
The Home Service Expert Podcast Unlocking the Secrets of Private Equity with Johnny Conklin
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Dec 29, 2025 Johnny Conklin, founder of 16 South Capital Partners, shares his vast experience in private equity focused on field service businesses. He highlights the critical role of effective budgeting and technology in the HVAC industry. The discussion covers the importance of recruiting talent, successful marketing strategies, and the impact of customer reviews. Johnny also explores the challenges of the California market, the debate between acquisitions and new ventures, and the value of mentoring in shaping business success.
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Keep Founders Connected As Ambassadors
- Create an ambassador program to keep founders connected without running daily ops.
- Use founders for training, culture and advocacy to preserve brand DNA after a deal.
Start With Low Leverage And Small Wins
- When partnering with investors, prefer zero or low initial leverage and take small operational wins first.
- Build momentum with easy fixes before adding debt so culture and cash flow prove the model.
Provide A Middle Option To Sellers
- Many owners fear being absorbed and losing identity when they sell to big buyers.
- Offering a middle option that preserves local brand and founder role unlocks deals and trust.





