Hayden Slack - Scaling A Family Business 8x and Buying It
Jan 15, 2025
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Hayden Slack, a skilled business owner, transformed his family foundation repair company from $4M to $30M and successfully launched a plumbing business. He discusses the thrilling journey of unexpected growth and the challenges of navigating family dynamics while negotiating business deals. Insights into valuing family businesses, the significance of honest communication, and strategic decisions for scaling are shared. Hayden also delves into how digital presence and a strong performance culture play crucial roles in driving success.
Hayden Slack illustrates how technology and enhanced customer service were pivotal in scaling his family foundation repair business from $4M to $30M.
His experience highlights the complexities of negotiating family business acquisitions while balancing financial interests and maintaining family harmony.
Deep dives
Background and Journey into Home Services
The speaker shares their unexpected entry into the home services industry, which began when they joined their father-in-law's foundation repair business after initially working as an accountant for the Department of Defense. The family dynamic played a significant role in the decision, as the speaker humorously recalls being the 'sucker' among family members when asked to step in. Since joining in 2014, the speaker has seen significant growth in the foundation repair business, expanding from $4.5 million to $30 million in revenue by incorporating technology and improving customer service in a fragmented market. This success prompted the launch of a plumbing company, which started as a self-sustaining side project and is now projected to generate $4 million in revenue.
Challenges and Growth in the Plumbing Business
The speaker reflects on the motivation behind starting the plumbing company, primarily driven by frustrations with existing plumbing services that failed to meet customer expectations. After a chance encounter with a master plumber, the speaker pivoted from considering a partnership to actually launching the business within a short timeframe, despite initial doubts about their readiness. Over time, they faced numerous challenges, from personnel issues to operational hurdles, but have managed to grow the plumbing business steadily. Today, it operates in tandem with the foundation repair business, primarily serving Tarrant County while sharing resources between both enterprises.
Navigating Family Dynamics in Business Transactions
The process of negotiating the acquisition of the foundation repair business from the speaker's father-in-law spanned several years, revealing the complexities involved in family business transactions. Conversations began in 2018, leading to the conclusion of a deal where the speaker sought to buy the business at a price that the bank could support while ensuring the transaction remained within the family. Emphasis was placed on maintaining family harmony throughout the negotiations, avoiding conflicts that could arise from business valuations and personal relationships. The experience illustrated the necessity of clear communication and finding a balance between financial interests and familial bonds.
Future Aspirations and Growth Plans
Looking ahead, the speaker expresses a desire to expand the plumbing and HVAC businesses, aiming to grow Service Squad Plumbing to $10 million in revenue while considering strategic acquisitions for faster growth. The plan includes integrating HVAC services into their existing operations, leveraging the established brand to streamline offerings. Despite the challenges that come with rapid expansion, the speaker is optimistic about their leadership potential, highlighting the importance of building a strong team to manage these enterprises efficiently. Ultimately, the goal remains focused on continuous improvement, problem-solving, and creating successful, sustainable businesses while maintaining family ties.
Hayden Slack joined the family foundation repair business at $4M revenue and grew to $30M. He also launched a plumbing business from scratch that's grown to $4M revenue. We discuss what the plumbing business is worth and if he'd sell it; we also cover what it's like navigating family dynamics and the key growth levers in the foundation business.
Hayden Slack on X: https://x.com/Hayden__Slack Clint Fiore and Bison Business: https://bisonbusiness.com/ Patrick Dichter and Appletree: https://appletreebusiness.com/
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