After pouring years of hard work into your plumbing or HVAC business, selling it can bring on a whirlwind of emotions. It’s an exciting time, but a nail-biting one for sure—how do you market your value? How will you exit the business?
Whether you’re looking to extend the longevity of your brand, improve cash flow, or make your company more attractive to buyers in the future, you’ll want to begin by increasing the value of your HVAC or plumbing business. In our latest series, Buying, Boosting, and Selling: A Beginner’s Guide to Business, we’re sharing the top insider secrets for kickstarting a profitable trade company.
As with any successful business, proper financial management is key to your HVAC or plumbing company’s overall strength and longevity. Unfortunately, many small businesses fall victim to financial hardships due to mismanaged bookkeeping, incorrect tax filings, and all-around faulty business decisions. To nip any financial issues in the bud, you may consider investing in an accounting firm’s guidance.
As a contractor, you know firsthand that hefty install and repair bills can be a homeowner’s worst nightmare. When you finish the job, and your customers are in a better state of mind, you may want to consider offering an extended warranty plan to prevent future frustrations. Unfortunately, many warranty plans lack the necessary service and reimbursement coverages, resulting in an even larger headache for contractors and customers.
Effective management of both your time and your finances is critical to running a successful HVAC-R or plumbing business. But when you’re operating on an already-tight schedule, it can be difficult to track your daily flow of money or plan for future growth. Fortunately, time-consuming tasks like payroll management, billing and invoicing, and estimating new projects can be automated for optimal time management.
It's that time of year where kids are trying to figure out if they made Santa's naughty or nice list. We thought it would be fun to figure out what kind of HVAC extended warranties program provider that Santa would put on the naughty vs. nice list. We've broken it down for you.