Steve O’Brien, senior vice president, president, and general manager of A.O. Smith's Lochinvar brand, will succeed Dave Warren, senior vice president, president, and general manager of the North America water heating division, when Warren retires April 1.
To help address the importance of succession and ensure a successful transition of ownership in the future, The Unified Group hosted its first Succession Planning Forum in late March.
While a business owner may have things set up businesswise for when their time comes, preparing a “playbook” with relevant paperwork will help take care of the surviving spouse or family.
As the owner of an HVAC company, right now anything other than meeting customer demand might fall to the bottom of your list. But now is a great time to think about an option you might not have considered: success through an M&A.
For decades, family-owned HVACR companies have had succession plans established by birthright. But much has changed and many businesses don’t have succession plans.
For many HVAC owners, it’s never too late to sell a business. But selling a business is a process. The sale can wrap up quickly or require the original owner to work for the new owners for an extended period.
Johnson Supply is a Houston-based HVACR wholesaler that will mark its 70th anniversary this year, and president and COO Richard Cook has been with the company for more than half that time.