想买一个小HVAC公司。 risk？valuation?

market trending down due to construction overheating last few years. 

If you are buying a dentist practice, you are buying the customer and equipment. 

If you are buying a restaurant, you are buying the kitchen, the clientile, the location etc. 

What are you buying for a HVAC company for?  Commercial clients? because there is no residential client base for HVAC. 

HVAC repair and install for residential. 

80% residential and 20% commercial. 

try to team up with one licensed HVAV guy. It was one tech (and one office worker) company. Tech is retiring

居民装一个新的系统二十年不回头。

profit multiplier 要低一点就好了。

retiring

买到一些客户资源，但后面如果服务不好可能流失。看看网上评价吧。

还有些设备，卡车什么的，适当估值。