Similar businesses sell at 1.2x to 5.3x SDE. Compare live listings and connect with sellers.
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Great opportunity to own an HVAC Company in Hampden County, MA. They are 60% residential, 40% commercial with less than 3% new construction. Their payroll is outsourced, the accounting software used is QuickBooks, and offer extended warranties in-house. They have around 2,000 active customers in their database and have completed 27 changeouts in the last 12 months.
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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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Fantastic opportunity to own a long term HVAC company serving the Fort Lauderdale area. They are 70% residential, 30% commercial with no new construction and flat rate pricing in place. They currently have 773 residential, 78 commercial maintenance agreements in place, with 20,000 active customers in their database. They have a CRM in place, and outsource their payroll through a PEO.
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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.
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Fantastic opportunity to own an HVAC company in Louisville, Kentucky. They are 45% residential, 55% commercial with no new construction and no refrigeration. They have flat rate pricing in place, and currently have 230 residential, 33 commercial maintenance agreements. The accounting software they use is QuickBooks, and they currently have a CRM in place.
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Fantastic HVAC business that was founded in 1986. They are 90% residential and 10% commercial, with 80% of that being contract work, 20% service work. They do no refrigeration, and have no new construction. The accounting software used is QuickBooks, and their payroll is outsourced through Paychex.
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Long term residential heating and air company for sale with long term staff in place. Currently have 480 maintenance agreements in place and have completed 81 changeouts in the last 12 months. 98% residential 2% commercial, no new construction and no refrigeration. They outsource their payroll and have a CRM system in place.
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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%.
Incredible heating and air business serving the Milwaukee and Southeastern Wisconsin areas. Well designed training in place, year over year growth, and no new construction exposure are just a few of the highlights of this fantastic business. Over 900 maintenance agreements in place, and 625 changeouts in the last 12 months. 70% residential 30% light commercial revenue mix. Currently operating with Service Titan and Quickbooks for accounting.
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35 year old residential heating and air business serving Westchester County and Greenwich Connecicut. Company focuses on the new construction market with high end builders. They do not do track housing, only custom homes. 85% of revenue is from new construction and 15% from service. Owner is willing to remain on to ensure a smooth transition for both clients and employees. Long term staff in place.
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.
