Your First Acquisition Will Probably Be Your Worst (Here’s Why)

In this episode of JackQuisitions, Jack sits down with Nathan Lindley of Done Right to dig into what it really looks like to roll up small HVAC companies—and why acquisition can be the smartest growth channel in the trades. Nathan shares his jump from Christian book publishing to home services, the “HVAC is non-optional” thesis that pulled him from Oregon to Dallas in early 2020, and why he knew his first deal would be his worst.

They get into the gritty middle: buying tiny mom-and-pops out of “cowardice,” learning fast under SBA debt pressure, and discovering the multiple-expansion play that turns a handful of 2.5x shops into a 4x+ platform. Nathan breaks down his current machine—nine deals closed, two under LOI—plus what he actually buys when he acquires sub-$2M businesses: phone rings, not EBITDA. You’ll hear how he values active vs dormant customers, the outbound power-dialer strategy most sellers never use, and how acquisitions can outperform Google PPC CAC by 50% or more.

They also talk integration across Dallas and Austin, hiring remote CSRs (shoutout stay-at-home moms), transitioning customers after close, and the emotional reality of early-stage ownership—panic blankets, family capital on the line, and the hard truth that buying businesses isn’t passive income until you’ve survived the knife fight of years 0–5.

If you’re doing ETA in home services—or thinking about your first HVAC tuck-in—this one is a masterclass in how real operators build value through acquisition.

🔍 What You’ll Learn

• Why HVAC roll-ups are a customer acquisition strategy more than a profit-multiple game.
• Nathan’s path from book publishing to buying his first HVAC company right before COVID.
• Why your first acquisition will probably be your worst—and how to grow out of it fast.
• The multiple-expansion thesis: aggregating small shops into a higher-multiple platforms

💼 Shoutout to Quick Staffers LLC

 Need trained HVAC & plumbing CSRs at a fraction of the cost? Quick Staffers LLC specializes in placing top-tier global talent with the best SOPs and scripts.

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💼 Special Thanks to First Internet Bank!

Looking to buy or expand a business? First Internet Bank is a National Preferred SBA lender specializing in acquisitions for the skilled trades. Their SBA loan program offers up to 90% financing for business acquisitions, partner buyouts, and commercial real estate—plus optional lines of credit to fuel future growth. Unlike traditional lenders, they take a “how can we” approach, making deals happen for both first-time buyers and experienced operators.

👉 Special Offer: Mention Owned and Operated for a reduced good faith deposit and a complimentary deal review + buyside prequalification.

Connect with Alan Peterson from First Internet Bank here

🔗 Connect

Jack Carr — https://www.x.com/thehvacjack
Nathan Lindley —

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