How (and Why) to Buy an Electrical Business

December 12, 2024
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oday's guest came to entrepreneurship through acquisition by way of zero-to-one entrepreneurship.

For 7 years, Fred McGill built an online real estate brokerage from scratch.

He was also a real estate investor on the side, and this immersion in real estate meant he'd worked with many tradespeople as his vendors.

So when he set his sights on buying a business, the trades were an easy choice.

You'll hear how he zeroed in on electrical services, developing a thesis on an industry often overshadowed by its cousins HVAC and plumbing.

We also go deep on two of the big challenges confronting any would-be buyer of a trades business — licensing and hiring — and how Fred has tackled them both.

So today's conversation is a pretty good model for buying a home services trades business yourself.

Here is Fred McGill, owner of Bray Electrical Services.

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How (and Why) to Buy an Electrical Business

Fred McGill liked the trades and zeroed in on electrical. The $3.2m business he bought is likely to grow 25% in year 1.

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Key Takeaways

Introduction

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T

oday's guest came to entrepreneurship through acquisition by way of zero-to-one entrepreneurship.

For 7 years, Fred McGill built an online real estate brokerage from scratch.

He was also a real estate investor on the side, and this immersion in real estate meant he'd worked with many tradespeople as his vendors.

So when he set his sights on buying a business, the trades were an easy choice.

You'll hear how he zeroed in on electrical services, developing a thesis on an industry often overshadowed by its cousins HVAC and plumbing.

We also go deep on two of the big challenges confronting any would-be buyer of a trades business — licensing and hiring — and how Fred has tackled them both.

So today's conversation is a pretty good model for buying a home services trades business yourself.

Here is Fred McGill, owner of Bray Electrical Services.

About

Fred McGill

Fred McGill

Show Notes

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Fred McGill liked the trades and zeroed in on electrical. The $3.2m business he bought is likely to grow 25% in year 1.

Topics in Fred’s interview:

  • Founding a real estate start-up
  • Comparing rental income to small business
  • Acquiring an electrical company
  • Reassuring employees during transition
  • Learning how to hire electricians
  • Compensation in the electrical industry
  • Growth through digital marketing
  • Miscalculating working capital
  • Importance of making the phone ring
  • Helping searchers through Blue Collar Advisory

References and how to contact Fred:

Learn more about Walker Deibel's done-with-you buy-side advisory:

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

Get a free review of your books & financial ops from System Six (a $500 value):

Connect with Acquiring Minds:

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Episode Transcript

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