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In this episode, Henry breaks down why he left real estate private equity at 29 to buy a 21-year-old HVAC company making about $1.8M a year in cash flow, how he won the deal without being the highest bidder, and what his first 2 months as an owner actually look like.
◼️ The pitch that won over the seller, built around what was on the table over 6 months versus 6 years
◼️ Why his $4.7M loan was too big to be simple for a government-backed small business loan and too small for most big banks, and what he'd do differently
◼️ How he bought a business in a trade he can't get licensed in anytime soon, and the question every lender kept asking him
◼️ Why maintenance plans that bring in just $175 to $350 a year are the key to making his company worth more
◼️ The 2 things that mattered more to him than the industry, and the one kind of business he'd never buy
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What is The SMB Deal Hunter Podcast?
Every week, Helen Guo interviews successful acquisition entrepreneurs, independent sponsors, and investors who have acquired businesses. Learn how to buy a business rather than starting one from scratch from those who have done it themselves.