Get Rich in HVAC: The Insider Secrets

By Christopher Smith

Get Rich in HVAC - The Insider Secrets takes the reader through three different areas for building wealth in HVAC. The first one is how to grow the business to get more sales and a higher profit. The second is how to run an HVAC business with the goal of selling the business at some point. The third area is how to sell the HVAC business and when to sell the HVAC business. As a bonus, Christopher also explains how to quickly and significantly increase the value of your HVAC business by using a little-known technique that just a few of the wealthy HVAC insiders already know. This book will take you from an HVAC technician who just passed the HVAC license exam to the knowledge of an experienced wealth-building HVAC insider. The contents of this book will have an impact on the wealth of your future generations. A quick read full of experience and know-how from one of the leading HVAC consultants and business brokers in the industry.

• Language: English
• Publisher: BookBaby
• Release date: Mar 17, 2022
• ISBN: 9781667834269

Christopher Smith

Christopher Smith has been the film critic for a major Northeast daily for 14 years. Smith also reviewed eight years for regional NBC outlets and also two years nationally on E! Entertainment Daily. He is a member of the Broadcast Film Critics Association.He has written three best-selling books: "Fifth Avenue," "Bullied" and "Revenge."

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Get Rich in HVAC - The Insider Secrets

© 2022 Christopher Smith. All rights reserved.

ISBN 978-1-66783-425-2 (Print)

ISBN 978-1-66783-426-9 (eBook)

No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

Contents

INTRODUCTION

Section 1:How to Grow Your HVAC Business

Section 2: Running Your Business to Sell

Section 3: Selling Your HVAC Business

Conclusion

INTRODUCTION

Many HVAC companies will struggle to survive, and many will close their doors. The reality is that growing a healthy HVAC company is a lot harder than it looks. I was once an HVAC company owner and still hold my conditioned air license in the state of Georgia. I am now a business growth, marketing, and exit strategist for hundreds of HVAC companies across the United States – a role my wife and I have been in for over 16 years. Because of our background as prior HVAC business owners, we become a little closer to our customers than a traditional company. We know when they are hurting and struggling, and we lean in to help as much as possible or as much as they will let us. Throughout these past 16 years, I have watched HVAC businesses fail and some literally make their owners millionaires. The one thing I want you to understand is that this book was written to help alleviate some of the stress and struggle we see on a daily basis. Running an HVAC company can be extremely hard, and it can take a heavy toll on your life, your marriage, and even your relationship with your kids. The good news is that it doesn’t have to be this hard. If you follow each of the steps outlined in this book, you will find rest. You will find peace. But most importantly you will find profitable growth and a great exit that can provide generational wealth. This will hopefully excite your kids into entering the world of HVAC rather than avoiding it like the plague. I hope you find this information useful. It is truly from my heart to yours with only the best intentions. In the book we will examine how to grow your HVAC business, how to run an HVAC business to sell, and how to sell the business for as much money as possible. The first section of the book is an updated version of Six Steps to Grow Your HVAC Company and the later section is Get Rich Selling and Buying HVAC, Plumbing & Electrical Companies. Both of these books were written by me and this book is the best of both and tweaked just for HVAC. Happy reading and I hope this book has an impact on your financial future!

—Christopher Smith

Section 1:

How to Grow Your HVAC Business

The following steps will guide you in the proper way to grow your HVAC business using techniques that actually work and provide a positive return on investment. As a general rule you should never engage in ANY markting that is offered to you by telemarketing or some stranger walking into the shop. Never buy marketing to try it. Seek out the marketing providers that serve the HVAC niche. The returns will be much higher.

Step 1: Know Your Potential Customers

When running a business, it’s natural to focus on our side of the transaction. This means staying focused on the internal aspects of our company. Items such as inventory, employee stuff, product or service delivery, and more. Many times, we see each customer as the same—just someone else who recognized our awesomeness and chose us to fulfill their desires or needs.

TIP: In order to grow your business, you have to sell your products and services for a profitable return to potential customers. In order to do this successfully,

you must know who your customer is.

The truth is there is a lot happening on the other side of the transaction. If you are going to grow your business, every aspect of it has to be customer-focused and not company-focused. Whether you recognize it or not, your business naturally attracts a certain customer demographic. This attraction is because of the product you offer or the way you offer it, and where your business is located. Defining who your organic target demographic is can help you to grow that demographic and to grow new untapped demographics.

As a general rule, several descriptors are used to define the various aspects of who a customer is. The first is age. As a society, we like to categorize people into groups based on their year of birth, and these groups are known as generations. Knowing which generation uses your product or service can determine a lot about how you market to them. Here are the generations that occupy the majority of consumers as they are categorized by age:

Baby Boomers I

Born: 1946–1954

Age in 2020: 66–74

Baby Boomers II

Born: 1955–1965

Age in 2020: 55–65

Generation X

Born: 1966–1976

Age in 2020: 44–54

Millennials

Born: 1977–1994

Age in 2020: 26–43

Generation Z

Born: 1995–2012

Age in 2020: 8–25

The first thing you are going to do by default is to think you know how each of these generations buys from you. What I can tell you is that you have to look at the research before making a conclusion. Even the Baby Boomer I generation and older demographic are very active adopters of digital technology, cloud-based software, and social media. We have encountered a lot of business owners who will state, My customer base is made up of older people; they don’t use the internet and they still use the yellow pages. This could not be further from the truth.

If that were true, every company would still be marketing in the yellow pages. The truth is that the companies that measure results through data analytics have learned that the yellow pages are not working and that even their older customers are using the internet to search for goods and services.

Social class and income constitute the second important demographic. Higher-income individuals make purchasing decisions differently than lower-income individuals. The factors that affect these decisions are financing, interest rates, needs or desires, and more.

The social classes are generally defined as follows:

Upper Class—makes up about 1% of the US population and is generally considered to comprise those that inherited wealth or old money.

New Money—makes up about 15% of the population. Includes those whose higher income has only been for a generation or two. Members of this class usually earn their money rather than inheriting it.

Middle Class—makes up about 34% of the population. Includes those who make their money usually working at professional jobs such as engineers, doctors, or lawyers. This group is sometimes also referred to as white collar as they generally wear suits or sports coats to work with button-up oxfords or business casual attire.

Working Class—makes up about 30% of the population. Includes those who make their money usually in a more technical job such as electrician, plumber, carpenter, etc. This group is also known as blue collar as they usually wear uniforms to work rather than suits.

Working Poor—It’s difficult to determine exactly what percentage of Americans make up the working poor category. It’s estimated at approximately 20%. This group often works two or more part-time jobs and receives no health insurance or benefits. This group is most affected by the economy and is generally last hired, first fired.

Anyone below the working poor is considered to be in poverty. Estimates state that as much as 13.5% of Americans live in poverty. These individuals usually receive public assistance and do not hold regular employment.

TIP: In order to expand into other demographics, you have to tailor your message to target them by identifying what fears they may have that you need to address and what appeals to them.

Now your first reaction should be, Wait a minute. If you add those percentages up, it’s more than 100%. The truth is that these percentages are constantly in a state of flux depending on the economy and unemployment rates.

Many business owners will market and price their products through their checkbook. This means that if you are a working-class business owner, you think that the rest of the world is like you and will not buy expensive things. The reality is that if you are working class and market to working-class people, then you effectively disregard the middle class, new money, and old money consumers (about 50%) from your potential customers.

The truth is that the best results for a business are found when you target and attract the higher-income-level customers rather than competing on price alone. More profit results in properly designed marketing, quality products, business growth, and financial gain for the business owner. If your primary marketing message is discounting your prices or if you are competing on price, then you have missed customers from the upper three income levels altogether. They may still buy from you, but you have not appealed to their needs or desires through your marketing at all. In fact, your low price may actually be scaring them away due to a perception of low quality.

Knowing these demographics plays a large part in knowing who your customer is and what marketing