DT spoke with a handful of contractors and distributors who experienced exceptional success in 2018 and asked them what worked in 2018, what didn't, and how things are shaping up in 2019 and beyond.
“No matter what position you hold, you must always treat people right,” Reeves said. “People are a resource. Serve your fellow man/woman to the best of your ability, and the service will always be returned.”
“Like many other leaders, I’m an ambitious person and always looking to advance my career; however, I truly aspire to be known throughout the company and the industry as being a great leader, mentor, and coach,” Raimondi said. “If there is any advancement in position, it should be a result of that achievement.”
The Thos. Somerville Co. was founded in 1861. Doug Riley started with the company as a temporary worker in 1985. His meteoric rise reached its ceiling in 2015, when he was named CEO and president.
“If you’re not passionate about this industry, go find one you are passionate about,” Quinn said. “Passion seems to be the biggest differentiator between those who do really well in the industry and those who do not.”
Following five years of death and destruction that led him through four deployments — three to Afghanistan and one to Iraq — Griffin’s chaotic lifestyle flip-flopped. Literally.
Regardless which path an owner picks, his or her exit will likely be the largest transaction he or she will ever conduct — one that should be handled with extreme care. Here are some tips from a group of advisors who are well-versed in helping HVACR distributors make crucial business decisions, including exit planning.
"Contrary to popular belief, I think that we really do work in a cool industry," Munch said. "It checks a lot of boxes for an industry that fuels enthusiasm, such as technology-focused product segments, rapid growth, networking-focused industry organizations, etc. All these things promote excitement and engagement, and I think that shows.”
For many wholesalers, HVACR distribution runs in their blood. This is evident by the ample number of second-, third-, and fourth-generation owners leading wholesale distributors nationwide.