Rob Parker

So they're super fragmented, which creates an opportunity for organic growth. So if you're a best-in-class operator, you can take share from the less sophisticated competitors you have, or you can grow inorganically through acquisition. So that appeals to the private equity class. In the residential world, there is typically very little, if any, customer concentration.

So if you lose your top five customers, you barely even notice. So there's a lot about the sector that people like. The nature of the demand is non-discretionary. If your garage door is broken, you have to have it fixed. It's a security issue, if nothing else. So the nature of the demand is very strong. So it really appeals to private equity. And I think that appeal is durable.

So if you lose your top five customers, you barely even notice. So there's a lot about the sector that people like. The nature of the demand is non-discretionary. If your garage door is broken, you have to have it fixed. It's a security issue, if nothing else. So the nature of the demand is very strong. So it really appeals to private equity. And I think that appeal is durable.

So the private equity interest in the sector is going to remain for a long, long time. So I feel very, very good about that. And it's not really a surprise that there's been this kind of interest. And

So the private equity interest in the sector is going to remain for a long, long time. So I feel very, very good about that. And it's not really a surprise that there's been this kind of interest. And

I just think more and more, I feel like Eric and I have a conversation every week with a new private equity firm or a new family office or even more and more sovereign wealth funds, large pension funds that have interest in the sector. There's new interest every week, and I don't think it's going to stop for a while.

I just think more and more, I feel like Eric and I have a conversation every week with a new private equity firm or a new family office or even more and more sovereign wealth funds, large pension funds that have interest in the sector. There's new interest every week, and I don't think it's going to stop for a while.

And Tommy, I'll tell you, I mean, they, There is a lot of interest in the space, and I'm sure a lot of your viewers and your listeners are getting calls all the time from private equity. One thing I would say is it's really important to not just look for the money. That's important. But the last dollar is less important than getting the right fit. Well, if you're going to roll a spot.

And Tommy, I'll tell you, I mean, they, There is a lot of interest in the space, and I'm sure a lot of your viewers and your listeners are getting calls all the time from private equity. One thing I would say is it's really important to not just look for the money. That's important. But the last dollar is less important than getting the right fit. Well, if you're going to roll a spot.

Well, especially if you're going to roll. You want to have the right fit, the right partner, the partner that shares your vision, that sees the world the way you see the world, that wants to grow the business the way you want to grow the business, that will treat your people, your customers, your suppliers with the kind of respect that you have.

Well, especially if you're going to roll. You want to have the right fit, the right partner, the partner that shares your vision, that sees the world the way you see the world, that wants to grow the business the way you want to grow the business, that will treat your people, your customers, your suppliers with the kind of respect that you have.

So taking time in the process to get to know these groups, see what their vision for growth looks like, and make sure that fits with yours is very important if you're going to have a good partnership. I agree.

So taking time in the process to get to know these groups, see what their vision for growth looks like, and make sure that fits with yours is very important if you're going to have a good partnership. I agree.

Yeah. So a quality of earnings is an accounting analysis or review of a company's financial statements. So it's not an audit. It's not that detailed. It's not necessarily the same as an audit, but it's a review of the numbers and an assembly of the numbers in a format that a buyer would actually be underwriting.

Yeah. So a quality of earnings is an accounting analysis or review of a company's financial statements. So it's not an audit. It's not that detailed. It's not necessarily the same as an audit, but it's a review of the numbers and an assembly of the numbers in a format that a buyer would actually be underwriting.

So number one, it's a scrub to make sure the numbers are accurate and they're being reported the right way. Number two, it's making sure they're compiled in a way that the buyer can actually underwrite. So for example, a lot of private business owners might have some personal expenses that they put through their business.

So number one, it's a scrub to make sure the numbers are accurate and they're being reported the right way. Number two, it's making sure they're compiled in a way that the buyer can actually underwrite. So for example, a lot of private business owners might have some personal expenses that they put through their business.

Well, those personal expenses will go away when they're no longer the majority owner. So something like that can be added back. There may have been a one-time item that occurred a year before, two years before, that's not going to recur again. That's an expense that can be added back.

Well, those personal expenses will go away when they're no longer the majority owner. So something like that can be added back. There may have been a one-time item that occurred a year before, two years before, that's not going to recur again. That's an expense that can be added back.

So they look for those sorts of adjustments to get the most accurate representation of the actual earnings that they're looking to buy.