WSJ: America's New Millionaire Class: Plumbers and HVAC Entrepreneurs

[drusso]

Implications for pain?

https://www.wsj.com/business/entrepreneurship/plumbers-hvac-skilled-trades-millionaires-2b62bf6c?st=MJVyr1&reflink=desktopwebshare_permalink

"Their growth marks a major shift, taking home-services firms away from family operators by offering mom-and-pop shops seven-figure and eight-figure paydays. It is a contrast from previous generations, when more owners handed companies down to their children or employees."

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[Stellar Mudd]

I can understand having your own business logo tattooed to you, but the private equity firm you sold to? What is wrong with this guy

 

[Fpg1245]

Implications for pain?

https://www.wsj.com/business/entrepreneurship/plumbers-hvac-skilled-trades-millionaires-2b62bf6c?st=MJVyr1&reflink=desktopwebshare_permalink

"Their growth marks a major shift, taking home-services firms away from family operators by offering mom-and-pop shops seven-figure and eight-figure paydays. It is a contrast from previous generations, when more owners handed companies down to their children or employees."

The reason this is suddenly on people’s radar is because PE has been buying a these business over the last few years with massive payouts for the founders. The was an article in Bloomberg I think last year when a UK plumbing co founder got a 9 figure payout. These are the first movers in this space but as time goes on the space will be less small business and large corporate entities.

Plumbing and electrical trades were some of the best kept secrets in terms of job security and business opportunities. But the party is over now that PE is in the space.

 

[Laryngospasm]

PR will raise prices and provide shotty service. There will continue to be a need for good honest independent contractors. I’ve gotten quotes from some of these big companies and they want stupid money to do small jobs.

 

[bedrock]

PR will raise prices and provide shotty service. There will continue to be a need for good honest independent contractors. I’ve gotten quotes from some of these big companies and they want stupid money to do small jobs.

Agree. This article will motivate me to always ask Plumbers electricians etc in the future who owns the company. If not a family owned business, I will call another c

 

[pastafan]

Someone has to pay for all of the billboards advertising plumbers on the highway and it ain't the company.

 

[au bon pain]

Distant relative has been working his way up doing HVAC. Don’t think he ever went to college.
The money is mind-blowing.

 

[cowboydoc]

My friends doing this say if you can get to work on time and be sober, there's little stopping you from owning a very successful company.

 

[drusso]

My friends doing this say if you can get to work on time and be sober, there's little stopping you from owning a very successful company.

Ditto for pain.

 

[cowboydoc]

Ditto for pain.

Except my friend had accumulated wealth, had several employees and expanded to other specialties before I was making a living, let alone paid off loans.

No one should feel bad for me (us), but there’s way better ways to make a living than our training path. My career advice is markedly away from the path I took.

My buddy expanded his lawn care business progressively after college and now makes about what I do, if not more, with ~50 employees.

 

[Dr. Ice]

The really bright kids and those with any real entrepreneurial spirit will not strive for any professional degree. That’s just what it is now and what it will be.

 

[callmeanesthesia]

It’s not all sunshine and rainbows for the trades either. The low barrier to entry cuts both ways. I had a long conversation with a contractor who is about my age. He has several employees and is hoping to start a bigger business, but his biggest problem is finding reliable workers. He said that basically anyone who is reliable and smart leaves after a few years to strike out on their own.

 

[drusso]

It’s not all sunshine and rainbows for the trades either. The low barrier to entry cuts both ways. I had a long conversation with a contractor who is about my age. He has several employees and is hoping to start a bigger business, but his biggest problem is finding reliable workers. He said that basically anyone who is reliable and smart leaves after a few years to strike out on their own.

Ditto for private practice.

 

[BobBarker]

Managing tradesman is very difficult. Most are fueled by nicotine and monster all day and wind down with excessive alcohol.

 

[Ducttape]

Yet for any one contractor that is successful, there are 5 to 10 of them that are employed, in their 50s with bad spines and with chronic pain that we see.

there is no guaranteed path to success. All require hard work, perseverance and luck...

 

[drusso]

Managing tradesman is very difficult. Most are fueled by nicotine and monster all day and wind down with excessive alcohol.

Ditto for employed MD's.

 

[drrosenrosen]

My friends doing this say if you can get to work on time and be sober, there's little stopping you from owning a very successful company.

What if I can do 50% of that?

 

[geauxg8rs]

My friend was just quoted $80 an hour per person to clean up yard after hurricane Milton brought limbs down. This is not for an arborist, not involving any climbing. All just on the ground work with some chainsaw and hauling stuff to the front yard for city to pick up. Unreal

 

[cowboydoc]

What if I can do 50% of that?

Depends on how well you can fake the other 50%.

 

[cowboydoc]

Yet for any one contractor that is successful, there are 5 to 10 of them that are employed, in their 50s with bad spines and with chronic pain that we see.

there is no guaranteed path to success. All require hard work, perseverance and luck...

Not everyone gets to be an astronaut when they grow up.

We’re in the land of opportunity, but there is also the victimhood pathway.