Similar businesses sell at 1.2x to 5.3x SDE. Compare live listings and connect with sellers.
Established in 2022, this residential HVAC service, repair and replacement company serves the Wasatch Front corridor of Utah from a home-based operation with take-home service vehicles - no shop, no warehouse, and no facility lease to assign at closing. 2025 revenue was $821,991 on normalized seller's discretionary earnings of $284,518, a 34.6% SDE margin. Revenue grew 67% between 2023 and 2025, and July 2026 set a company revenue record. What makes the business unusual is how it gets its work. Total 2025 advertising spend was under $400. Roughly 75% of revenue arrives through earned preferred-vendor standing inside multiple national home-warranty networks and an exclusive property-management relationship - channels awarded on measured performance sustained over three to four years, not on marketing budget. The largest network's own vendor portal reports 1,710 completed work orders, a 95% claim approval rate and a 91% completion rate, each above the network's required threshold, and about a third of regional HVAC dispatch volume. A better-funded competitor cannot advertise into this channel; it has to out-perform in it, from behind. Work mix is approximately 49% system replacement, 41% service and repair, 5% maintenance agreements, 3% indoor air quality and duct, and 2% new construction - almost no exposure to the cyclical construction segment that buyers discount. Recurring revenue comes from 57 monthly maintenance agreements carrying a three-year workmanship warranty conditioned on continuous membership, with no churn to date. Reputation is near-five-star across every major review platform, earned entirely on referral and repeat work with no advertising or reputation-management spend. The team is three field employees plus the owner-operator: a lead installer carrying the trade experience, a service technician with three years, and an apprentice who started in July 2026. All positions are at-will and no employment agreements transfer. Every operating process runs on commercial field-service software rather than institutional memory, which is what makes the owner's role replaceable by a general manager, costed at $90,000 in the financial presentation. Included in the sale: service vehicles, complete service and installation tooling, about $6,000 of parts inventory at cost, the field-service software configuration and flat-rate pricebook, the full customer database and service history, business name, phone number, website and online review history, and active vendor approvals and warranty portal access. Growth levers a buyer inherits unused: consumer marketing has never been switched on; additional trades can be activated through the existing warranty portals; commercial tenant-improvement work is untouched; indoor air quality and duct services are already offered but under-sold; and the maintenance agreement base has substantial room to grow. None of this is priced into the asking price. Financing: SBA 7(a) qualified. At the asking price with a 10% equity injection, debt service coverage is approximately 1.53x after paying a new owner a $90,000 market salary, against the 1.25x minimum under SBA SOP 50 10 8.1. Buyer requirement: Utah replaced the S350 HVAC license with the H100 classification in April 2026, and the licensed entity must have a qualifier. You do not need to hold the license yourself. Under Utah Admin Code R156-55a-304 the qualifier can be an officer or manager paid W-2 wages, with no ownership, working a minimum of twelve hours a week, so an operator buyer hires a qualifier rather than becoming one. The seller's license does not transfer, and on an SBA deal he cannot serve as your qualifier. The seller has identified a licensed contractor who would consider the role. Reason for sale: owner relocating. Structured training and transition included on compensated terms. Full financials, filed tax returns and a complete data room are available to qualified buyers under executed non-disclosure agreement.
Well-established commercial HVAC contractor serving a diversified base of commercial customers through longstanding, repeat relationships. The company performs primarily project-based work, supplemented by a rapidly expanding service and preventive-maintenance platform. Approximately 74% of revenue is generated from commercial construction and retrofit projects, including roughly 75–80% ground-up construction and 20–25% retrofit work. Service represents approximately 26% of revenue and grew approximately 150% in 2025, with 72% growth YTD in 2026. Residential service is limited to approximately 4.5% of total company revenue. The company’s annual preventive-maintenance contracts currently generate approximately $350,000 of recurring revenue. Existing agreements generally provide scheduled annual or semiannual cleaning and lubrication, while parts, repairs, replacements, and equipment upgrades are billed separately. This provides an attractive opportunity to expand recurring PM revenue while increasing service, repair, and replacement activity from the installed customer base. The customer base is diversified. Though there is some concentration and that is by design. The Company cherry-picks the GCs and Developers with whom they want to work. Financial Highlights: LTM revenue of nearly $18.0 million and normalized EBITDA of approximately $3.06 million. Projected 2026 revenue of approximately $20.0 million and normalized EBITDA of approximately $3.4 million. The 2026 forecast is supported by historical performance, contracted backlog, awarded work, and active project pipeline. The 2023–2025 federal-return periods generated a revenue-weighted average normalized EBITDA margin of 13.67%, while TTM indicates 17.3%. Backlog and Revenue Visibility The company has approximately $28 million of confirmed backlog (active or not started), with an estimated $8 million expected to convert into 2026 revenue from Sept-Dec. Based on awarded projects and the existing sales pipeline, backlog is projected to rebuild to at least $20 million by year-end 2026. This provides meaningful forward revenue visibility and supports continued growth in both project and service operations. Management and Operations The business is supported by an experienced management and operating team that reduces reliance on the owner, including a Vice President/Field Manager, Vice President of Finance, multiple estimators, and more than ten experienced field foremen. The company employs more than people and operates a fleet of roughly 40 vehicles. Transaction Overview The proposed transaction is expected to be structured as a stock purchase/F-reorganization. Consideration will consist primarily of cash at closing. The seller is open to retaining minority equity in NewCo, carrying a modest seller note, and/or participating in a limited earnout with upside potential. The seller is prepared to provide transition support for 12 months and may be available longer if appropriate.
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A second-generation, family-owned HVAC contractor serving the greater Portland metro area is available for acquisition. Founded in 2013 and operating under the same name and ownership since inception, the company provides installation, replacement, repair, seasonal maintenance and after-hours emergency service on all makes and models, with work split roughly 80% residential and 20% commercial, including light commercial buildings up to 10,000 sq. ft. Highlights: Recurring revenue from maintenance plans, seasonal tune-ups and a dedicated commercial maintenance line Long-tenured, referral-driven customer base, including several property management relationships and a redevelopment contractor Authorized dealer for a major national equipment brand, with manufacturer specialist/diamond-tier status Three certified, factory-trained field technicians with low turnover Fully systematized operations (modern field-service software, cloud accounting, digital sales presentation) Consumer financing available on every job Owner willing to support a transition This is a turnkey opportunity for an owner-operator or licensed HVAC professional, or a regional platform seeking a Portland-metro foothold with an established brand and installed customer base.
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Fantastic opportunity to own an HVAC company that is located just south of Atlanta. They are 95% residential, 5% commercial with no refrigeration and <5% new construction. They have a CRM in place, flat rate pricing, and 1,000 maintenance agreements. The accounting system used is QuickBooks and extended warranties are offered in-house.
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Extraordinary opportunity in the south eastern Florida market. They are 80% residential, 20% commercial with no refrigeration and 10% new construction. They are 70% HVAC, 30% Plumbing. They have flat rate pricing, a CRM in place and payroll is handled in-house. They have 100 maintenance agreements, accounting software used is QuickBooks and 87 changeouts in the last 12 months.
This well-established HVAC company has been serving residential and commercial customers throughout the Chicagoland area for more than 35 years. The company focuses on the best performance of the HVAC equipment it installs, with the goal of maximizing the efficiency of every unit sold. This is a unique service that companies in this trade rarely provide. It has also built a formidable reputation for diagnosing and correcting difficult, long-standing HVAC problems that other contractors have been unable to resolve. One of the company’s greatest strengths is its reputation. Long-standing relationships with local real estate agents and home inspectors generate consistent year-round referrals. The company spends no money on advertising, with business generated through word-of-mouth and its established referral network. Employee turnover is exceptionally low, and the team has strong HVAC troubleshooting and technical skills. Owners currently manage and oversee field and office operations. This company continues to experience strong demand for repairs, replacements and installations in both good and bad economies. With an established customer and referral base, a new owner could expand capacity and introduce advertising and marketing to accelerate growth. This opportunity requires prior HVAC experience or a qualified operator and is well suited to an experienced HVAC professional pursuing business ownership or an established HVAC company looking to expand in the Chicagoland market.
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Amazing opportunity to own an HVAC company serving the Bellingham area. They are 100% residential, with no refrigeration or new construction. They have flat rate pricing, a CRM in place, and the payroll is outsourced. The accounting software used is QB, and they have 375 maintenance agreements.
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Connecticut HVAC Services LLC is an established heating, ventilation, and air conditioning company serving the East Lyme community and surrounding Connecticut shoreline region since 2017. The company operates with over 25 years of licensed trade experience, providing comprehensive HVAC solutions to residential and light commercial properties. The business offers a complete range of services including system installation, repair, and maintenance for air conditioning, heating, ventilation, and indoor air quality systems. Additionally, the company provides specialized services for geothermal systems and water heater solutions, positioning it as a full-service HVAC contractor in the regional market. With seven years of continuous operation in the East Lyme community, Connecticut HVAC Services has developed an established customer base and demonstrates operational consistency in the competitive HVAC services sector. The company's extensive licensing history and technical expertise in both traditional and specialized systems such as geothermal technology provides competitive advantages in the regional market. The business serves both residential clients and light commercial properties, offering diversified revenue streams across multiple customer segments. The company's positioning as a local HVAC specialist with comprehensive service capabilities addresses the ongoing demand for climate control solutions in Connecticut's variable seasonal climate. This established operation presents an opportunity for continued growth in the stable HVAC services market, supported by the company's technical expertise, established customer relationships, and comprehensive service portfolio spanning traditional and emerging HVAC technologies.
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Fantastic opportunity to own an HVAC and water filtration company located in Prince William County. They are 100% residential, and their business is broken down as 90% HVAC, 10% water filtration. There are 266 maintenance agreements, a CRM and flat rate pricing is in place.
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Fantastic opportunity to own a plumbing and HVAC company in Rhode Island. They are 50/50 between commercial and residential, and are 55% plumbing with 45% HVAC. The business is 60% new construction and 40% service. They have approximately 1,500 active customers in their database, with $450,000 of inventory being included in the sale price. They use QuickBooks, have a CRM in place, and their payroll is outsourced.
National transaction benchmarks for hvac business businesses.
Under $500K
$500K to $2M
Over $2M
A variety of factors can cause businesses to trade outside this range, including earnings quality, operational transferability, key-person risk, growth trajectory, and geography, so a listing priced above or below the typical multiple usually reflects real differences in the underlying business.
Cofounder & CEO
Key diligence, valuation, financing, and transition considerations for buyers evaluating HVAC business acquisitions.
The most reliable indicator of HVAC business quality is the size and retention rate of its maintenance agreement (MA) base. Each MA typically generates $150-$300 in annual recurring revenue and produces 3-5x more replacement leads than non-agreement customers. Ask for MA count, renewal rate, and how long agreements have been in place. A business with 500+ active MAs and 80%+ renewal rate commands a significant premium over one without.
Businesses using flat-rate pricing are substantially more transferable than time-and-material shops. Flat-rate systems remove individual technician pricing discretion, making revenue more predictable, margins more consistent, and the business easier for a new owner to manage. When reviewing listings, flat-rate pricing is a positive signal. Time-and-material shops can be converted, but budget for a 6-12 month transition period.
Every state requires HVAC contractors to hold a valid license, and most are tied to a specific qualifying individual - typically the owner or a designated employee. When a business sells, the buyer must hold their own license, hire a licensed qualifier, or negotiate a transition period. Confirm the license situation early in diligence. Businesses where the owner is also the qualifier carry key-person risk that will directly affect valuation.
Residential HVAC businesses tend to be more transferable - customer relationships are distributed across thousands of households rather than concentrated in a few commercial accounts. Commercial-heavy businesses (50%+ commercial) warrant deeper diligence on contract terms, renewal dates, and whether contracts are assignable to a new owner. A residential business with a strong MA base and diversified customer geography is typically the most straightforward acquisition.
HVAC businesses are highly seasonal - revenue peaks in summer (cooling) and winter (heating), with shoulder months in spring and fall. Ask for monthly revenue breakdowns across at least two full years to understand the true seasonal pattern. Buyers who close during peak season may not see trough cash flow until months later. SDE calculations should normalize for seasonal working capital and owner compensation timing.
The presence of a modern field service CRM - ServiceTitan, FieldEdge, Housecall Pro - indicates the business has been run systematically rather than from the owner's memory. CRM-equipped businesses have documented customer histories, job costing data, and technician metrics that support a clean transition. Businesses without a CRM are not disqualified, but plan for 3-6 months of systems implementation post-close.
Answers to common buyer questions for this market.
