Chris Hoffmann
@STLChrisH
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Blue-Collar Grit. White-Collar Strategy. Zero Outside Capital on journey from $9M to $200M. Author of The Path Less Traveled (link in bio)
Midwest USA
Joined January 2014
What an honor to receive tonight. But I’ll be honest - I feel a little strange accepting an award with “Entrepreneur” in the title when I didn’t actually start the business. That credit goes to my dad, Robert, who founded Hoffmann Brothers with a toolbox, a vision, and -
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In 2022 - “We will overpay for the first deal at 15x EBITDA so we get a foothold in hvac.”. “And that’s okay because we will blend the multiple down by paying 10x for $1M EBITDA add-ons. It’s bulletproof.”. In 2025….
An 11 second story depicting the status of roughly 20 private equity owned HVAC rollups in 2025. A video is worth 10000 words.
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RT @BoringBiz_: This is probably one of the most important charts in private equity today. The game of excess leverage and cost cutting no….
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RT @STLChrisH: “Barndominium” project nearly complete. A family-friendly country escape above the stables 👌🇺🇸🤠. 5 Bedroom, 3 Bath. How doe….
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RT @STLChrisH: It’s simple, but profound: kids (and adults) thrive when purpose meets responsibility. Grateful my kids get to learn that l….
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And if you live in Nashville, Denver, or Saint Louis… call us. We can install the highest quality whole-home water treatment systems on the market 😁👌.
City water is an absolute disaster. Especially if your wife is pregnant or you have kids. Get fluoride out of your water and toothpaste ASAP!.
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An 11 second story depicting the status of roughly 20 private equity owned HVAC rollups in 2025. A video is worth 10000 words.
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Winning the deal isn’t the goal. Generating strong returns is. The “winners curse” has been alive and well — and many of those who “won” deals over the last few years…. Are not generating winning returns.
@STLChrisH You mean for buyers who win deals.
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This is true… for undisciplined buyers who only see deal flow from auction processes.
@STLChrisH 1-3m of EBITDA is going for 6-10x, LMM PE.
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RT @STLChrisH: From the road, our farm looks peaceful. Up close, it’s mud on your boots, busted fence staples, and waterers that pick the….
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“Barndominium” project nearly complete. A family-friendly country escape above the stables 👌🇺🇸🤠. 5 Bedroom, 3 Bath. How does it look?
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It’s simple, but profound: kids (and adults) thrive when purpose meets responsibility. Grateful my kids get to learn that lesson the same way I did—boots muddy, hands dirty, and hearts full. P.S. If you ever want to see true grit, watch a 5-year-old princess insist on chasing a
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RT @STLChrisH: What industries do experts think are “dying” because of artificial intelligence….but they are actually wrong? .
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From the road, our farm looks peaceful. Up close, it’s mud on your boots, busted fence staples, and waterers that pick the coldest morning to quit. It’s… unsexy. But that’s exactly why I love the analogy: great businesses, like great farms, are built on chores done
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RT @STLChrisH: Private equity believed they could pay 10x for an HVAC biz with $1M of profits. Because it was still “accretive” given thei….
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RT @STLChrisH: My best thinking on multiples in hvac:. Under $500k EBITDA = 1x - 2x. 500k - 1M = 2x - 3x. 1M - 3M = 4x - 6x. 3M - 6M = 6x -….
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What industries do experts think are “dying” because of artificial intelligence….but they are actually wrong?
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Private equity believed they could pay 10x for an HVAC biz with $1M of profits. Because it was still “accretive” given their platform was expected to trade at 15x. In 2025, they’ve learned how quickly $1M of profits can turn into $500k of profits. The spreadsheets were wrong.
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RT @STLChrisH: The most impressive kid I met in Dallas this week?. 24 years old. Started a roofing biz at 19 after becoming a top producin….
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My best thinking on multiples in hvac:. Under $500k EBITDA = 1x - 2x. 500k - 1M = 2x - 3x. 1M - 3M = 4x - 6x. 3M - 6M = 6x - 9x. 6M - 10M = 8x - 12x. 10M+ = 10x - 18x. Painting with broad brush strokes here. But I think this generally reflects reality. Any differing opinions.
This is THE question:. How much is my business worth?. Here are the 5 most significant inputs that will determine the answer to this question:. 1. What is your EBITDA. All else being equal, a larger business commands a higher multiple of earnings. Size is inversely correlated
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