132 - How to Turn a HVAC Company into a $5 Million Business with Jack Carr

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Join me, Nik (https://x.com/CoFoundersNik), as I interview Jack (https://x.com/thehvacjack) on Nikonomics!

We dive into the surprisingly "sexy" world of home services, specifically HVAC and plumbing. Hear Jack's story of leaving a comfortable corporate job managing operations for nine different wineries to acquire a sub $1 million HVAC company in Middle Tennessee in 2022.

He shares the wild ride of growing from a lean operation to a business slated to do $5-6 million this year with around 20 employees, navigating unexpected challenges like everyone quitting on day one!

We also touch upon his entrepreneurial past, including an agricultural repair company and even a Bitcoin mining farm in Reno. Discover how he's leveraged both organic growth and strategic tuck-in acquisitions to rapidly scale his business and his insights on using overseas talent.

Questions This Episode Answers:

What's your company's current size and scope in the HVAC and plumbing industry?

When did you decide to jump into owning this HVAC company?

Considering you had a background in operations at wineries, why choose the HVAC space specifically?

How much did you initially pay for the business you acquired?

What was your immediate reaction when almost all the employees quit the day before you took over?

Enjoy the conversation!

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This week we covered:

00:00 Highlights & Introduction

00:35 Jack's HVAC Business Overview

01:18 Jack's Entrepreneurial Journey

02:49 Bitcoin Mining Ventures

07:31 Challenges in HVAC Business

15:11 Growth Through Acquisitions

18:38 Reinvesting in Business Growth

19:10 Acquisition Strategies and Challenges

20:05 Learning the Business Inside Out

24:01 Scaling with Overseas Talent

29:44 Advice for Hiring Overseas Talent

34:20 Reflecting on the Journey