Think Like an Owner

John Wilson - Growing the Family Plumbing Business - Ep. 47

Jan 19, 2021
John Wilson, owner of Wilson Plumbing, shares his journey in growing the family business, hiring and training plumbers, and scaling a home services business. They discuss the nuances of operating in the plumbing industry, the benefits of flat rate pricing, and the debate between real estate and small business for wealth building. They also explore imposter syndrome, monetizing content, and the importance of sharing insights from industry operators.
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ANECDOTE

Family Business Transition Story

  • John Wilson bought his third generation family business starting with half ownership at 25 years old.
  • The company was stagnant with 4-5 technicians but had a legacy since 1958 from his grandfather.
INSIGHT

Comfort Limits Business Growth

  • The previous owner kept the company small to keep it manageable and use real estate assets as a bailout.
  • People's growth limits are tied to their comfort level, which defines the scale of their business.
ANECDOTE

Ambition Accelerated Business Growth

  • John Wilson wanted to be a millionaire by 30 and realized buying and growing a company was fastest.
  • Investments in real estate and stocks didn't meet his goals, so he focused on improving and growing the family business.
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