What a private-equity buyout letter actually costs a family HVAC shop - Trade Secrets cover art

What a private-equity buyout letter actually costs a family HVAC shop - Trade Secrets

What a private-equity buyout letter actually costs a family HVAC shop - Trade Secrets

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A second-generation HVAC owner gets an unsolicited letter from a private-equity-backed roll-up offering to buy his business at what sounds like a great multiple - until the earnout terms, the equity rollover, and the three-year employment clause turn the headline number into something much less certain.
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