Get the Free Guide
In this episode of Sell or Scale, host John Bartlett interviews Trey McWilliams and Joe Fox of Blue Cardinal Home Services Group, a platform focused on acquiring HVAC and plumbing businesses across the Sunbelt region.
Trey shares his journey transitioning from a third-generation HVAC business owner to a platform creator, highlighting the emotional challenges of selling a family legacy. He emphasizes that owners must understand their “why” before selling and be emotionally prepared for the changes ahead.
Joe, who leads corporate development, explains they target companies with more than $5M in revenue, primarily in residential services. Their typical deal structure includes a 100% buyout with 10-20% rollover equity, offering sellers potential returns of 4-6x on that equity within five years.
The discussion covers the acquisition process from initial conversations through due diligence and employee transitions. They stress the importance of cultural alignment and disciplined buying to ensure sustainable growth and warn against partners who overpay and then must make drastic operational cuts.
Both emphasize that selecting the right partner is crucial—one who understands the human capital aspect of trade businesses and focuses on growth rather than simply collecting EBITDA for a quick profit.
