary to maintain efficiency.