Rich Jordan | Strongpoint
@StrongpointRich
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Stubbornly interdisciplinary. Giving the trades a good home @realstrongpoint | Plumbing, HVAC, Electrical | Marine Infantry
🛠️NJ/NH, 🏠PA
Joined January 2014
SMB lesson: Day after acq. announcement, heard rumblings that our senior plumber felt job-insecure and betrayed by the transaction. Big problem when my largest vulnerability is the skilled trade talent.
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Your local HVAC operators when the temps start getting down into the 30s.
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S/O @glad_cap for reminding me to provide an update on this
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Update: This turnaround started 6 weeks ago. It had missed on performance through the summer and was headed into the industry's "shoulder season" w/ ~80% of its credit line drawn and almost no cash in the bank. With some digging, it became clear that this was a skill issue
Last week I was engaged to help turn around a nearly-bankrupt residential trades company. CEO: "I'd say we have a 30% chance of survival through the next 4 months." I agreed with his assessment. We're now working together to fight off death and save 40 jobs. So far we have: ☑️
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$700K of revenue to $30M in five years is kind of crazy. But that's exactly what @StrongpointRich was able to accomplish. Here are the top takeaways from our recent conversation. 🧵
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Team outgrew the office space, but had some under-utilized warehouse space. New training classroom coming together. 💪🏻
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Recorded the first-ever live @OwnedxOperated podcast with @StrongpointRich. Full episode hitting the airwaves tomorrow. Big thanks to @Modernize and @JamesZayner for hosting such an awesome party at @ServiceTitan #Pantheon.
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The Gross Profit : SDE ratio shown in this CIM is a great example of why SMB seller SDEs are extremely difficult for new buyers to maintain. You want to build out a business, infrastructure, invest in advertising? Right-size OpEx to the business' revenue? That spends comes
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Confirmed: Nexstar Network removing all PE-backed members. From the CEO:
Have now heard from multiple different sources: Nexstar Network, the premier industry best-practice group for home services, will soon be dropping all private-equity-owned companies from its membership.
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Still early innings, but it looks like our latest tuck-in acquisition is now contributing $90k/mo (>$1M/yr) of EBITDA. Its trailing-12 EBITDA was $195k pre-close. That was 75 days ago.
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Let's just say I have a lot of incentive to treat my father-in-law's daughter well. (this wasn't even a good performance from him)
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A leadership sweet spot: Having your people genuinely enjoy working for you while also seeing you as a difficult person to work for.
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There are (many) seasons where you ought to say "no" to most opportunities and maintain focus. Head down. And occasionally you find yourself in one where you've just got to buckle the seatbelt, put in the mouthguard, and start saying "yes."
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Seasoned operators in the HVAC groupchats when the September "are your guys phones dead???" anxiety messages start rolling in.
3rd time founder watching 1st time founder panic over their first down month:
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5 years ago, today, it was Day 1 of my 1st acquisition and I was driving the team's trucks one-by-one to the gas station after-hours because I wasn't smart enough to have gas cards for my new plumbers. Today, we've built a 150-strong team pushing $30m of revenue across 3x
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A surprising superpower in small business is being really good at 4th-grade-level math.
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A major part of turning around a business is changing beliefs. + Belief that we can charge a rate that covers our costs. + Belief that we can expect certain levels of performance from our team. + Belief that what got us here is clearly broken.
Last week I was engaged to help turn around a nearly-bankrupt residential trades company. CEO: "I'd say we have a 30% chance of survival through the next 4 months." I agreed with his assessment. We're now working together to fight off death and save 40 jobs. So far we have: ☑️
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Last week I was engaged to help turn around a nearly-bankrupt residential trades company. CEO: "I'd say we have a 30% chance of survival through the next 4 months." I agreed with his assessment. We're now working together to fight off death and save 40 jobs. So far we have: ☑️
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Imagine how impactful it would be if you could drive these kind of results this quickly through training. We just did:
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A biz area I see many ETA buyers fail: training Makes sense coming from out of industry, but you should focus on spinning yourself up as fast as possible so that you can lead & add real value to your new team. A non-technical area to lean into: sales Learn to sell and help
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