Why This HVAC Owner Sold His Company to Leap Partners
An Interview With Scenic City’s Owner, Jonathan Clark
Q: What made you decide to have a discussion with Leap Partners about selling?
A: With the expectation of selling Scenic City Heating and AC in the next 2-3 years, I responded to a few prospecting calls to learn how to prepare my company for sale and maximize its value. Most companies I spoke to were only interested in vetting me for 5 minutes. In that 5 minutes, they would determine I was too small and didn’t fit the narrow niche of companies they were looking for. I didn’t like dealing with these middlemen. Then, John, CEO of Leap Partners, and Patrick, CFO of Leap Partners, came along. Not only were they friendly and trustworthy, but I was relieved I could deal directly with actual decision-makers.
Q: Why did you choose to sell to Leap Partners? Why did you think they were the right partner?
A: I chose Leap because I wanted to be part of the team. Owning and running a small business can be lonely. The opportunity to work with a highly-qualified team of other home service professionals was the most attractive part of the deal. Now, whenever I need help or have a question, I have a list of people I can call or delegate a task to.
Q: What is one piece of advice you would offer to another business owner that may be thinking about selling?
A: Leap Partners was very flexible and creative in the deal structure. I would recommend that sellers have clear goals/outcomes and share those targets with Leap. While a lot of investors make it “my way or highway,” Leap Partners structured a deal that worked for all of us. John and Patrick were willing to work with me to find solutions.
Q: How was the acquisition process?
A: It was low stress. John and Patrick were genuine and fair when items came up that needed to be discussed and negotiated. As a result, I trusted John and Patrick and didn’t feel the need to jump through a bunch of hoops to protect myself. It made for a smooth, comfortable process.
Q: What are you excited about now that the deal is done?
A: I am looking forward to working with the growing team and how we can better the lives and careers of my team. I am also looking forward to getting support on time-consuming back-office tasks like accounting, taxes, payroll, insurance, and marketing. I reached a point with my company where I felt I was being pulled in a lot of different directions. I felt like a jack of all trades but a master of none. Now I can focus on the few parts of the business I really enjoy and feel will make the biggest impact on my employees and customers.