Owned and Operated - A Plumbing, Electrical, and HVAC Business Growth Podcast

#218 Why $20M Doesn’t Mean You’ve Made It

6 snips
Jul 3, 2025
Exploring the reality of businesses making $20 million, the discussion highlights that revenue does not equal sophistication. Leadership challenges emerge as companies scale, requiring well-structured senior teams and effective delegation. The importance of internal promotions versus hiring externally is examined, along with the need for solid HR and marketing departments. Emphasizing leadership development, the talk reveals how a robust team can foster long-term growth and stability, proving that there's more to success than just hitting a financial milestone.
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INSIGHT

$20M Business Still Small

  • $20 million revenue in HVAC or plumbing is still considered a small, personality-driven business.
  • Business sophistication at this level is limited with few formal departments like HR or legal.
INSIGHT

$20M Marks Leadership Threshold

  • $20 million is often seen as the point where businesses can start hiring C-suite roles like CFO or CMO.
  • However, many businesses at this size still lack the complexity to fully utilize these positions.
ADVICE

Hire Controller Before CFO

  • Most businesses under $20 million need a controller or staff accountant before a CFO.
  • Hiring a fractional CFO too early can be ineffective if basic accounting foundation is missing.
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