How to Build a $200M HVAC HoldCo Without Outside Capital (2 Acquisitions and Organic Growth)
How to Build a $200M HVAC HoldCo Without Outside Capital (2 Acquisitions and Organic Growth)  
Podcast: Buyers and Builders
Published On: Fri Jul 25 2025
Description: Running a business can feel like you're doing it all alone—but you don’t have to.Scalepath connects you with a private network of over 2,000 experienced operators, and CEO Rand Larsen will personally intro you to 3 like-minded business owners in your area.It’s part mastermind, part growth engine, part therapy.👉 Book your free intro call at https://www.joinscalepath.com/Want to grow your B2B business? Start with your inbox.Spacebar Studios builds B2B newsletters that drive pipeline, build authority, and generate real revenue.- 115k+ subs in compliance- 7-figure ARR from emailFirst 6 founders get theirs built free👉 Reserve your slot here: https://www.spacebarstudios.co/inquireToday on HoldCo Builders, I’m joined by Chris Hoffman, CEO of HP Solutions Group, the $200M+ holding company behind one of America’s fastest-growing residential services brands. Chris and his brother took over their father's $9M HVAC business in 2015 and turned it into a multi-brand platform with over 600 employees — all without raising outside capital.Timestamps:00:00:00 - From $9M to $150M: Why scaling gets easier00:01:22 - The mastermind that transformed our business00:03:56 - We didn’t invent the playbook, we executed the process playbook00:04:56 - Sponsor: Scalepath00:06:54 - I almost let my ego kill our growth00:08:19 - How we grew 35% annually for 8 years00:10:02 - Should more entrepreneurs take part in masterminds?00:11:37 - Why I paid myself $80K for 5 years00:15:01 - Sponsor: Spacebar Studios00:15:30 - How we built a game-changing advisory board00:19:38 - We hired a board member as our company president00:22:24 - Running a family business without the drama00:25:33 - Our mission: Become the #1 private home service company00:31:19 - Why we only do 1–2 acquisitions a year00:33:33 - Only looking for markets with a lot of tailwinds00:37:35 - Competing with private equity on great deals00:42:28 - How we 2.5x’d profit at Ferguson Roofing00:46:18 - The financing strategy that fuels our sales00:52:49 - How we scaled with zero outside capital00:55:51 - Capital allocation and debt terms from the banks00:58:43 - The mindset shift to break through the $30M ceiling01:01:34 - The goal is to just stay in the business and do the same things we’ve done so far----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.