JackQuisitions - Small Business Acquisitions in Home Service #17 From a Truck to $10M+ HVAC Empire
In this episode of JackQuisitions, Jack sits down with Jeff Bates, a Michigan-based operator who went from running trucks in the heat to owning and growing multiple HVAC companies. After years at Lennox and a crash course in small business while working for his father-in-law’s trucking company, Jeff and his partner decided to jump into ownership themselves.
Their first deal came in 2022 with RNL Heating & Cooling, a legacy business with real estate included. But the story didn’t stop there—just a year later, they acquired Hurside Heating & Cooling through a broker connection. Along the way, Jeff shares the reality of SBA financing, why branding and location matter more than you think, and how “Day One calls” convinced him to buy vs. build.
From navigating tuck-ins to learning the power of the supply house counter as the ultimate networking hub, Jeff walks through what it really takes to expand through acquisition while keeping culture strong.
💡 What You’ll Learn:
- Why Jeff chose buying over building—and the immediate payoff of legacy customers
- How to use supply houses and parts counters as a secret due diligence tool
- The tradeoffs of including real estate in an SBA-financed acquisition
- Branding pitfalls: when a company name works against you
- The importance of a no-asshole policy in preserving culture
- Why tuck-ins remain the best strategy for consistent HVAC growth
💼 Business Modification Group —
The go-to business brokers for trades companies. Whether you’re buying or selling HVAC, plumbing, or electrical businesses, we help you navigate valuations, find deals, and close successfully. Get a free valuation as a buyer or seller and join our exclusive distribution list for the best opportunities in the trades market.
👉 Get Your Free Valuation Here
For Buyers
Jackquisitions Newsletter — Your favorite source for how to buy small businesses. Real insights, smart strategies, zero gurus.
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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 to get started
🎙 Host: Jack Carr
🎙 Guest: Jeff Bates
Jackquisitions Newsletter — Your favorite source for how to buy small businesses. Real insights, smart strategies, zero gurus.
🖊️ Sign up HERE for more insights
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