How to Build a $30M HVAC HoldCo (4 Acquisitions and Next Goal $150M)
HoldCo Builders
Intro
This chapter explores the journey of a former CFO who left a lucrative corporate role to seek fulfillment in acquiring small businesses. It highlights the emotional struggles and motivations behind the desire for autonomy and work-life balance in the face of corporate dissatisfaction.
At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry.
Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scratch that hit $3.66m in year one with double-digit margins.
Today it’s five companies, ~$30m revenue, and a clear target: $150m by 2033.
This conversation is the real operator’s playbook:
- how to know when it’s time to jump,
- what to buy and why,
- the hybrid non-integration model that actually works,
- the communications cadence that calms teams and customers,
- and the unsexy habits that compound.
Capitalpad lets you co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.
Apply at: https://capitalpad.com/
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They’re offering three HoldCo Builders listeners a free two-week trial.
Go to: https://www.spacebarstudios.co/inquire
Timestamps:
00:00 - Intro: who Sam Turner is (ex-CFO → UK SMB/HVAC acquirer)
01:12 - Why leave a high-paying CFO job for blue-collar businesses?
01:36 - Dissatisfaction: politics, travel, no autonomy, family priorities
03:10 - How he made it happen: engineered exit & planning window
04:54 - Choosing ETA/search over property (people-focused)
05:49 - Didn’t pick an industry until after starting the search
05:54 - Research approach: 15–30 sectors explored
06:48 - Sponsor - CapitalPad
07:52 - Acquisition criteria: large & fragmented, multiple arbitrage, non-tech
09:54 - Capital model: deal-by-deal, retain majority equity
10:43 - Strengths & weaknesses
14:04 - Timeline & where the group is today (first deal Dec 2021; 4 buys + 1 organic; ~$30m rev; 2033 target $150m)
17:31 - First acquisition story
20:08 - Sponsor - Spacebar Studios
23:39 - What he buys now: $3–12m revenue, ~10% EBITDA, commercial/built-environment
25:14 - Why buy multiple quickly: diversify operational risk
28:16 - Post-acq philosophy: no full integration; hybrid model, common tech
32:51 - Why #2 and #3 worked: better margins, owner transition, heavy communication
36:58 - Organic playbook: hire industry COO, spin up division, recruit A-players
39:33 - Organic results: ~$3.66m year-1, double-digit margins, 20–22 engineers
43:40 - Wrap-up & thanks
Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire
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This podcast is for informational purposes only and should not be relied upon as a basis for investment deci
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