They Want to Buy Your Shop. They Have Done This Before. Have You?

By Nicole Carter, Founder of NEGOTIATi℠

The call from a buyer feels like a finish line. For the buyer, it is the first move in a process they have run dozens of times.

If you own an HVAC, plumbing or electrical company, you may have already gotten the call, the email or the letter. Someone admires what you have built. They would love to talk about a partnership. The number they float sounds like more money than you have ever seen in one place.

You are not imagining the interest. Private equity has been buying home service trades at a remarkable pace. By one 2026 industry count, roughly 27 private equity-backed platforms are actively acquiring HVAC, plumbing and combined trade companies across the country, with more than 20 smaller sub-platforms buying shops underneath them.

That means the person calling you is not just a buyer. They are a buying operation. They have a playbook, a deal team and a stack of past acquisitions to compare you against. Most owners sell a business once.

The Math on Their Side of the Table

Here is what makes your shop so attractive. Industry analysts describe the model plainly: platforms buy smaller shops at roughly 4 to 8 times earnings, then combine them into larger companies that have been valued at 17 to 20 times earnings.

That gap is the business plan. Your company is worth more to them combined than it is on its own, and they know exactly how much more. You should too.

Meet Luis

Luis started his HVAC and plumbing company with one van and a borrowed ladder. Thirty years later he has 22 trucks, a base of service agreement customers his competitors envy and techs who have been with him for over a decade.

A platform reaches out. After a few friendly calls, they send a letter with a headline number. It is big. His first instinct is to say yes before they change their mind.

Instead, he slows down and looks at how the number is built.

Deals like this are often paid in pieces. Published 2026 breakdowns of HVAC acquisitions describe 50 to 70 percent paid in cash at closing, a portion paid later only if the business hits performance targets, another portion kept as an ownership stake in the larger company, and an adjustment at closing that can reduce the final amount. One analysis described a seller who walked away with about 80 percent of the number in the original letter.

The headline number and the money that reaches your bank account are not the same thing. Prepared owners know the difference before the first meeting, not after the last one.

What Luis Prepares

Luis gets clear on three things before he negotiates anything.

His number. Not the buyer's number. His. What the business earns, what it is likely worth to a platform, and the amount of cash at closing that would make the sale worth it to him.

His priorities. Money matters, but it is not the only thing on his list. He wants his longtime techs taken care of. He wants to know what his own role looks like after the sale, and for how long. He wants the name on his trucks to keep meaning something in the community where he built it.

His options. If one platform wants his shop, others probably do too. Luis decides he will not negotiate against himself. He will talk to more than one buyer.

He also works with his negotiation strategist to summarize the deal for his attorney and his CPA an early summary of the deal, before he signs anything, so the people reviewing the documents understand what he is trying to achieve.

The Conversation

When Luis meets with the buyer, he does not argue about the headline number. He asks questions.

How much of this is paid at closing? What has to happen for the rest to be paid, and who controls those things after I sell? What happens to my team? What does my role look like in year one, and in year three?

Each answer tells him how much of the offer is certain and how much is a promise. Then he responds with what matters to him: more cash at closing, a shorter period tied to performance targets and clear commitments for his people. In exchange, he offers what the buyer values most, a smooth transition and his relationships with customers and staff during the handoff.

The headline number barely moves. What changes is how much of it he is likely to actually receive.

How Prepared Owners Approach a Private Equity Offer

They treat the first number as an opening. A letter is the start of a negotiation, not the end of one.

They separate the headline from the cash. They know how much arrives at closing, how much depends on future performance and how much depends on someone else's decisions.

They know why they are attractive. Recurring service agreements, experienced techs and a strong local reputation are exactly what platforms are paying for. Prepared owners name that value out loud.

They decide what matters besides money. Their people, their role and their legacy go on the list before the first meeting, not as an afterthought at the end.

They create options. One interested buyer is a conversation. Two is leverage.

You Only Sell It Once

The buyer will do this again next month with another shop. You will do it once, with the company you spent a lifetime building.

If a buyer has already reached out, or you think one might, start with our 20 questions to see if you are ready to sell. When you are ready to prepare for the conversation itself, Deal Mastery: Exit Edition walks you through it before you sit down with a buyer.