John Wilson Buys the Family Plumbing Company + 5 More Acquisitions + 900% Revenue Growth
Nov 29, 2022
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John Wilson, an entrepreneur with experience in buying and scaling plumbing companies, discusses buying his family's plumbing business, acquiring five additional companies, achieving over 900% revenue growth. Topics include valuations, doubling business through acquisitions, scaling past $3M with systems, challenges of being a second-generation company, benefits of acquiring service-based companies, expansion through launching handyman and restoration services, significance of advertising and acquiring customers, challenges and hiring strategies in the home services industry.
Growing a plumbing business through acquisitions and leveraging synergies in related industries.
The challenges of hiring and training reliable technicians in the home services industry.
Deep dives
Acquiring and Growing Plumbing Companies
John Wilson, based in Ohio, shares his experience of buying and growing plumbing companies. He inherited his family's plumbing business and went on to acquire other similar companies and expand his portfolio. He discusses the challenges of running a second-generation plumbing company, including transitioning from one owner to another and integrating different business practices. Wilson emphasizes the importance of sales for growth in service-based companies and the need to hire and train the right people. He also mentions his interest in expanding into HVAC, damage remediation, landscaping, and water treatment businesses.
The Synergy and Challenges of Acquisitions
Wilson explains his strategy of growing his business through acquisitions and discusses the concept of synergy. He highlights the benefits of acquiring companies in related industries, such as plumbing and HVAC, where cross-selling and lead generation opportunities can be leveraged. However, he acknowledges that integrating different businesses can be challenging, especially when it comes to merging cultures, systems, and practices. Wilson also emphasizes the importance of understanding the people component in service-based companies, including the difficulties of hiring and the potential risks associated with bad hires.
The Ugly Side of Home Services
Wilson sheds light on the less glamorous aspects of the home services industry. He discusses the legal and operational risks associated with hiring technicians, including lawsuits, sexual harassment claims, and safety issues. Wilson acknowledges the trade shortages in the industry and the need to develop effective hiring and training processes. He also stresses the importance of customer acquisition and marketing in service-based businesses, but highlights that the real challenge lies in hiring and retaining reliable and professional technicians.
Personal Insights and Resources
Wilson shares personal insights and experiences on Twitter and encourages others to follow him there. He mentions his podcast, 'Owned and Operated,' where he discusses the challenges and mistakes encountered in home service businesses. Wilson also mentions the benefits of cross-promotion and collaboration within the industry, highlighting examples of successful franchise models that tap into synergies between different home service companies.
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