What HVAC Technicians Must Know about Money before Starting a Business with Greg Crumpton

In this episode of the HVAC Know It All Business Edition Podcast, co-hosts Gary McCreadie and Furman Haynes discuss the business side of HVAC with veteran technician and entrepreneur Greg Crumpton, the Vice President of Service Logic. Having built and sold his own HVAC business, Greg shares invaluable advice for technicians considering the leap into business ownership. Starting as a technician, he rose through the ranks to service manager, general manager, and eventually founded and sold his own HVAC company. This episode focuses on financial literacy, cash flow management, invoicing, and the crucial mindset shifts needed for success as a contractor-turned-owner.

Expect to Learn:

- Why understanding finances is the cornerstone of starting an HVAC business.
- How to price your services correctly and avoid undercharging.
- The importance of cash flow, invoicing terms, and collection strategies.
- Common mistakes new business owners make - and how to avoid them.
- How automation and process improvements can streamline billing and improve profitability.

Episode Breakdown with Timestamps:

[00:00:00] – Introduction to the Episode

[00:00:59] – Greg's Background and the Technician-to-Owner Journey

[00:05:09] – Learning the Financial Side of Business

[00:09:42] – Pricing, Margins, and Knowing Your Costs

[00:13:03] – Invoicing Strategy and Payment Terms

[00:17:18] – Automation and Delegation in Billing

[00:19:02] – Setting a Competitive Hourly Rate

[00:21:52] – Gross Margin vs. Net Profit (EBITDA)

Follow Greg Crumpton on:

LinkedIn: https://www.linkedin.com/in/crumptonskilledtrades/

Instagram: https://www.instagram.com/gregcrumpton/?hl=en

Facebook: https://www.facebook.com/gregcrumpton.airtight/

Company's Website: https://www.servicelogic.com/

Company's LinkedIn: https://www.linkedin.com/company/service-logic

Follow Furman Haynes on:

LinkedIn: https://www.linkedin.com/in/furmanhaynes/

WorkHero: https://www.linkedin.com/company/workherohvac/

Follow Gary McCreadie:

LinkedIn: https://www.linkedin.com/in/gary-mccreadie-38217a77/

Website: https://www.hvacknowitall.com

Facebook: https://www.facebook.com/people/HVAC-Know-It-All-2/61569643061429/

Instagram: https://www.instagram.com/hvacknowitall1/

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(581)

HVAC Heat Recovery Systems for Buildings That Replace Boilers and Reduce Costs with David Kim Part 2

In this episode of the HVAC Know It All Podcast, host Gary McCreadie continues his conversation with David Kim, Engineering Manager at LG Electronics, about advanced VRF technology and new heating and...

30 Juli 20min

How to Scale an HVAC Business from $500K to $5M | Office Management, Marketing & Operations with Valeria Velázquez

In this episode of the HVAC Know It All Business Edition Podcast, co-hosts Gary McCreadie and Furman Haynes from WorkHero sit down with Valeria Velázquez, Director of Customer Strategy at WorkHero and...

29 Juli 20min

AI-Driven VRF Systems for HVAC Pros to Improve Efficiency using LG Multi V i Tech - David Kim Part 1

In this episode of the HVAC Know It All Podcast, host Gary McCreadie is joined by David Kim, Engineering Manager at LG Electronics, to discuss variable refrigerant flow systems and how they work. Davi...

29 Juli 22min

HVAC Troubleshooting Mindset for Technicians to Fix High Pressure Problems without Replacing Parts

In this episode of the HVAC Know It All Podcast, Host Gary McCreadie Director of Player Development and Head Coach at Shelburne Soccer Club and President of McCreadie HVAC & Refrigeration Services and...

23 Juli 21min

HVAC Business Growth Secrets: Hiring, Apprentices & Scaling Without Marketing - Cornelio Martinez

In this episode of the HVAC Know It All Business Edition Podcast, co-hosts Gary McCreadie and Furman Haynes from WorkHero sit down with Cornelio Martinez, Owner at Maize Mechanical, he shares the jour...

22 Juli 14min

HVAC Mental Health: Men with Imposter Syndrome, Who Feel Not Good Enough to Build Confidence

21 Juli 26min

How to Build a Successful HVAC Business: Heat Pumps, Growth & Customer Trust with Cornelio Martinez

15 Juli 20min

Defrost Mistake That Sends Refrigeration into a Head Pressure Death Spiral - Julian Finbow Part 2

In this episode of the HVAC Know It All Podcast, host Gary McCreadie talks with Julian Finbow, RSE, Service Tech Support at Swegon North America, and Principal at Finbow Inc., about the different typ...

9 Juli 18min