WILLW: HVAC M&A Heats Up + Real Talk on SBA Lending & Lead Gen

Today's issue of "What I Learned Last Week" covers a wide range of insights—from the surge in HVAC M&A activity to how SBA lenders actually evaluate deals, plus what high-earning small business owners are doing right. If you’re buying, financing, or operating in the lower middle market, there’s a lot to take in. Key Insights: - HVAC Buyer Demand Is Booming: Buyer interest in HVAC businesses grew 140% from 2020–2023, with a 57% jump expected in###-###-#### Independent sponsors lead at 27% of deal flow. The $1M–$5M EBITDA range is most attractive across the board, while sub-$1M deals draw individuals and holdcos. - SBA Lending — What Really Matters: Forget revenue—lenders care about cash flow after owner comp, experience (yours or your operator’s), a clear capital stack, and post-sale seller involvement. Credit score isn’t a hard gate—scores in the 600s can fly if the package is strong. - Lead Gen Without Breaking the Bank: A Reddit thread highlighted how searchers are scraping leads using tools like Apify, Skrapp, and Airscale, then scaling up with VAs. It’s a grassroots, high-output approach for budget-conscious deal sourcing. - $400K+ Earners Share Their Playbook: High-income small business owners focus on niche services, scalable local ops, and lean automation. Think fire suppression companies, liquor stores, Amazon audio products, and even self-running gyms with no employees. Operational efficiency and long-term consistency were the big themes. Check out the full issue of the newsletter: https://thebusinessinquirer.substack.com/p/what-i-learned-last-week###-###-#### Questions for the community: - If you’re sourcing deals—how are you balancing volume with lead quality? - What business models or niches have surprised you with their earning potential? Always curious to hear what others are seeing out there.