Key Points From the Interview
am Turner is building a holdco.
It's sort of a roll-up, in that he's targeting just HVAC businesses and does intend to exit and realize multiple arbitrage.
But, he's not looking to integrate the businesses or centralize operations necessarily.
So call it what you will... I call it pretty cool.
And what's especially cool about Sam's venture is how clear his goals are.
He has "his number."
That is, there is a specific dollar amount — or pound amount in Sam's case; he's British — that he is targeting for himself.
And on what timeline.
And from this clear goal, he's backed into what his holdco's revenue, margins, EBITDA, and exit multiple need to be to reach this number.
He shares it all with us. (Hint: his Number starts with 2.)
But this isn't all about cold hard cash for Sam.
As you'll hear, he's got a variety of motivations.
He left a successful corporate career in his 40s to embark on this journey to buy small businesses, and it was not without a lot of reflection, that decision. He took months to understand himself and develop his why, his purpose.
So we actually spend the first part of the interview on this decision, and only then do we get into the nitty gritty of his search, including:
- his first acquisition (he's about to complete his 3rd),
- getting a loan without the benefit of the SBA,
- how the businesses he buys are run and by whom,
- why HVAC?
- buying big or buying small,
- and much more.
Please enjoy this interview with Sam Turner, buyer of HVAC businesses: