Mike’s Heating and Air
“[The SBDC] was with us from the start, helping with the business plan and forecasts. [They] also helped when our bank dropped the ball and suggested [alternatives].”
ABOUT
Mike Dampier founded Mike’s Heating and Air in Anderson, CA over 30 years ago. The company maintains, repairs and installs air conditioning equipment, water lines and furnace installations. They perform other related maintenance services as well. Nicholas Read has been a long-time, key employee at Mike’s. The company has been a fixture in the Anderson area for many years.
CHALLENGES
In 2019, Nick became interested in buying the company from Mike and the two discussed the idea. While both are experts in air conditioning, heating and the like, neither knew how to go about the proper valuation and sale of the company. They turned to the SBDC for assistance.
ACTION
The SBDC helped the two analyze historical financial results, agree on a valuation, prepare a business plan with forecasted financials and consult with a couple of banks. There were multiple hurdles to overcome and several stops and re-starts.
RESULT
Mike and Nick’s tenacity paid off when, on January 1, 2021, the sale went through and Nick became the sole owner of Mike’s Heating and Air. The sale would not have happened, were it not for the help and guidance of the SBDC.
