Private equity investment in HVAC, plumbing, and electrical businesses has exploded over the past decade. With that momentum has come a flood of speculation, hearsay, and myths about what actually happens when you sell your company to a PE-backed group.
At Flint Group, we’ve had the privilege of sitting across the table from dozens of owners—some eager to partner, others just kicking the tires—and the same questions come up again and again. Here are the nine most common misconceptions we hear about selling to private equity, and the truth behind each one.
1. “I’m not ready—my financials are a mess.”
You don’t need perfect books to start a conversation. While organized financials help with valuation and due diligence, most buyers expect some level of cleanup. If your business is generating steady revenue and profit, it’s likely someone can work with it.
2. “I’m too small to be interesting.”
There’s no one-size-fits-all threshold. Many platforms target $1M–$5M EBITDA (operating profit) businesses, but others actively seek smaller companies with $1M–$3M in revenue in strategic markets. A strong reputation, solid margins, and growth potential often outweigh size.
3. “I’ll have to work harder than ever after I sell.”
Some owners do stay on to help grow the business—but others take a step back immediately or within 6–12 months. Deal terms are flexible. It depends on your goals, not a preset formula. Alignment in your role is more important than anything. You should be able to have a path to the next phase that fits best for you and your family.
4. “My team will lose their jobs or get buried in bureaucracy.”
The best acquirers value the team as much as the business. While some change is inevitable, most buyers want to retain talent and often bring additional resources, such as better benefits, training, and support systems.
5. “Our customers will get worse service.”
Customer experience is the lifeblood of recurring revenue—and good buyers know that. Many invest in training and process improvements that shorten response times, improve scheduling, or expand service offerings. When done right, customers benefit. Good customer reviews matter more than ever, and you should be able to look at Google Reviews to gauge the acquirer’s ability to deliver.
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6. “They don’t understand the trades—it’s all finance guys.”
This used to be true, and we still see it with some smaller acquirers. But many platforms now have seasoned operators—often former business owners, technicians, and managers—who understand the unique dynamics of home services. Financial acumen is part of the equation, but not the whole story.
7. “Multiples are down—now’s a bad time to sell.”
Yes, valuations have come down from their 2021 highs. But that doesn’t mean it’s a bad time to transact. Deal structures, capital availability, and personal timing often outweigh headline multiples. Waiting for the “perfect” market can mean missing the right partner. Plus, today’s multiples are still much higher than they were in 2018.
8. “Selling means giving up control.”
There’s a difference between selling and stepping aside. Most PE-backed groups operate with local autonomy, especially in the trades. Sellers often stay involved as advisors, minority owners, or regional leaders—on their own terms.
9. “It’s all or nothing.”
Not true. Sellers frequently retain equity, hold real estate, or structure seller notes. There are many ways to participate in future upside while taking chips off the table today.
Final Thought
Selling your company is personal—and complex. But it shouldn’t be driven by myths. If you’re considering it, talk to previous owners who’ve done it. Ask them what they’d do differently. The best decisions come from clarity, not fear.
You can reach out to us at Flint Group to start a conversation. We’re always happy to provide guidance, even if you aren’t ready to bring on a partner yet—sometimes we talk to folks for years before partnering with them. Our Flint leaders have been in the industry for many years, and this industry was built on operators connecting with each other to build their companies. We love that we get to continue that tradition.