While many HVAC companies are prepared for booming growth and expansion these days, others within the industry may be in a better position to consider market consolidation instead.
While growth may be the case for a number of HVAC businesses, it’s not necessarily the future of every one. In fact, some of them are best positioned for market consolidation.
In the latest episode of The NEWSMakers podcast, Kyle Gargaro, editorial director for The ACHR NEWS, talks to Brandon Bolen, vice president of service contractors at Live Oak Bank.
According to a 2016 survey of small businesses (under 300 employees) by Nationwide, three in five do not have a succession plan in place. Of those who do, fewer than half have discussed it with a lawyer or financial advisor. Millennial business owners are most likely to have a succession plan in place (61 percent), compared with 32 percent of baby boomers and 32 percent of GenX leaders, according to the study.
MiTek Industries Inc. (MiTek), a diversified, global business supplying a wide range of engineered products; proprietary business management and design software; and automated equipment to the construction and industrial markets, announced that it has added Mark Thom to its leadership as the new CEO. The current CEO, Tom Manenti, will assume the role of executive chairman for 2017. Manenti will continue to report to Warren Buffett.
Each aspect of a business owner’s personal, business, and financial planning goals should be examined and integrated in order to support the owner’s motives and goals.
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.