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cover of episode The $9M Vegas HVAC Business With a Secret Inside

The $9M Vegas HVAC Business With a Secret Inside

2025/6/17
logo of podcast Acquisitions Anonymous - #1 for business buying, selling and operating

Acquisitions Anonymous - #1 for business buying, selling and operating
AI Deep Dive AI Chapters Transcript
People
H
Heather
M
Michael
帮助医生和高收入专业人士管理财务的金融教育者和播客主持人。
M
Mills
T
Travis
知名足球播客主持人和分析师
主
主持人
专注于电动车和能源领域的播客主持人和内容创作者。
Topics
Heather: 我认为这家公司可能需要特殊的消防认证，他们可能从事洒水系统或与管道相关的工作。我在迪士尼乐园工作时，收银机不能自动加总，所以我必须手动计算。考虑到其地理位置和专业领域，一些贷款机构可能会接受这种客户集中度。这绝对是一项可以融资的业务，你需要降低杠杆率。 Travis: 我认为这些合同可能不是那种有长期保障的合同。他们的要价是现金流的3.75倍。我从小在烟花摊长大，所以心算能力很强。如果所有关系都建立在卖方基础上，这可能不适合Capital Pad。 Mills: 我很想和Scott谈谈，这不是一项非常容易转让的业务，但并非不可能。以现金流的3.75倍出售非常低，尤其是对于暖通空调行业。我自己去了拉斯维加斯，感觉像个孩子，因为那里的人都很老。年轻人不再去拉斯维加斯了，但亚裔和西班牙裔家庭会带着全家去。我去了永利酒店，感觉世界变了，人们不再喜欢那种炫耀财富的方式了。Bally's更贴近我的生活，更真实，也看到了更多年轻人。 Michael: 我们无意中发现了这家出售维加斯业务的业主。这项业务是否存在需求减少的风险？我认为拉斯维加斯将发生巨大变化。考虑到存在很多关系，我对这项业务感到担忧，而且利润率表明这项业务不易转让。我预测这些数字在质量收益评估中站不住脚。这项业务由Scott Foster挂牌，我想知道Scott是不是业主。可能是商业厨房排气清洁业务。

Deep Dive

Chapters
The podcast hosts discuss a Las Vegas HVAC business listed for $9 million with $2.4 million in cash flow. They question the accuracy of the financials and highlight the high customer concentration among large casino clients. Concerns arise about the business's true nature and its potential reliance on relationships rather than robust contracts.
  • $9 million asking price, $2.4 million cash flow
  • High customer concentration (Las Vegas casinos)
  • Potential misrepresentation of business activities (possibly commercial kitchen exhaust cleaning)
  • Concerns about financial accuracy and valuation

Shownotes Transcript

A seemingly great HVAC business in Las Vegas takes a twist as the hosts uncover surprising details.Business Listing - https://www.bizbuysell.com/business-opportunity/keys-to-las-vegas-casino-hotels/2363607/💼 Sponsors:Acquisition Lab – Ready to buy a business but unsure where to start? Acquisition Lab, founded by Harvard MBA Walker Deibel, offers elite support for buying your dream business. Join a world-class community and access exclusive resources. Get your free consultation at https://www.acquisitionlab.com and tell them Acquisitions Anonymous sent you!Franchise Consulting with Connor Groce – Thinking about buying a franchise? Connor Groce is a franchise expert who owns and operates several franchises and helps others find the perfect fit. Join his newsletter at https://www.connorgroce.comIn this episode, the Acquanon team dives into a Las Vegas-based HVAC service company listing—initially appearing as a promising deal with strong financials. With guest Travis Jamison joining the hosts, they explore the business’s margins, customer concentration, and ultimately uncover that the “HVAC” label may actually refer to a more niche and fire-safety-related service. Things take a surprising turn when they accidentally identify the owner behind the listing, shedding light on how critical relationship-based contracts and context can be when analyzing a potential acquisition.Key Highlights:- HVAC business listing with $9M asking price and $2.4M in cash flow- High customer concentration with large Las Vegas casino clients- Discovery that the business might actually be commercial kitchen exhaust cleaning- Concerns about the accuracy of financials and potential underpricing- Discussion on how relationships drive value and risk in service businesses- Financing challenges for businesses in the $5–9M range- Broader conversation on the changing face of Las Vegas and its impact on service demand

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