How much is my HVAC business worth?
The brutal truth is often nowhere near what you think it should be.
It's like being told that your baby is ugly, but this is something that Patrick Lange of The Business Modification Group has to tell people most days.
Patrick has shared his expert wisdom and in depth knowledge of the current market for buying and selling HVAC businesses across the US.
From a business brokerage point of view, there are three big things that a buyer is looking for in a business that drives the sales price up, and three things that may impact the value of your business in a negative way.
1) Maintenance Agreements
Buyers want to see real relationships with your customers that generate recurring revenue. They simply pay more for a business that is focused on service.
2) Clean Books
If you have not been banking the cash, using your business account like your personal checking account, and for want of a better expression creatively accounting for taking cash...
Two big questions answered here - how do I effectively handle worry? Plus, what should I be doing right now to prepare for the rest of 2020?
So, this was a session I put together for our clients, but we have received a lot of good feedback about it that we wanted to share it with you too.
We are in tough and uncertain times, so taking decisive action, looking after our own mental health and focussing on innovation in our business can only be a good thing.
I truly hope this helps you.
If videos are not your thing, then we made this into a podcast too that you can listen to here https://podcasts.apple.com/gb/podcast/mastermind-q-a-30-april-2020/id1464905340?i=1000473800122
It truly lights me up to see our members actually experience a rapid personal transformation.
Our starting point is that everyone in business has everything they need to succeed.
No one is broken, or needs fixing.
You don't have to scrap everything you have done and start again.
You already know enough. Have enough. Are enough.
The biggest problem is that most people do not see it for themselves.
The clutter of everyday life, of habitual thinking, and being sucked into the treacle of business stops them from reaching that clarity.
As soon as they step outside their business and take the 40,000 foot view, things change.
They see a new potential and opportunity for themselves.
Some people say they have to see it to believe it, and others say they will believe it when they see it.
I say, you need to accept it is possible first, you need to first see a path that you believe you can tread. You need to map out your climb, looking...
This is some initial thinking to help HVAC and Plumbing home services companies see it through the uncertainty that COVID 19 has brought to the World.
Many contractors have reported that their line of credit has been slashed by half or more. Contact your supply house, bank, credit card to investigate this for you and your business. For now, you want to keep as much cash in your business as you can, and if you have been living off recurring credit that may about to be slashed, then you need to know about it quickly and make decisions about how much and what to paydown.
Most of the decisions you make, in your life and in your business, are guided by your unconscious values and beliefs - but some of your beliefs do not serve you, and so affect your decisions on what you do. This training will help you understand & recognise this and intentionally alter your actions.
Here is a training module I have lifted straight out of our Uplevel Mastermind program, which explains how you are able to make changes in yourself - and help others make a mental shift too.
This is some big thinking. It shows you how making one simple change in your own thinking can make a dramatic impact in your life, not just on the results you can achieve, but also on how easy you find achieving them.
Self sabotage is a real thing. Have you ever wondered why you do it to yourself? Why that even though you know what to do, you don't do what you know?
Or why it is that some of your team like to sell, and others just won't do it? Well, this...
Intentional identity - what is that?
As you grow your business to reach your goals, then you will experience a personal transformation. It takes a different kind of person to run a $250,000 a year business than it does to run a $25 million business. But often it is the same person!
Transformation like this can sometimes be hard, it takes us outside of our comfort zone, and we have to push ourselves to do new things and be ready to learn from our mistakes.
It requires a shift in identity of who we are and in what we see ourselves capable of doing. otherwise we are in danger of self sabotage.
Intentional identity is taking back control of our unconscious choices to deliberately push though our comfort zone to get what we truly want, and this little fun exercise is a big step into making this transformation less painful and more permanent.
This is another module taken directly out of our Uplevel Mastermind program. Our members are coached and guided through all of...
I want to share a story of a young married couple with a dream to own their own business.
Michelle and Chad started out with only $5,000 to their name whilst Michelle was pregnant with their first child.
They worked hard and their business grew very quickly - much quicker than they had ever dreamed of or thought possible.
But with rapid growth came chaos, friction, stress and loooong working hours.
They had built a million dollar business, but they felt they were losing control of it. Every day was like a bad dream filled with frustration and worry - call backs, cash flow problems, people issues - Michelle felt that she needed help with everything!!
The stress of working in a chaotic environment was damaging their relationship, and eating into the precious time they could spend with their young family. They grew sick of it, and felt they had created a nightmare job for themselves! Michelle was at the point of leaving their business to look for something else to...
Most of you will have done work or be planning to do work in the future for General Contractors, right?
Well, before you go any further, listen to this.
In today’s episode, Nick will take through the sequence of 6 golden questions to ask any contractor before agreeing to work with them.
Grab a pen and paper and write this down!!
It will mean that you give away less of your margin if you do!
Are you guilty of throwing money at marketing and promotions without any prior planning? Have you spent money on training or software that you’ve never truly benefited from?
Are you constantly on a hamster wheel in your business, but never really achieving your goals?
You could be guilty of Random Acts of Business.
Random Acts of Business can lead to chaos, as they are symptomatic of poor planning and organization.
In today’s episode, let Nick share with you the 3 key things you should be doing in your business to avoid these random acts.
Let Nick show you the method of getting from ‘Right Now’ to your goal in a structured way.