Illustrative scenario — a composite example, not a description of one specific past transaction.
July 21, 2026
The Business
An HVAC and HVACR contractor with a mix of new-install and recurring maintenance-agreement revenue. The owner was ready to retire after more than 20 years running the business.
The Challenge
More than half of revenue came from one-off service calls rather than contracted maintenance agreements, and the owner was still the one signing off on every large job — both factors that suppress the multiple a buyer is willing to offer.
Our Approach
Over several months before listing, we worked with the owner to document the maintenance-agreement base separately from one-off revenue, get a lead technician cross-trained on estimating, and prepare a normalized SDE statement covering three years of financials. Buyers were screened for financing capacity and mechanical-trade experience before receiving detailed financials.
The Outcome
The business went under contract with a buyer who financed the purchase through an SBA loan, closing within the industry-typical 6–12 month window. The owner stayed on for a 30-day transition to introduce the new owner to key commercial accounts.