Similar businesses sell at 1.2x to 5.3x SDE. Compare live listings and connect with sellers.
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Fantastic opportunity to own an HVAC company located in South Eastern Texas. They are 80% residential, 20% commercial with no new construction or refrigeration. They have a CRM, flat rate pricing in place, and 918 maintenance agreements.
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Fantastic opportunity to own an HVAC company serving the Northwestern Maryland area. They are 75% residential, 25% commercial with no new construction and 1% refrigeration. They have flat rate pricing, a CRM in place and 237 maintenance agreements. The accounting system used is QuickBooks, and the revenue split is 60% service, 40% install.
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*****Please check your SPAM folder for NDA**** For more than 35 years, AJ Heating & Cooling has been a trusted name throughout the Michiana region, serving homeowners across Northern Indiana and Southwest Michigan. This established residential HVAC company has built a loyal customer base of approximately 3,200 customers and a reputation for quality service, reliability, and long-term customer relationships. The business provides a diversified mix of heating and cooling installations, service and repair, water heater replacement, maintenance, indoor air quality solutions, and emergency HVAC services. A balanced revenue mix and highly fragmented customer base create stable year-round demand with no significant customer concentration risk. Financial performance has demonstrated strong momentum. Revenue has grown from approximately $634,000 in 2023 to more than $1.09 million on a trailing twelve-month basis. Seller's Discretionary Earnings (SDE) have increased to approximately $372,000, providing a compelling earnings profile for an owner-operator or strategic buyer. The company has earned strong local recognition, including a BBB A+ rating, and benefits from decades of referral-driven growth. Its established brand, extensive customer database, and reputation within the community create a strong competitive advantage that would be difficult and costly to replicate today. The current owner is preparing for retirement and is committed to providing a smooth transition. Continued involvement during the handoff period can help preserve customer relationships, operational continuity, and institutional knowledge, positioning a new owner for long-term success. Growth opportunities remain substantial. A buyer could expand the service territory, add technicians, implement maintenance membership programs, increase marketing efforts, pursue commercial opportunities, or broaden service offerings. The business provides a strong platform for both organic growth and strategic expansion. This opportunity is ideally suited for an HVAC operator, industry buyer, search fund entrepreneur, independent sponsor, or SBA-backed owner-operator seeking an established, profitable business in a recession-resistant industry where heating and cooling services remain essential regardless of economic conditions.
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A profitable, 30-year-old mechanical contractor serving commercial and residential customers across the Cleveland–Akron corridor. The company sells, installs, services, and maintains HVAC systems — rooftop units, split systems, heat pumps, boilers, and building controls — with roughly 60% of revenue from commercial accounts and 40% from residential replacement and service. Demand is largely non-discretionary: equipment fails on its own schedule, and an installed base built over three decades drives predictable service and replacement work. A base of approximately 1,250 recurring maintenance agreements produces contracted revenue before the year begins and feeds the replacement pipeline. The business runs day-to-day on a general manager and a service manager, with the owner at roughly 25 hours per week. The owner is retiring and will support a transition of up to twelve months.
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Fantastic opportunity to own a company that has been operating since 1970. They are 80% residential, 20% commercial with <10% new construction and no refrigeration. They have flat rate pricing, a CRM in place and payroll is handled in-house. They have completed 150 changeouts in the previous 12 months and have 5,000 active customers served in the last 3 years.
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Wonderful opportunity to own a commercial HVAC company serving El Paso county in Colorado. They are 20% residential, 80% commercial with no new construction and less than 1% refrigeration. They have flat rate pricing, 209 residential and 150 commercial agreements in place, and 4,626 active customers in their database. The accounting software is QuickBooks and payroll is handled in house.
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24 year old commercial HVAC company in Central Florida. Long Term Staff, Long Term Clients, and currently have more work than they can get to. 100% of revenue comes from new construction and retrofits. Great opportunity to add a service division to an already thriving and profitable construction side. If you are looking to expand into this area, this is an incredible opportunity.
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Fantastic opportunity to own a commercial HVAC company servicing the Broward County area. They are 70% commercial, 30% residential. 80% of revenue comes from new construction/renovation and 20% service. The bulk of their work is with multifamily housing complexes. They have no refrigeration and flat rate pricing in place. They have 3,000 active customers in their database, have a CRM in place, as well as their accounting software used is QuickBooks.
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This extremely long term residential company is located west of Chicago. They have completed 169 changeouts in the last 12 months. 99% of this business is residential and only 1% is commercial with no new construction. They currently have 3,282 active customers in their database and 541 maintenance agreements. Payroll is outsourced to a PEO firm, accounting software used is QuickBooks, CRM used is Service Titan. The business is split between HVAC: 55% Plumbing: 37% Electrical: 7%.
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Amazing opportunity to own an HVAC company serving the San Bernardino County. The business is 95% residential, 5% commercial with no new construction or refrigeration. They have flat rate pricing in place, 560 maintenance agreements in place, and 3,500 active customers in their database. They have a CRM in place, payroll is handled in house, and extended warranties are 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.
