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132 - How to Turn a HVAC Company into a $5 Million Business with Jack Carr
Manage episode 471001489 series 3591759
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Join me, Nik (https://x.com/CoFoundersNik), as I interview Jack (https://x.com/thehvacjack) on Nikonomics!
We dive into the surprisingly "sexy" world of home services, specifically HVAC and plumbing. Hear Jack's story of leaving a comfortable corporate job managing operations for nine different wineries to acquire a sub $1 million HVAC company in Middle Tennessee in 2022.
He shares the wild ride of growing from a lean operation to a business slated to do $5-6 million this year with around 20 employees, navigating unexpected challenges like everyone quitting on day one!
We also touch upon his entrepreneurial past, including an agricultural repair company and even a Bitcoin mining farm in Reno. Discover how he's leveraged both organic growth and strategic tuck-in acquisitions to rapidly scale his business and his insights on using overseas talent.
Questions This Episode Answers:
What's your company's current size and scope in the HVAC and plumbing industry?
When did you decide to jump into owning this HVAC company?
Considering you had a background in operations at wineries, why choose the HVAC space specifically?
How much did you initially pay for the business you acquired?
What was your immediate reaction when almost all the employees quit the day before you took over?
Enjoy the conversation!
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This week we covered:
00:00 Highlights & Introduction
00:35 Jack's HVAC Business Overview
01:18 Jack's Entrepreneurial Journey
02:49 Bitcoin Mining Ventures
07:31 Challenges in HVAC Business
15:11 Growth Through Acquisitions
18:38 Reinvesting in Business Growth
19:10 Acquisition Strategies and Challenges
20:05 Learning the Business Inside Out
24:01 Scaling with Overseas Talent
29:44 Advice for Hiring Overseas Talent
34:20 Reflecting on the Journey
179 episodes
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