Sam Turner is building a holdco. It's sort of a roll-up in that he's targeting just HVAC businesses and he does intend to exit and realize multiple arbitrage, but he's not looking to integrate the businesses or centralize operations necessarily. So call it what you will, I call it pretty cool. And what's especially cool about Sam's venture is how clear his goals are. He has his number. That is, there is a timeline and specific dollar amount — or pound amount, in Sam's case, he's British — that he's targeting for himself. And from this clear goal he's backed into what his holdco's revenue, margins, EBITDA and even exit multiple need to be to reach his number. He shares it all with us. (Hint: his number starts with two.) But this isn't all about cold, hard cash for Sam. As you'll hear, he's got a variety of motivations. He left a successful corporate career in his 40s to embark on this journey to buy small businesses and it was not without a lot of reflection, that decision. He took months to understand himself and develop his why, his purpose. So we actually spend the first part of the interview on this decision, and only then do we get into the nitty-gritty of his search, including: all about his first acquisition (he's now about to complete his third) getting a loan without the benefit of the SBA how the businesses he buys are run, and by whom why HVAC buying big versus buying small and much, much more Please enjoy this interview with Sam Turner, buyer of HVAC businesses.