Live from the EPIC2024 stage hosted by EGIA, Patrick Lange, home service business broker and founder of Business Modification Group, joins BlueTube to share what he’s learned from buying and selling more than 125 residential service businesses.
Welcome back, listeners! This week, we’re coming to you live from Anaheim, CA, at the EPIC2024 podcasting stage! We’re joined by EPIC presenter, business owner, former tradesman, and home service business broker expert, Patrick Lange.
During the COVID-19 pandemic, the industry underwent a barrage of private equity firms entering the space. HVAC companies, plumbers, electricians, and roofers — all types of service businesses — were acquired left and right, turning owners into millionaires and raising local competition to an unprecedented level.
To get the check you want (and deserve), it’s critical to build an exit strategy and execute it.
Patrick shares the common pitfalls owners run into when selling their business and how to avoid them, the real multiple buyers are paying, and most importantly, strategies to increase the value of your company before you sell.
In This Episode, We Discuss
- 00:03:06 How Patrick got into selling home service businesses
- 00:04:45 Patrick’s other entrepreneurial ventures, including owning a residential HVAC company and building a pool cleaning empire in Florida
- 00:08:32 Knowing when it’s time to sell your business
- 00:10:19 Patrick answers the question, “How much is your business really worth?”
- 00:12:53 Most common mistakes owners make when selling a business (and how to avoid them)
- 00:16:41 Operating efficiency and the value of your business
- 00:21:18 Where the M&A market is heading in the trades